Digital therapeutics aids in the prevention, management, and treatment of medical disorders. Furthermore, it makes use of digital health technologies to treat a psychological ailment. These factors are in turn expected to drive the growth of digital therapeutics market size. The growing adoption of smartphones and tablets, coupled with healthcare apps, the growing need to control healthcare costs; and the rise in incidences of chronic diseases are expected to fuel the growth of the digital therapeutics market. Government initiatives for preventive healthcare, technological advancements in mobile healthcare, a significant increase in venture capital investments are expected to increase the growth of the digital therapeutics market.
Digital Therapeutics (DTx) Market Size to Reach USD 13.80 Billion by 2027 at a CAGR of 20.5%
Trends influencing the growth of this novel market
Changing medical protocols, as well as the need to reduce healthcare costs, are driving an increase in digital therapeutics investments. Caregivers can also use digital health technologies to continuously monitor and engage patients, as well as make real-time changes to treatment regimens. Digital therapeutics is expected to play a significant role in the future in enabling physicians to collaborate closely with patients and provide tailored care.
Digital therapeutics assist clinicians in managing patient adherence to treatment regimens in addition to improving patient outcomes. These capabilities enable digital therapeutics to play a significant role in the development of an integrated health ecosystem that allows for seamless data transfer between various stakeholders such as payers, providers, and pharmacies, thereby improving the quality of services provided to patients. Thus this feature is expected to further drive the Digital therapeutics market.
Digital therapeutics provide a mechanism for pharmaceutical and MedTech companies to differentiate their products with very little financial commitment, especially when compared to the R&D costs typically connected with a medicine or medical device. This is expected to increase the growth of the digital therapeutics market. Digital therapeutics also provides the opportunity to extend product life cycles, differentiate in-development goods, and fill in any gaps in the traditional medication industry.