Digital Therapeutics Treatment for Diabetes to Comprise 28% of Global Market Demand, Projects Fact.MR
Published : 11 Feb 2022 Industry: Technology
According to a recently published Fact.MR report, it is predicted that the digital therapeutics industry will grow at a CAGR of 26.5% between 2022 and 2032, reaching US$ 56.41 Bn. Growing virtualization of the healthcare industry amid the penetration of technological advancements is expected to stimulate market demand for digital therapeutics.
From 2015 to 2021, demand for digital therapeutics flourished at a CAGR of 17%, reaching a value of US$ 4.25 Bn. During the COVID-19 pandemic, mandatory social distancing protocols prompted practitioners to limit direct contact with patients, particularly those seeking treatment for non-COVID procedures. Consequently, there was extensive reliance on telemedicine and virtual therapeutic sessions.
The market is expected to gain significant growth with the rising number of chronic diseases all around the globe. One reason behind this increasing number is the rising geriatric population. With age, comes severe complications in the individuals leading to various health problems. These will act as the drivers of the digital therapeutics markets to constantly analyze an individual’s health and lessen the risk of fatality.
Key Takeaways from the Market Study
- Globally, the digital therapeutics market is estimated to be worth US$ 5.27 Bn by 2022
- North America will hold a prominent position with 42% of global revenue by 2022
- Asia Pacific to flourish at a CAGR of 20% in the digital therapeutics domain until 2032
- By treatment, digital therapeutics for diabetes to comprise 28% of global market revenue
- Treatment for obesity to experience nearly 2x growth from 2022 to 2032
- The patient end-user segment will account for 32.5% of global revenue in 2022
“A growing geriatric population with several chronic diseases, technological advancements, the advantages of digital therapeutics, and an ardent need to curb rising healthcare costs are key growth drivers spurring significant growth in the global market”, reports a Fact.MR analyst.
The market is dominated by several key players, who focus on innovative strategies for increasing revenues, such as mergers and acquisitions, market penetration, partnerships, and distribution agreements.
- The Teladoc Company, for example, expanded its partnership with the National Labor Alliance in December 2021. Among the products and services offered were specialty care, general medicine, expert medical services, mental health, virtual primary care programs, and chronic disease management.
- In 2021, Dexcom and Welldoc developed a comprehensive integrated platform that enhances the quality of life for those with diabetes type 2. By using the Dexcom G6 system to measure glucose levels beneath the skin, BlueStar helps people living with diabetes manage the complex process.
- In 2021, Voluntis had a patent granted by the European Patent Office (EPO) for a digital therapeutic platform using its Theraxium platform to support intelligent drug dosing for diabetes titration.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global digital therapeutics market, presenting historical demand data (2015-2021) and forecast statistics for the period of 2022-2032.
The study indulges essential insights on the market on the basis of application (diabetes, obesity, CVD, respiratory diseases, smoking cessation, CNS diseases and others), and end user (patients, providers, payers, employers and others) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Fact.MR’s Domain Knowledge in Technology
Our technology consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the technology sector. Our expertise in recognizing the challenges and trends impacting the global technology industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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Sr. Consultant – Technology