The global digital therapeutic market is estimated to grow at a CAGR of ~25% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing adoption of preventive healthcare, along with rising health awareness amongst people. Due to the prevalence of a busy lifestyle amongst majority of the population, the incidences of lifestyle diseases are also rising rapidly. According to the data by the World Health Organization (WHO), about 422 million people have diabetes worldwide, and around 1.6 million deaths are caused by diabetes every year. In another report of the WHO, it was stated that over 1.71 billion suffer from musculoskeletal conditions, which majorly lead to disability worldwide. Furthermore, CVDs are responsible for over 17.9 million lives each year, making it the leading cause of death worldwide. Furthermore, growing penetration of internet in the common lives of people, along with rising use of tracking devices for health and fitness, such as wearable medical devices, smart sleep tracking device, and fitness tracker ring, are estimated to boost the market growth.
Moreover, these lifestyle diseases are the primary cause of premature death currently. According to other report by the WHO, ischemic heart diseases were responsible for 8.9 million deaths in 2019, which was 16% of the total global mortality. Lifestyle diseases are the most common causes of death, amongst all the leading causes.
The market is segmented by application into nutrition care, diabetes, cardiovascular diseases, chronic respiratory diseases, musculoskeletal disorder, gastrointestinal, substance abuse, rehabilitation, and others out of which, the diabetes segment is anticipated to hold the notable share in the global digital therapeutic market over the forecast period on account of increasing prevalence of diabetes, along with high mortality cases of the disease. Moreover, diabetes is preventable with proper diet and exercise, along with other preventive care. CLICK TO DOWNLOAD SAMPLE REPORT
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global digital therapeutic market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the rising prevalence of lifestyle diseases in the region, backed by busy and unhealthy lifestyle, especially prevalent amongst the younger population. According to the data by the U.S. Center for Disease Control and Prevention (CDC), 659,041 deaths were caused by heart diseases, 599,601 by cancer, and 87,647 deaths were caused by diabetes, in the United States in 2019.
The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing awareness regarding healthcare amongst people, along with improving healthcare facilities in the region. Moreover, growing cases of diabetes, hypertension, and other lifestyle diseases are estimated to boost the market growth.
The global digital therapeutic market is further classified on the basis of region as follows:
Our in-depth analysis of the global digital therapeutic market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing health awareness amongst people and increasing adoption of technology are estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~25% over the forecast period, i.e., 2022 – 2030.
Lack of healthcare infrastructure is estimated to hamper the market growth.
The market in the North America region will provide more business opportunities over the forecast period, owing to the rising cases of lifestyle diseases in the region.
The major players in the market are Koninklijke Philips N.V., WellDoc, Inc., Noom, Inc., Pear Therapeutics, Inc., Teladoc Health, Inc., Click Therapeutics, Inc., Ayogo Health Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, distribution channel, and by region.
The diabetes segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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