Digital Therapeutics Global Market To Reach $8.93 Billion By 2024 With A CAGR Of 26.7%

The Business Research Company's Digital Therapeutics Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

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Is the Digital Therapeutics Market Poised for Growth?

The digital therapeutics market size has seen significant growth in recent years. It is projected to rise from $7.05 billion in 2023 to $8.93 billion in 2024 at a compound annual growth rate CAGR of 26.7%. It will grow to $23.49 billion in 2028 at a compound annual growth rate (CAGR) of 27.4%. In the historic period, the growth of this market can be primarily attributed to the aging population and chronic diseases, increased adoption of digital health technologies, rising healthcare costs and the need for efficient patient care, remote patient monitoring, and the pandemic-induced demand for digital healthcare solutions.

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What Is Driving The Growth Of The Digital Therapeutics Market?

A key driver for the booming digital therapeutics market is the increase in the use of smartphones and tablets, along with the rising demand for healthcare apps. This combination is expected to stir rapid market growth in the forecast period. Smartphones and tablet-based healthcare apps have numerous advantages, including a lower rate of medication errors, easier preventive care, and more accurate healthcare staffing. For example, in 2022, over half of the world's population 54% owned a smartphone, according to the State of Mobile Internet Connectivity Report 2023 by Groupe Speciale Mobile Association GSMA, a UK-based non-profit organization. This widespread use of smartphones significantly drives the growth of the digital therapeutics market.

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What Companies Are Leading The Digital Therapeutics Market

Key industry players in the digital therapeutics market include Omada Health Inc., WellDoc Inc., 2Morrow Inc., Livongo Health, Propeller Health, Pear Therapeutics, Canary Health Inc., Noom Health Inc., Mango Health Inc., Akili Interactive Labs, Better Therapeutics, Happify Health, Kaia Health, Medtronic plc, Teladoc Health Inc., Fitbit Health Solutions, EMulate Therapeutics, BigHealth, DarioHealth, IQVIA, JOGO Health, SilverCloud Health, Biofourmis Inc., Prosoma, Virta Health Corp., One Drop Inc., Lark Health, Riva, Xealth, CogniFit Ltd.

Emerging trends indicate technological innovation among these companies is gaining popularity. The companies are focusing on developing technologically advanced solutions for digital therapeutics to strengthen their competitive positions. For instance, a Germany-based pharmaceutical company, Boehringer Ingelheim, and a US-based prescription digital therapeutics business, Click Pharmaceuticals, agreed to collaborate on the development and commercialization of a digital medication for schizophrenia patients worth over $500 million. The treatment, named CT-155, will be a mobile app developed on Click's technology platform.

What Are The Digital Therapeutics Market Segments ?

The digital therapeutics market is segmented based on product, sales channel, and application.
1 By Product: Software, Devices
2 By Sales Channel: Business-To-Business B2B, Business-To-Consumers B2C
3 By Application: Preventive Applications, Treatment Or Care-Related Applications

What Are The Regional Insights Into The Digital Therapeutics Market?

In 2023, North America was the largest region in the digital therapeutics market. The Asia-Pacific is expected to emerge as the fastest-growing region in the forecast period. The regions assessed in the digital therapeutics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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