The digital therapeutics market consists of sales of digital therapeutics devices and software by entities (organizations, sole traders, and partnerships) that are used in the treatment of medical disorders or diseases. Digital therapeutics (DTx) are the products that give evidence-based therapeutic treatments to patients through high-quality software applications in order to prevent, manage, or treat a medical ailment or disease. Various applications and tracking devices are integrated into digital therapies for the control and cure of medical disorders. Connected devices such as insulin pumps, blood glucose meters, and wearable gadgets communicate data to a centralized system in digital therapeutics.
Global Digital Therapeutics Market Size And Drivers:
The global digital therapeutics market is expected to grow from $3.53 billion in 2020 to $4.20 billion in 2021 at a compound annual growth rate (CAGR) of 19%. The change in growth trend of the digital therapeutics market is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The digital therapeutics market is expected to reach $10.62 billion in 2025 at a CAGR of 26.1%. The increasing use of smartphones and tablets coupled with healthcare apps is expected to propel the growth of the digital therapeutics market in the forecast period.
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Trends In The Global Digital Therapeutics Market
Technological innovation is an emerging trend gaining popularity in the digital therapeutics market. Major companies operating in the market are focused on developing technologically advanced solutions for digital therapeutics to strengthen their position. For instance, in 2020, Boehringer Ingelheim, a Germany-based pharmaceutical company, and Click Pharmaceuticals, a US-based prescription digital therapeutics business, have agreed to collaborate on the development and commercialization of a digital medication for schizophrenia patients worth more than $500 million. The treatment named CT-155 will be a mobile app developed on Click's technology platform, according to the company.
Global Digital Therapeutics Market Segments:
The global digital therapeutics market is further segmented –
By Product: Software, Devices
By Sales Channel: Business-To-Business (B2B), Business-To-Consumer (B2C)
By Application: Preventive Applications, Treatment Or Care-Related Applications
By Geography: The global digital therapeutics market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American digital therapeutics market accounts for the largest share in the global digital therapeutics market.
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Digital Therapeutics Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides digital therapeutics market overviews, analyzes and forecasts market size and growth for the global digital therapeutics market, digital therapeutics market share, digital therapeutics market players, digital therapeutics market segments and geographies, digital therapeutics market’s leading competitors’ revenues, profiles and market shares. The digital therapeutics market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
