The global digital therapeutics and wellness market is projected to reach a whopping US$ 30,553.8 million, growing at an annual rate of 14.6% between the years 2023 and 2033. This means that there’s a significant and steady rise expected in the use of digital solutions for improving health and well-being over the next decade, creating substantial opportunities for businesses and individuals alike.
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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One of the main reasons why the digital therapeutics and wellness industry is expected to grow significantly in the coming years is because more and more people around the world are using smartphones. This means that there’s a greater opportunity for digital health tools and wellness apps to reach a wide audience.
Additionally, the use of digital health technology is cost-effective for both healthcare providers and patients. This means that it’s a more efficient and affordable way to deliver healthcare services and manage one’s health. People are also increasingly looking for healthcare systems that prioritize their needs and provide patient-centered care, which is another factor driving the growth of this industry.
So, in simple terms, the increasing use of smartphones, the cost-effectiveness of digital health tech, and the demand for healthcare that focuses on patients are all coming together to make the digital therapeutics and wellness market grow in the coming years.
In April 2021, about 4.27 billion people around the world were using the internet, which is more than 60% of the total global population. As more people connect online, we can expect more people to become aware of smart health tracking. Additionally, efforts from governments to create supportive rules and some early indications of insurance coverage, along with the rising number of long-term health issues, are also likely to make the smart health tracking market grow.
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Key Takeaways from the Digital Therapeutics and Wellness Market:
- North America is projected to constitute more than 29.5% of the global market in 2023.
- Another noteworthy market in the digital therapeutics and wellness industry is Europe, which accounted for 21.9% market share in 2022.
- The United States gained an important position globally since it contributes almost 18.6% market share.
- Germany’s digital therapeutics and wellness industry gained a 9.5% value share in 2022.
- Japan’s digital therapeutics and wellness industry contributed a 3.9% market share in 2022.
- Australia market acquired a 2.9% market share in 2022.
- India’s digital therapeutics and wellness industry is ascending high at a CAGR of 16.5% over the forecast period.
- China’s market is projected to expand at a CAGR of 13.2% over the estimated time period.
- The United Kingdom market is expected to propel at a CAGR of 15.1% in the years to follow.
- Based on type, digital therapeutics, and wellness software procured a market share of 56.8% in 2022.
- Based on application, digital therapeutics and wellness for diabetes and prediabetes gained an 18.5% market share in 2022.
Leading Key Players in the Digital Therapeutics and Wellness Market:
- Noom
- Livongo Health
- Omada Health
- WellDoc
- Pear Therapeutics
- Proteus Digital Health
- Propeller Health
- Akili Interactive Labs
- Better Therapeutics
- Happify
- Kaia Health
- Mango Health
- Click Therapeutics
- Canary Health
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Digital Therapeutics and Wellness Industry Segmentation:
By Type:
- Software
- Devices
By Application:
- Cardiovascular Disease and Hypertension
- Diabetes and Prediabetes
- Obesity and Weight Loss
- Smoking Cessation
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
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