According to Future Market Insights, the global digiceuticals market was anticipated to reach a valuation of US$ 4.6 billion in the year 2022. With an astounding CAGR of 32.5% from 2023 to 2033, this market is expected to reach US$ 6.1 billion by 2023 and US$ 101.66 billion by 2033.
The digiceuticals market is anticipated to be driven by rising smartphone prevalence in developed and emerging nations, the affordability of digital healthcare technology for both consumers and providers, and a rising desire for integrated health systems and patient-centered treatment.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value for Digiceuticals in 2023 | US$ 6.1 billion |
| Expected Market Value for Digiceuticals in 2033 | US$ 101.66 billion |
| Growth Rate (2023 to 2033) | CAGR of 32.5% |
Currently, 4.26 billion people, or more than 60% of the world's population, were internet users in April 2021, according to studies. It is anticipated that as this number rises, so will public awareness of smart health tracking. Moreover, it is projected that favorable regulatory actions, early indications of reimbursement, and rising chronic illness incidence would fuel market expansion.
Together with traditional pharmaceutical medications, digital therapeutics, commonly referred to as "digiceuticals," constitutes a new type of therapy in the healthcare sector (small molecules as well as biologics). To improve patient care along with health outcomes, digiceuticals can be used alone or in conjunction with other therapy, medical equipment, or drugs.
More than 29.2% of worldwide revenue in 2022 was attributed to the diabetic application category by illness type. The rising incidence of chronic diseases such as diabetes and other conditions is one of the factors fueling the segment's expansion. Digiceuticals can help medical professionals evaluate their patients' lifestyles and adjust their treatment plans following each patient's specific therapeutic requirements. The CDC estimates that roughly 34.3 million people worldwide had diabetes in 2021, with the United States accounting for 10.7% of this number. Due to the increasing number of obese people throughout the world in 2022, the obesity application category had the second-largest share. Digiceuticals provide affordable treatments for a variety of chronic ailments, which is anticipated to drive the market shortly.
Throughout the projection period, it is predicted that expanding regulatory activities would drive market standardization and R&D. For example, the Software Pre-Cert Pilot Program, which is a component of the FDA's Digital Health Innovation Action Plan, aims to improve the regulatory monitoring of manufacturers' Software-based Medical Devices (SaMD). The program's objective is to create an effective regulatory oversight system for evaluating businesses to build trust that they can provide high-quality SaMD goods.
In contrast to wellness apps and medication reminders, digital pharmaceuticals need robust clinical data to support their intended usage and effects on disease states. For instance, the first FDA-approved mobile prescription medication for Type-2 Diabetes, BlueStarTM, was introduced by WellDoc (a health technology business located in Columbia). It helps patients by giving them customized, real-time suggestions for managing their diabetic treatment plan. Similar to this, Pear Therapeutics is working on mobile apps (mApps) for a variety of ailments, including PTSD, schizophrenia, chronic pain, depression, and anxiety. The mApp teaches patients to identify everyday desires and triggers, and it tracks and monitors them with the physician. The app is said to be more efficient than traditional therapies. Such technological advancements are anticipated to accelerate sales in the global digiceuticals market from 2023 to 2033.
Digiceuticals will have the ability to open the next phase of medical innovation and assist patients in effectively managing their personal health and illness conditions with a more uniform regulatory framework and the entry of tech players in healthcare.
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Digiceuticals include Digital therapeutic products and these products represent a completely new era in the healthcare industry. These products are clinically certified and are sued as either standalone products or are linked to other products to improve and benefit health outcomes.
Digiceuticals is used in various apps which are approved by regulatory bodies. These products are used to treat various disease conditions like diabetes management. Digiceuticals platform works by collation of data by survey like asking the patients. The information is sometimes gathered by sensors also. The products are clinically tested through randomized trials.
Some of the common examples of Digiceuticals are apps for diabetes where symptoms are monitored, and cessation of smoking apps where there is a sensor that checks to breathe and also guides on quitting smoking. The substance abuse apps in Digiceuticals work via behavioral therapies.
Digiceuticals apps help patients to daily monitor their triggers and symptoms and track those with the doctors. Digiceutical apps provide real-time support and coaching to patients. Digiceutical also provides personalized educational tools. The patients receive personal training and expert guidance that helps to increase health outcomes
Digiceuticals are seeking intensive attention from the world. Around 150 companies are in the development of Digiceuticals. This rising investment in the research and development of Digiceuticals worldwide is a major driving force for its market growth.
Many disease conditions are being tested via Digiceuticals which include depression, insomnia, chronic pain, anxiety, etc. Digiceuticals cover a wide range of diseases and this can be a factor to outlook its growth in coming years. The gaining popularity of Digiceuticals in the techno-savvy world is a major driver for the Digiceuticals market.
Companies are rigorously investing in clinical trials The rising adoption of Digiceuticals over conventional treatment in regions like the US and UK can definitely upswing the Digiceuticals market. These apps have been shown to improve the lives of asthma patients. It is anticipated that Digiceuticals will be rapidly growing with innovations. The lack of data to prove efficacy in randomized trials is a major restraint of the Digiceuticals market.
Lack of awareness about the usage of smartphones and apps in the aging population across lower economic countries can restrict the Digiceuticals market growth. Irresponsive behavior patients in not use the app regularly can deviate from the correct data.
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The Digiceuticals market focuses on assessing the impact and value of digital therapeutics. App developers are finding it easy to enter the field of the Digiceuticals market compared to traditional pharma entrants.
A lot of Digiceuticals companies are directly working with payers, healthcare suppliers, academic and research institutes, and pharmaceutical industries to understand data-driven combinations and usage in all sectors of healthcare.
Digital health is rapidly growing worldwide. It is also predicted that technology and Digiceuticals will be replacing 80% of doctors’ work in the coming years. Many Digiceuticals companies also provide one on one sessions with healthcare experts. Akili Labs are in the development of patenting a digital mode to measure interference processing.
The USA is a leader in the Digiceuticals market. In 2018 the USA was working on the development of anti-cocaine and alcohol addiction Digiceuticals. In the USA, the Digital Therapeutics alliance works on representing leading manufacturers of clinically approved digital therapeutics.
Increasing the understanding of Digiceuticals in mainstream healthcare professionals and broadening research is an opportunistic feature for the Digiceutical market. It is estimated that around 22% of patients show interest in Digiceuticals for disease management. And around 44% of doctors in the US prescribe Digiceuticals apps.
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The key participants operating in the global Digiceuticals market are:
The research report on Digiceuticals presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
It also contains projections using a suitable set of assumptions and methodologies. The research report on Digiceuticals provides analysis and information according to market segments such as geographies, applications, and industries.
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The global Digiceuticals market is segmented based on receptor type, application in cancer type, therapy type, drug type, therapy type, drug development status, clinical trial recruitment status, end user, and region.
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Digiceuticals Market
