Global Digital Therapeutic Devices Market Outlook 2031
The global digital therapeutic devices market size was USD 5.56 Billion in 2022 and is likely to reach USD 29.97 Billion by 2031, expanding at a CAGR of 22.8% during 2023–2031. The market is driven by increasing health awareness and technological advancements in the field of healthcare devices.
Rising prevalence of chronic diseases such as diabetes, hypertension, and obesity is expected to impel the market during the assessment period. The rapid growth of the global geriatric population is another factor responsible for the high demand for digital therapeutic devices. Several health issues associated with old age such as diabetes, osteoarthritis, back & neck pain, and muscular spasms are effectively tackled using digital therapeutic devices. As the awareness of elder healthcare is increasing globally, the requirement for digital therapeutic devices is expected to surge in the coming years. For instance,
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According to the Ageing and Health report published by the World Health Organization (WHO) in October 2022, the total geriatric population (60 years or older) was more than the children that were younger than five years in 2020. By 2050, it is estimated that 80% of the elderly population is likely to be living in low- to middle-income countries.
Continuous technological advancements have enabled the development of highly sophisticated and effective digital therapeutic devices. The facility of remote patient monitoring has facilitated easy access to therapeutic devices for patients in home care while the progress is supervised by a healthcare professional from a hospital or clinic. Moreover, the advent of telehealth services has created the possibility of the integration of digital therapeutics with telehealth platforms, thereby enhancing patient convenience. These factors are expected to provide significant propulsion to the market.
The research report finds that the COVID-19 pandemic boosted the market, due to the high demand for healthcare products and devices during this period. These devices were used in homecare settings through telehealth and remote patient monitoring. People with weaker immunity and health issues made extensive use of digital therapeutic devices. After pandemic the market is anticipated to grow at a substantial rate in the coming years.
Impact of Artificial Intelligence (AI) on the Global Digital Therapeutic Devices Market
The use of artificial intelligence is likely to provide substantial propulsion to the global digital therapeutic devices market. The implementation of AI help to collect data from therapeutic devices and integrate or compare it with the data obtained from other medical devices and based on that information, design personalized treatment plans for the patient. Due to this, a large number of therapeutic device manufacturers have started implementing this technology and are projected to continue this trend in the forecast period.
Global Digital Therapeutic Devices Market Dynamics
Major Drivers
Growing prevalence of chronic diseases is expected to drive the market during the projection period. The unhealthy habits associated with modern lifestyles, the high rate of obesity, and the rise in cases of cancer, mental disorders, and gastrointestinal disorders in emerging economies are leading to a high demand for therapeutic treatments. In addition, various healthcare agencies are taking initiatives for the prevention and treatment of chronic diseases using therapeutic devices. This is projected to create major propulsion for the market in the assessment period.
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As per the report published by the International Diabetes Federation (IDF) Diabetes Atlas in 2022, 62% of t type 1 diabetes (T1D) cases are in the age group of 20 years or older. Type 1 diabetes is one of the primary reasons for ketoacidosis and death, making its awareness of paramount importance.
Existing Restraints
High concern for patient data security is likely to hamper the market during the forecast period. With the evolution of digital space, the risk of the leakage and misuse of personal health information has increased significantly. This increases the potential financial and legal liabilities of the companies involved in the manufacturing of digital therapeutic devices. Furthermore, the lack of precise regulatory guidelines is expected to impede the market in the coming years.
Emerging Opportunities
Rising demand to cut down healthcare costs is anticipated to provide substantial growth opportunities for the market. The digital therapeutic devices are a cost-effective and non-invasive alternative to the traditional healthcare treatments. They facilitate affordable and personalized care for the patients. In addition, it aids in better management of chronic health conditions in patients and diminishes the chances of hospital readmissions. As a result, this considerably increases the demand for therapeutic treatment and is likely to boost the market during the forecast period.
Scope of the Global Digital Therapeutic Devices Market Report
The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Digital Therapeutic Devices Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Product (Insulin Pumps, Pain Management Devices, Rehabilitation Devices, and Respiratory Therapy Devices), Application (Preventive and Treatment), and End-user (Hospitals, Clinics, and Home Care Settings)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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Welldoc, Inc.; Propeller Health; Pear Therapeutics, Inc.; Omada Health Inc.; JOGOHEALTH; GAIA AG; Fitbit Health Solutions; CureApp, Inc.; CANARY HEALTH; Lupin; and Brain+ A/S.
