The global digital therapeutics market size was valued at USD 5.53 billion in 2022. The market is projected to grow from USD 6.77 billion in 2023 to USD 28.66 billion by 2030, exhibiting a CAGR of 22.9% during the forecast period.
Software and hardware that digitally retain evidence-based therapeutic procedures for the treatment and management of diseases are referred to as “digital therapeutics” (DTx). The tools and software help address several conditions connected to diabetes, cardiovascular disease, respiratory illnesses, and mental health. The increased prevalence of chronic conditions like diabetes, mental illness, cancer, and heart failure (HF) worldwide is another factor contributing to the increased demand for these items. As a result, patients are increasingly using medicines to manage and treat a variety of chronic conditions. The rising demand for these items among the medical community and the pharmaceutical industry is also projected to fuel market expansion. Fortune Business Insights presents this information in their report titled “Global Digital Therapeutics Market, 2023–2030.”
COVID-19 Impact:
Growing Adoption of Digital Therapeutics during COVID-19 Impacted Market Positively
During the anticipated period, COVID-19 will have a favourable effect on the expansion of the global market for digital therapeutics. The need for effective diagnosis and treatment at home has substantially increased throughout the world as a result of the COVID-19 pandemic outbreak and lockdown regulations. The market’s top players' initiatives to manage patients during the COVID-19 pandemic also had a significant impact on the increased use of these medicines. For instance, Fitbit Health Solutions announced a partnership with Stanford Medicine and The Scripps Research Institute in April 2020 to research the use of wearable technology in the identification, monitoring, and treatment of COVID-19 infection in patients.
Segments:
Growing Adoption of Health Monitoring Apps to Propel Market Growth
Based on type, the market is segmented into devices and, software & services.
Due to the rising adoption of software, software and services held the largest market share in 2022. Patients who use the software can easily access their specific meds and conveniently use them. The growing attention given by industry players to the creation of software for people with chronic illnesses like diabetes, heart disease, and mental health will aid in the expansion of this market sector.
