Digital Therapeutics Market Size Worth $32.5 Billion By 2030 | Global and Regional Forecast | Grand View Research, Inc.


 

The global digital therapeutics market size is anticipated to reach USD 32.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a lucrative CAGR of 26.1% from 2022 to 2030. Key factors driving the market growth include high demand due to the COVID-19 pandemic, various supportive regulatory initiatives & early signs of reimbursements, increasing smartphone penetration in developed & developing countries, and the growing prevalence of chronic disorders. Moreover, the cost-effectiveness of digital health technology for providers & patients and increasing demand for integrated healthcare systems & patient-centric care are estimated to boost the market growth.

The COVID-19 pandemic catalyzed the adoption of digital therapeutics solutions. Teladoc reported that telehealth usage grew by about 38 times since pre-pandemic. The adoption of these solutions was further supported by supportive initiatives by key regulatory bodies, such as the FDA. For instance, the U.S. FDA released guidelines in April 2020 to expand the availability of digital health therapeutic devices for psychiatric patients. As per Kepios, globally, the number of internet users is growing at an annual rate of 7.6%, i.e., an average addition of 900,000 new users every day. While developed and certain developing economies have high smartphone and internet penetration, countries in regions, such as Africa and South Asia, are lagging due to their less advanced economies.

With a modest user base, Africa’s smartphone market is expected to grow due to the advent of affordable handsets in the country. These handsets are priced under USD 100 per unit and are gaining popularity. The need for cost-effective healthcare is increasing due to the growing healthcare expenditure. The rising incidence of chronic diseases has led to an increase in healthcare costs. This has affected economic growth in developing and developed economies. To promote cheaper and alternative means of healthcare delivery, digital health technologies are being encouraged to help avoid added costs. The ease of usage of mHealth apps and their consistent performance can help improve health outcomes of individuals and communities, which is anticipated to have a positive impact on market growth.

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