Chicago, June 10, 2022 (GLOBE NEWSWIRE) — According to Arizton’s latest research report, the U.S. digital therapeutics market is expected to grow at a CAGR of 33.15% during 2022-2027. The digital therapeutics market is growing due to constant research and innovation, growth in the prevalence of chronic diseases, increased public awareness, regulatory approvals, and an increase in smartphone usage.
U.S. Digital Therapeutics Market Report Scope
|MARKET SIZE (2027)||$8.8 Billion|
|MARKET SIZE (2021)||$1.5 Billion|
|MARKET SEGMENTS||Application & End-user|
|KEY VENDORS||2Morrow, Akili Interactive Labs, Cognoa, Fitbit, Kaia Health, Lark Technologies, Teladoc Health, Omada Health, Pear Therapeutics, ResMed, Voluntis, WellDoc, Dario Health, Happify Health, One Drop, and Virta Health|
- Rise in the prevalence of chronic diseases, constant research & innovation, approvals by the regulatory government, growing awareness among the masses and increase in usage of smartphones are driving the adoption of digital therapeutic solutions.
- Major driving factors of the digital therapeutics market in the US market increase in target population, rising need to control healthcare costs, growing demand for healthcare applications, rising importance of Artificial Intelligence, and evolution of digital treatment using virtual reality.
- With growing number of start-ups, strategic acquisitions and collaborations with pharmaceutical companies, high availability of funding and investments, promising digital therapeutics’ pipeline and telehealth companies leveraging digital therapeutics are providing further growth opportunities for digital therapeutics market in the US.
- Concerns regarding privacy of patient data, technical challenges, high cost, impact of clinical validation and stringent regulatory guidelines are likely to limit the growth of digital therapeutics market in the US.
- The digital therapeutics market in the US segmented by application includes segments of treatment & disease management and preventive care which accounted for the shares of more than 83.00% and around 17.00% respectively in 2021.
- The digital therapeutics market in the US segmented by end-users includes segments of healthcare providers, patients/individuals, payers, employers, and others which accounted for the shares of more than 29.00%, 24.45%, 19.20%, 16.40% and 10.60% respectively in the digital therapeutics market in the US in 2021.
Increased pharma investment and healthcare-focused start-ups are more likely to act as market drivers for digital therapeutics and have a greater impact on and shape the future of digital therapeutics. There is also a favorable trend toward reimbursement for digital medicines, with 25% of organizations covering them presently and another 45% planning to do so in the future. The US digital therapeutics market is crowded with several vendors. The consolidation in the digital therapeutics market is continuing with vendors indulging in strategic acquisitions and collaborations with pharmaceutical companies to extend their presence in the market. Global and reputed regional vendors are adopting the M&A strategy to strengthen their market positions and expand their product portfolios.
Moreover, the growing focus on strategic acquisitions and establishing collaborative partnerships between key stakeholders such as providers, payers, and the US federal government to meet prevailing unmet needs of patients and offer supportive healthcare services in remote locations are contributing to the digital therapeutics market growth in US. These strategic partnerships will enhance the effective usage of healthcare infrastructure, improve patient and physician engagement, and provide better disease management and patient access services.
- Akili Interactive Labs
- Kaia Health
- Lark Technologies
- Teladoc Health
- Omada Health
- Pear Therapeutics
- Dario Health
- Happify Health
- One Drop
- Virta Health
Other Prominent Vendors
- Calibrate Health
- Canary Health
- Cara Care
- Mahana Therapeutics
- Mantra Health
- Meru Health
- Neurotrack Technologies
- SWORD Health
- Thirty Madison
- Vida Health
- Vivante Health
- Workit Health
Segmentation by Application
- Treatment & Disease Management
- Chronic Care
- Mental Health & Neurological Disorders
- Preventive Care
- Weight Management
Segmentation by End-User
- Healthcare Providers
Telehealth refers to any method of providing technology-enabled, long-distance healthcare. It is seen as the link between healthcare providers and patients. Several emerging start-ups are gaining significance. Legacy is a digital fertility clinic for men, Boulder connects patients seeking treatment for opioid use disorder, PeerWell focuses on helping people throughout their musculoskeletal journey, and MetaMe Health develops FDA-approved prescription digital therapeutics for the treatment of gastrointestinal conditions.
AI’s use in healthcare has opened a whole new universe of possibilities, and it’s still evolving in terms of breadth, capabilities, and scale. Every day, roughly 200 new apps are released in the DTx business. AI plays a crucial role in personalization and engagement to aid patients and achieve better health. Owing to the advanced features of AI, its incorporation in digital therapeutics will further develop innovative processes and developments that will help in bringing out better patient outcomes.
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