The global Digital Therapeutics Market size is
anticipated to reach USD 32.5 billion by 2030, according to a new report by
Grand View Research, Inc. The market is expected to grow at a lucrative CAGR of
26.1% from 2022 to 2030. Key factors driving the market growth include high
demand due to the COVID-19 pandemic, various supportive regulatory initiatives
& early signs of reimbursements,
increasing smartphone penetration in developed & developing
countries, and the growing prevalence of chronic disorders. Moreover, the cost-effectiveness
of digital health technology for providers & patients and increasing demand
for integrated healthcare systems & patient-centric care are estimated to
boost the market growth.
The COVID-19 pandemic catalyzed the adoption of
digital therapeutics solutions. Teladoc reported that telehealth usage grew by
about 38 times since pre-pandemic. The adoption of these solutions was further
supported by supportive initiatives by key regulatory bodies, such as the FDA. For
instance, the U.S. FDA released guidelines in April 2020 to expand the
availability of digital health therapeutic devices for psychiatric patients. As
per Kepios, globally, the number of internet users is growing at an annual rate
of 7.6%, i.e., an average addition of 900,000 new users every day. While
developed and certain developing economies have high smartphone and internet
penetration, countries in regions, such as Africa and South Asia, are lagging
due to their less advanced economies.
With a modest user base, Africa’s smartphone market is
expected to grow due to the advent of affordable handsets in the country. These
handsets are priced under USD 100 per unit and are gaining popularity. The need
for cost-effective healthcare is increasing due to the growing healthcare
expenditure. The rising incidence of chronic diseases has led to an increase in
healthcare costs. This has affected economic growth in developing and developed
economies. To promote cheaper and alternative means of healthcare delivery, digital
health technologies are being encouraged to help avoid added costs. The ease of
usage of mHealth apps and their consistent performance can help
improve health outcomes of individuals and communities, which is anticipated to
have a positive impact on market growth.
Related Press Release@ Digital Therapeutics Market Report
Digital Therapeutics Market
Report Highlights
- The diabetes application segment dominated the market in 2021 due
to the high prevalence of diabetes
- The patients' end-user segment held the maximum revenue share in
2021 owing to the high adoption of digital therapeutic solutions by
patients
- In 2021, North America was the dominant regional market owing to
the increased use of digital health products and favorable reimbursement
scenarios that focus on improving quality of life through improved
tracking & diagnostics
- Asia Pacific region is expected to register the fastest CAGR over
the forecast period owing to the growing demand for personal care devices
and related services
About Us:
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
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Email: sales@grandviewresearch.com
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