Digital Therapeutics and Wellness Market
Number of pages: 100 | Report Format: PDF | Published date: 21 February, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market size value in 2021 |
US$ 4.1 billion |
|
Revenue forecast in 2030 |
US$ 36.2 billion |
|
Growth Rate |
CAGR of 27.4% from 2022 to 2030 |
|
Base year for estimation |
2021 |
|
Forecast period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments covered |
Product Type, Application, End-user, and Region. |
|
Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
According to the deep-dive market assessment study by Growth+ Reports, the global digital therapeutics and wellness market was valued at US$ 4.1 billion in 2021. The market is expected to witness a CAGR of 27.4% from 2022 to 2030.
Market Fundamentals
Digital therapeutics refers to the usage of technology, such as mobile apps and wearable devices, to promote physical and mental health. Digital therapeutics is a field that uses technology, such as software and devices, to deliver evidence-based therapeutic interventions to improve health outcomes. The focus is on using digital tools to address medical conditions and improve health, rather than solely using them to monitor health. On the other hand, wellness refers to the overall state of physical, mental, and emotional well-being. The digital therapeutics and wellness market is growing rapidly as more people seek convenient and accessible ways to improve their well-being. Products in digital therapeutics range from mental health apps, such as those for anxiety and depression, to wearable fitness trackers and smart scales. Digital wellness tools and technologies, such as mobile apps and wearable devices, aim to help individuals maintain and improve their health and well-being by monitoring physical activity, sleep patterns, and stress levels and providing personalized health and wellness guidance. Digital therapeutics and digital wellness technologies are transforming the healthcare industry by making health services more accessible and convenient, enabling remote monitoring, and improving patient outcomes.
Digital therapeutics and wellness are revolutionizing the way one approaches healthcare. With access to personalized treatments and therapies, people can now take control of their health and well-being. From wearables to mobile apps, digital therapeutics empower users to track their progress and act against chronic diseases. By combining advanced data science and predictive analytics, digital therapeutics and wellness allow healthcare professionals to develop treatment plans tailored to users’ needs. With this technology, users can receive better care more conveniently and cost-effectively.
[865765]
Market Dynamics
The rising prevalence of chronic diseases such as diabetes, heart disease, and mental health disorders is the primary factor for the growth of the global digital therapeutic and wellness market. For instance, according to the WHO’s factsheet of September 2022, chronic diseases kill almost 41 million people yearly, equivalent to 74% of all fatalities globally. Wearable devices and sensors have become increasingly popular, and this trend is expected to continue, driving the growth of the digital therapeutic and wellness market. Additionally, the increasing cost of traditional healthcare solutions is fueling the demand for cost-effective solutions. The continuous advancements in technology, such as artificial intelligence, machine learning, and big data analytics, drive innovation in the digital therapeutic and wellness market, thus boosting overall market growth. However, various restrictions, such as patient data security and cyber threats, hinder the digital therapeutics and wellness markets.
Market Ecosystem
The global digital therapeutics and wellness market has been analyzed from four perspectives: Product Type, Application, End-user, and Region.
Digital Therapeutics and Wellness Market by Product Type
[8567657]
Based on product type, the global digital therapeutics and wellness market is bifurcated into software and device. The software segment held the largest revenue share in the digital therapeutics and wellness market in 2021, owing to the growing penetration of smartphones and rising awareness of health among individuals. Major firms across the globe are involved in making customized software for tracking heart rate, steps, blood oxygen, blood pressure, activity, and dehydration monitoring. Software is helping to streamline patient-provider communication, provide more accurate and timely clinical data, and improve treatment outcomes. Several digital therapeutics and wellness software solutions are available, including platforms that allow for remote patient monitoring, patient engagement, and healthcare analytics. By leveraging the power of digital technologies, these solutions are helping to empower patients to take control of their health and wellness while providing healthcare providers with the tools they need to provide better care. All these factors can be attributed to the overall growth of the software segment.
Digital Therapeutics and Wellness Market by Application
Based on applications, the global digital therapeutics and wellness market is segmented into obesity and weight loss; cardiovascular disease and hypertension; diabetes and prediabetes; wellness; smoking cessation; and others. The obesity and weight loss segment holds the largest market revenue share in 2021, attributed to the rising cases of obesity due to unhealthy lifestyles and growing awareness regarding obesity and its adverse effect on health. For instance, according to WHO’s June 2021 factsheet, the number of people suffering from obesity has tripled since 1975. The rise in obesity is attributed to an unhealthy lifestyle and increased sedentary activities. To counter this, several digital therapeutics and wellness products focus on helping users monitor their weight and health, helping them with weight loss goals. These products provide users with personalized health advice, access to health coaches, and dietary plans tailored to the individual. With the continued rise in obesity, digital therapeutics, and wellness products will become increasingly important in helping individuals make healthier decisions and lead healthier lifestyles.
Digital Therapeutics and Wellness Market by End-user
Based on end-user, the global digital therapeutics and wellness market is bifurcated into patients, payers, caregivers, and others. The patient segment held a prominent revenue share in 2021, owing to the increased adoption of digital therapeutic solutions. Furthermore, patients are the key consumers of digital therapeutics. Government bodies and private organizations are becoming more conscious of digital therapies and wellness. Patients can receive individualized therapy for any illness state or continuous treatment, without the need to visit the doctor physically.
Digital Therapeutics and Wellness Market by Region
The global digital therapeutics and wellness market has been segmented based on regions: North America, Europe, Asia Pacific, and the Rest of the World. In 2021, North America led the global digital therapeutics and wellness market 2021, owing to increased awareness about health, a rise in the use of digital health products, and widespread use of internet usage. Additionally, the firms from this region are involved in partnerships, mergers & acquisitions, eventually helping the market’s growth. For instance, in January 2023, Pear Therapeutics, Inc. announced its business expansion with BrightView Health, an addiction treatment provider offering evidence-based, outpatient treatment programs. This joint endeavor was created to give reSET and reSET-O to eligible persons suffering from substance use disorder (SUD) and opioid use disorder (OUD).
Competitive Landscape
Some prominent players operating in the digital therapeutics and wellness market are:
Strategic Developments
The global digital therapeutics and wellness market will reach ~US$ 36.2 billion in 2030.
The increasing incidence of lifestyle conditions such as obesity and diabetes, the use of artificial intelligence & machine learning in pain management, and the growing number of pain management clinics and ambulatory surgical centers are the factors driving the global digital therapeutics and wellness market growth.
Patient data security and cyber threats are factors restricting the global market growth to its full potential.
The software segment is dominating the global digital therapeutics and wellness market.
Some of the key competitors in the global digital therapeutics and wellness market are Omada Health Inc., WellDoc Inc., Glytec, LLC (Aseko, Inc.), Proteus, Ginger, and Pear Therapeutics, Inc. among others.
*Insights on financial performance are subject to the availability of information in the public domain
Using the fundamental research and knowledge services capabilities of GRG Health, Growth Plus Reports may now be tailored based on client needs.
GRG Health's unique GrowthMIX strategy and comprehensive research methodology enable us to provide unique and valuable insights to our clients while uncovering trends that would not be discovered using traditional techniques.
Snehal Deshmukh
Principle Consultant
Speak to analyst