Digital therapy market size worth $18.06 billion, globally, by 2028 at a CAGR of 23.1%

NEW YORK, March 11, 2022 /PRNewswire/ — The Insight Partners has released the latest research study on “Digital therapy market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Application [Diabetes, Cardiovascular Diseases, Central Nervous System (CNS) Diseases, Respiratory Diseases, Smoking Cessation, Musculoskeletal Diseases, and Other Applications] and delivery channel (patients, providers, payers, and employers)”, the global digital therapies market is expected to grow from $4.22 billion in 2021 for $18.06 billion by 2028; it is estimated to grow at a CAGR of 23.1% from 2021 to 2028.

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Digital Therapy Market: Competitive Landscape and Key Developments

Propeller health; Canary Health, Inc.; NOOM, INC. ; 2Morrow, Inc.; Teladoc Health; Welldoc, Inc.; FITBIT, Inc.; OMADA Health; Mango Health; Pear Therapeutics, Inc.; and Happify Health are among the leading companies operating in the digital therapies market. Major players are adopting strategies such as launching new products, expanding and diversifying their market presence, and acquiring new customer base to exploit existing business opportunities.

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In February 2022, Welldoc and EHE Health, a network of healthcare providers and a leading innovator in preventative healthcare, announced a partnership to launch Thrive Now by EHE Health, a digital health platform designed to help manage the overall health of members. Thrive Now will officially launch in April 2022 and is the third product innovation under EHE Health’s Pulse offering.

In January 2022, Pear Therapeutics, Inc. announced a value-based agreement with the Oklahoma Health Care Authority (OHCA) to supply Pear’s reSET and reSET-O PDTs to help combat the growing crisis of opioid addiction. reSET and reSET-O will be made available to Oklahomans enrolled in Oklahoma Medicaid, commonly known as SoonerCare.

In February 2022Happify Health announced that New York City Health Business Leaders (NYCHBL), the organization that serves as a gateway to the New York one health ecosystem, recognized by Happify Health on its NYC Digital Health 100, a showcase of the most exciting and innovative health startups in new York.

In December 2021Pear Therapeutics, Inc. announced the completion of its business combination with Thimble Point Acquisition Corp. (Thimble Point), a special purpose acquisition company (SPAC).

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Asia Pacific held the largest share of the global digital therapeutics market in 2021. Market growth in the region is attributed to increasing geriatric population; growth in R&D investments; a growing number of people with chronic illnesses; and the growing demand for medical tourism in economies, such as China and India. However, North America is estimated to register the highest CAGR during the forecast period. Rising need to reduce healthcare costs, stringent healthcare regulations, growing competition in the healthcare industry, increasing prevalence of chronic diseases and rapid technological innovations are the factors driving the market digital therapies.

Medical professionals are trying to tackle the COVID-19 crisis, but a growing number of cases are leading to serious complications. As a result, patients are increasingly turning to digital therapies for disease assessment and treatment. Due to the COVID-19 outbreak, healthcare providers are looking for alternatives to standard systems and processes. Consequently, providers and consumers are increasingly embracing digital therapies.

large population with Undiagnosed Conditions is Fueling Market Growth:

A large percentage of the world’s population is unaware of their diabetes status due to the occurrence of fewer symptoms. According to data published in the 10^and edition of the IDF Diabetes Atlas, an estimated 239.7 million people with diabetes aged 20-79 are unaware of their disease. Additionally, people with undiagnosed diabetes tend to use health services more frequently than people without diabetes. thus, the health expenditures of people with undiagnosed diabetes are higher than those of healthy people. The rise in undiagnosed cases of diabetes is attributed to inadequate screening facilities in low- and high-income countries. These are among the key factors that are expected to propel the growth of the digital therapies market during the forecast period.

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Digital Therapy Market: Application Overview

On the basis of application, the digital therapeutics market is segmented into diabetes, cardiovascular diseases, central nervous system (CNS) diseases, respiratory diseases, smoking cessation, musculoskeletal diseases and other applications. In 2021, the diabetes segment held the largest market share; it is expected to register the highest CAGR during the forecast period. According to the International Diabetes Federation (IDF) 2021 Atlas, approximately 537 million people worldwide have diabetes; it is expected to reach 643 million by 2030. Digital therapies help manage and treat diabetics. In September 2021Welldoc has partnered with LifeScan to integrate Welldoc’s chronic disease platform, supporting hypertension, heart failure, diabetes, prediabetes and behavioral health through the new OneTouch Solutions portal, designed to provide choice assistance, advice and digital tools to help people manage diabetes .

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Central Nervous System Biomarker Market Forecast to 2028 – Impact of Covid-19 and Global Analysis – By Type (Safety Biomarker, Efficacy Biomarker, Validation Biomarker, Other); Application (Discovery and Development of Drugs, Personalized Medicine Others); End user (diagnostic laboratories, clinics/hospitals, research centers) and geography

Central Nervous System (CNS) Therapeutics Market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Disease Type (Neurovascular Diseases, Degenerative Disorders, Mental Health, Trauma, Others); Type of medication (painkillers, nervous system drugs, anesthetics, antiparkinsonian drugs, antiepileptics, others); Distribution channel (hospital pharmacies, retail pharmacies) and geography

Smoking Cessation Market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Product (Chewing Gums, Inhalers, Lozenge, Patch, Spray, Sublingual Tablets); therapy (nicotine replacement therapy (NRT), non-NRT therapy, e-cigarette); Distribution Channel (Hospitals Pharmacies, Pharmacies, Retail Stores, Online Shops)

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