The global digital therapeutics and wellness market is projected to reach a whopping USD 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.
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.
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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.
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.
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Key Players Operating 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
Market Watch: New Developments in the Market
- In March 2020, Ginger procured Live Better’s technology asset. The company emphasizes on mental health tools designed for smartphones.
- Philips revealed that it has acquired Wellbeing Digital Solutions (WDS) in April 2021. The latter is a digital therapeutics firm that creates digital solutions to enhance patient engagement and outcome for chronic disorders. With this acquisition, Philips is expected to diversify its digital health portfolio and increase its capabilities in chronic disease management.
- Novartis revealed in June 2021 that it came into 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.
- 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 global market.
- 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.
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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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