NEWARK, DE / ACCESSWIRE / June 21, 2023 / The digital therapeutics and wellness market is forecasted to expand at 14.6% CAGR over the estimated time period, as per FMI's analysis. The industry's size is predicted to reach a market value of US$ 7,797.6 million in 2023.
Demand for digital therapeutics and digital wellness solutions is gaining impetus globally as the need to cut down on exorbitant healthcare prices is increasing. Digital therapeutics are not only non-invasive but also cost-effective alternatives to conventional medicine. With the use of digital therapeutics, patients gain access to personalized as well as affordable health care.
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Using digital therapeutics enhances inpatient and outpatient outcomes, and lowers the rate of hospital readmissions. This can help shrink healthcare costs. Additionally, digital therapeutics help deliver access to medical care to underserved masses and empower providers to manage chronic conditions efficiently.
Digital therapeutics also provide an enlarged range of unexplored therapeutic applications. For instance, digital therapeutics can be applied for the treatment of conditions like Alzheimer's disease, autism, anxiety, depression, and chronic pain. These solutions also present opportunities to offer personalized healthcare, as they are tailor-made to suit individual needs. These solutions can also be deployed to treat public health issues like smoking cessation and obesity.
Digital therapeutics can also be excellently applied to deal with mental health and reduce the likelihood of developing mental health disorders.
Top Highlights from the FMI's Analysis:
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North America is projected to constitute more than 29.5% of the global market in 2023.
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Another noteworthy market in the digital therapeutics and wellness industry is Europe, which accounted for 21.9% market share in 2022.
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The United States gained an important position globally since it contributes almost 18.6% market share.
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Germany's digital therapeutics and wellness industry gained a 9.5% value share in 2022.
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Japan's digital therapeutics and wellness industry contributed a 3.9% market share in 2022.
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Australia market acquired a 2.9% market share in 2022.
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India's digital therapeutics and wellness industry is ascending high at a CAGR of 16.5% over the forecast period.
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China's market is projected to expand at a CAGR of 13.2% over the estimated time period.
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The United Kingdom market is expected to propel at a CAGR of 15.1% in the years to follow.
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Based on type, digital therapeutics, and wellness software procured a market share of 56.8% in 2022.
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Based on application, digital therapeutics and wellness for diabetes and prediabetes gained an 18.5% market share in 2022.
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Latest Developments in this Market:
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In March 2020, Ginger procured Live Better's technology asset. The company emphasizes on mental health tools designed for smartphones.
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Philips revealed that it acquired Wellbeing Digital Solutions (WDS) in April 2021. The latter is a digital therapeutics firm that creates digital solutions to enhance patient engagement and outcomes for chronic disorders. With this acquisition, Philips is expected to diversify its digital health portfolio and increase its capabilities in chronic disease management.
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Novartis revealed in June 2021 that it came into a definitive agreement to procure a digital therapeutics firm called Akili Interactive Labs. The latter company focuses on developing treatments for psychological and neurological conditions. Post this acquisition, Novartis gained access to the digital therapeutics platform of Akili, which consists of an array of digital therapeutics programs and a library of clinical evidence.
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Merck unveiled in January 2021 that it has come into a definitive agreement to obtain HealthPrize Technologies, which is a digital therapeutics company. The latter company aims to empower patients regarding their medications. With this acquisition, Merck widened its digital health offerings and expanded its visibility in the global market.
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Illumina revealed in January 2021 that it has come into a definitive agreement to procure GRAIL, which is a digital therapeutics company that focuses on creating and offering multi-cancer early-detection products.
Major Players involved:
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Noom
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Livongo Health
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Omada Health
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WellDoc
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Pear Therapeutics
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Proteus Digital Health
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Propeller Health
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Akili Interactive Labs
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Better Therapeutics
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Happify
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Kaia Health
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Mango Health
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Click Therapeutics
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Canary Health
Key Segmentation Covered:
By Type:
By Application:
By Region:
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Table of Content (ToC):
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter's Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Type, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Type, 2023 to 2033
5.3.1. Software
5.3.2. Devices
5.4. Y-o-Y Growth Trend Analysis By Type, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Type, 2023 to 2033
Complete TOC: https://www.futuremarketinsights.com/toc/rep-gb-14574
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