Digital therapeutics market poised for explosive growth: Revenues to surge beyond USD 2.65 billion in 2023, projected at USD 9.65 billion by 2028
Nov 20, 2023
New Delhi [India], November 20 : The Digital Therapeutics market is rapidly ascending to new heights, propelled by an escalating demand for non-pharmaceutical treatment alternatives and transformative strides in technology.
According to a report, projections indicate a substantial surge in revenues from USD 2.65 billion in 2023 to an impressive USD 9.65 billion by 2028, with an anticipated annual growth rate of 29.50 per cent.
The discernible shift in consumer preferences towards non-pharmaceutical treatments underpins the market's growth.
Health-conscious individuals seek personalized, convenient solutions accessible from the comfort of their homes, driving the adoption of digital therapeutics.
A key trend shaping the digital therapeutics landscape is the seamless integration of artificial intelligence (AI) and machine learning (ML) technologies.
These advancements empower the development of highly personalized treatment plans and predictive analytics, substantially enhancing the efficacy of digital therapeutic interventions.
Another noteworthy trend is the growing utilization of virtual reality (VR) and augmented reality (AR) technologies.
By providing immersive and engaging experiences for patients, these technologies are revolutionizing the way individuals interact with digital therapeutics.
The digital therapeutics landscape is intricately influenced by specific regulations and reimbursement policies that vary across different countries.
Stringent regulations in some nations mandate rigorous clinical trials for medical apps, impacting their adoption and use in therapeutic contexts.
A pivotal macroeconomic factor fuelling the market's expansion is the rising prevalence of chronic diseases, such as diabetes and cardiovascular conditions.
Digital therapeutics offer a cost-effective and scalable solution for the long-term management of these health conditions.
The Digital Therapeutics market is experiencing a robust growth trajectory fuelled by the surge in demand for non-pharmaceutical treatments and the integration of cutting-edge technologies. The fusion of AI, ML, VR, and AR technologies represents a paradigm shift in healthcare delivery.
Market data undergoes semi-annual updates to account for evolving market dynamics, including the impact of external factors such as the COVID-19 pandemic and geopolitical events.
