DIGITAL THERAPEUTICS MARKET ANALYSIS

Digital Therapeutics MarketSize and Trends

The global digital therapeutics market was valued at US$ 5.48 Bn in 2022 and is forecast to reach a value of US$ 24.34 Bn by 2030 at a CAGR of 20.5% between 2023 and 2030. The global digital therapeutics market is experiencing strong growth due to the increasing burden of chronic diseases and outbreak of COVID-19 (pandemic). Moreover, growing adoption of patient-centric healthcare applications and increasing adoption of digital healthcare solutions and technologies is expected to boost growth of the market. However, factors such as challenges involved with digital therapeutics and concerns about patient data privacy are expected to hamper the market growth.

Global Digital Therapeutics Market Trends:

Government initiatives to digitalize healthcare is a recent trend

Digital transformation in the healthcare industry means digitizing processes and products to deliver better healthcare services with better customer experience. The digital revolution in the healthcare across the globe is progressing rapidly, driven by the federal government regulation, technological advancement, and financial incentives. Several governments worldwide have also invested billions to modernize and digitize healthcare infrastructure. This trend is expected to continue during the forecast period, driving the growth of the market.

Rise in adoption of mHealth (Mobile Health) is another trend

mHealth (Mobile Health) is the use of mobile and wireless technologies to support the achievement of health objectives. The most common application of mobile health is the use of mobile devices to educate consumers about preventive healthcare services. Furthermore, mHealth is also used for disease surveillance, outbreak tracking, treatment support, and chronic disease management. Thus, with the rise in disease burden, the use/adoption of mHealth is also increasing rapidly. This trend is expected to continue over the forecast period, driving the market growth.