September 09, 2021
According to the research report titled ‘Global Digital Therapeutics (DTx) Market by Application (Preventive Applications, Treatment/Care-related Applications), Sales Channel (B2C, B2B), Regional Forecasts 2021-2027’, available with Market Study Report, global digital therapeutics (DTx) market was valued at USD 2.6 billion in 2020 and is reckoned to record a compound annual growth rate of 31.4% over 2021-2027 to accumulate USD 17.6 billion by the end of the analysis timeframe.
Focus on preventive healthcare, presence of a large population with undiagnosed & untreated health conditions, and escalating venture capital investments are catalyzing the growth of global digital therapeutics (DTx) market. For instance, the U.K. government is increasing financing for health literacy programs and investing more in disease prevention.
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Additionally, growing pressure on healthcare systems caused by surging prevalence of chronic illnesses, and increasing demand in emerging economies like India, the Middle East and China, are also fueling industry expansion. As per the World Health Organization (WHO), chronic diseases were responsible for over 70% of the total deaths in emerging nations in 2020.
Elaborating on the negatives, patient data privacy concerns are likely to hamper the growth of the business domain over the analysis timeframe.
For the unversed, digital therapeutics (DTx) is a relatively new segment of the digital health industry. It is a software and evidence based therapeutic treatment that helps in managing, preventing, and treating medical conditions. It adopts modern technology like AI for improving medication efficacy, providing an enhanced medical treatment experience.
As per expert verbatim, North America, Europe, and Asia Pacific are major benefactors to worldwide digital therapeutics (DTx) industry remuneration. Among these, North America held a major market share in 2020 and is anticipated to grow significantly over the assessment period. This can be attributed to rising investments in DTx, entry of new startups, changes in the reimbursement system as well as government initiatives to promote technological advancements.
Speaking of the competitive landscape, Cognoa, Inc., Better Therapeutics, Inc., Wellthy Therapeutics Pvt. Ltd., Mindable Health GmbH, Ayogo Health Inc., Kaia Health, Pear Therapeutics Inc., Akili Interactive Labs, Inc., Mindstrong Health, Inc., and Virta Health Corp. are the leading companies in global digital therapeutics (DTx) market.