Digital Therapeutics and Wellness Market
Number of pages: 100 | Report Format: PDF | Published date: February 21, 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 |
|
CAGR |
27.4% |
|
Base Year For Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Product Type, Application, End-user, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global digital therapeutics and wellness market was valued at US$ 4.1 billion in 2021 and is expected to register a revenue CAGR of 27.4% to reach US$ 36.2 billion by 2030.
Digital Therapeutics and Wellness 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 solutions 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. Digital therapeutics and wellness technologies allow healthcare professionals to develop treatment plans tailored to users’ needs by combining advanced data science and predictive analytics. With this technology, users can receive better care more conveniently and cost-effectively.
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Digital Therapeutics and Wellness Market Dynamics
The rising prevalence of chronic diseases, such as diabetes, heart disease, and mental health disorders, is the primary factor for the revenue growth of the global digital therapeutics and wellness market. For instance, according to the September 2022 factsheet by WHO, chronic diseases kill almost 41 million people yearly, equivalent to about 74% of all fatalities globally. Wearable devices and sensors have become increasingly popular, and this trend is expected to continue, driving the revenue growth of the digital therapeutics 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 therapeutics and wellness market, thus boosting overall market revenue growth.
However, various restrictions, such as patient data security and cyber threats, hinder revenue growth in the digital therapeutics and wellness market to some extent.
Digital Therapeutics and Wellness 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
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Based on product type, the global digital therapeutics and wellness market is segmented into software and device.
The software segment accounted for 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. The software helps to streamline patient-provider communication, offers more accurate and timely clinical data, and improves 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 are expected to fuel revenue growth in the software segment.
Digital Therapeutics and Wellness Market by Application
Based on application, 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 accounted for 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 June 2021 factsheet by WHO, the number of people suffering from obesity has tripled since 1975. The rise in obesity is attributed to the unhealthy and sedentary lifestyle of people from developed and developing countries. To counter this, several digital therapeutics and wellness products focus on helping users monitor their weight and health, assisting them with weight loss goals. These products provide users with personalized health advice, access to health coaches, and dietary plans tailored to an individual. With the continued rise in obesity, digital therapeutics and wellness products are expected to become increasingly important in helping individuals make informed 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 segmented into patients, payers, caregivers, and others.
The patient segment accounted for the prominent revenue share of the market 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
Based on the region, the global digital therapeutics and wellness market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America led the global digital therapeutics and wellness market in 2021, owing to increase in awareness about health, rise in the usage of digital health products, and surge in internet usage. Additionally, firms from this region are involved in partnerships, mergers, and acquisitions, eventually helping the market’s revenue 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 offer reSET and reSET-O to eligible persons suffering from substance use disorder (SUD) and opioid use disorder (OUD).
Digital Therapeutics and Wellness Market Competitive Landscape
The prominent players operating in the digital therapeutics and wellness market are:
Digital Therapeutics and Wellness Market Strategic Developments
The global digital therapeutics and wellness market is expected to reach US$ 36.2 billion by 2030.
The increasing incidence of lifestyle conditions, such as obesity and diabetes, the use of artificial intelligence and machine learning in pain management, and the growing number of pain management clinics and ambulatory surgical centers are driving the global digital therapeutics and wellness market revenue growth.
Patient data security and cyber threats are restricting the global market revenue growth to its full potential.
The software segment dominates the global digital therapeutics and wellness market.
Omada Health Inc., WellDoc Inc., Glytec, LLC (Aseko, Inc.), Proteus, Ginger, and Pear Therapeutics, Inc. are among the top market players.
*Insights on financial performance are subject to the availability of information in the public domain