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Global Digital Therapeutic Devices Market Segment Insights
Product Segment Analysis
Based on product, the global digital therapeutic devices market is divided into insulin pumps, pain management devices, rehabilitation devices, and respiratory therapy devices. The insulin pumps segment is projected to hold the major share of the market during the projection period, due to the growing prevalence of obesity and diabetes. In addition, a large number of people are suffering from type 1 diabetes and require active insulin administration for the management of the disease. Various market players are doing extensive research for the development of effective insulin pumps that are integrated with automation technology. These factors are expected to boost this segment during the projection period.
The pain management devices segment is likely to experience strong growth during the forecast period, driven by the large pool of patients suffering from problems such as hypertension, diabetes, and cancer. Such patients require external muscle and nerve stimulation to alleviate the pain and discomfort caused by the ailment. This increases the necessity for rehabilitation equipment as well as pain management devices. A lot of these problems are caused by unhealthy eating habits and aging. For instance, hypertension is caused by a lack of physical activity and a high sodium, low potassium diet. With the surge in the pervasiveness of these diseases, this segment is projected to have considerable propulsion.
Application Segment Analysis
On the basis of application, the global market is segregated into preventive and treatment. The treatment segment is projected to register a high CAGR during the forecast period, as digital therapeutic devices play a crucial role in patient care as they provide effective treatments for various conditions.
These devices help with personalized treatment and enable continuous monitoring of the patients. Furthermore, these devices aid by facilitating real-time health feedback, leading to better disease management. Consequently, this segment is likely to grow considerably with the rapidly increasing demand for digital therapeutic devices during the projection period.
End-user Segment Analysis
Based on end-user, the market is divided into hospitals, clinics, and home care settings. The hospitals segment is expected to generate a major revenue share of the market, due to the rising importance of digital therapeutic devices in healthcare setups. The implementation of these devices streamlines the operation and improves patient outcomes. They help in tracking vital signs and managing chronic conditions.
Digital therapeutic devices offer a data-driven approach to treatment, thereby helping medical professionals take better care of their patients. With the high prevalence of chronic diseases and the growth of the geriatric population, this segment is anticipated to have major propulsion in the projected period.
Regional Outlook
In terms of region, the global digital therapeutic devices market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period, due to the growing number of patients suffering from mental disorders and chronic diseases. In addition, a large number of key market players are from this region that are working on research and development of digital therapeutic devices integrated with multiple technologies. This is expected to provide the market with major propulsion during the assessment period.
Europe is likely to witness significant market growth in the forecast period, owing to the availability of advanced medical infrastructure and high health awareness. The countries in this region make large expenditures on healthcare and the development of therapeutic devices. Moreover, various governments in this region have policies favoring a strong healthcare system, which is likely to bring a major surge in the global digital therapeutic devices market in the coming years.
Segments
The global digital therapeutic devices market has been segmented on the basis of
Product
- Insulin Pumps
- Pain Management Devices
- Rehabilitation Devices
- Respiratory Therapy Devices
Application
End-user
- Hospitals
- Clinics
- Home Care Settings
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Welldoc, Inc.
- Propeller Health
- Pear Therapeutics, Inc.
- Omada Health Inc.
- JOGOHEALTH
- GAIA AG
- Fitbit Health Solutions
- CureApp, Inc.
- CANARY HEALTH
- Lupin
- Brain+ A/S
Competitive Landscape
Key players competing in the global digital therapeutic devices market are Welldoc, Inc.; Propeller Health; Pear Therapeutics, Inc.; Omada Health Inc.; JOGOHEALTH; GAIA AG; Fitbit Health Solutions; CureApp, Inc.; CANARY HEALTH; Lupin; and Brain+ A/S.
These companies adopt several development strategies including mergers, collaboration, product launches, acquisitions, partnerships, and production expansion to expand their consumer base worldwide. These key players make extensive investments in research and development to get an edge over the competitors and stay ahead of the curve. For instance,
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In January 2023, Lupin Limited's wholly-owned subsidiary, Lupin, recently launched its evidence-based holistic heart care program, LYFE. It is designed to significantly reduce the risk of heart attacks and improve the vitals and quality of life for cardiac patients in India.
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In October 2022, Fitbit Health Solutions, one of the leading suppliers of wearable healthcare devices, partnered with Pretaa to enhance the recovery journey of Americans and their families affected by substance abuse. The partnership aims to introduce health and activity data in Pretaa's substance abuse recovery app to improve patient outcomes.
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