The digital therapeutics and wellness market is anticipated to experience a staggering CAGR of 14.6% from 2023 to 2033. The digital therapeutics and wellness market is anticipated to reach USD 30,553.8 million by 2033, from USD 7,797.6 million in 2023. There are a few significant factors that are estimated to propel the market growth including:
Surging rate of occurrence of preventable chronic disorders, and accelerating government support for healthcare is expected to bolster market development.
| Attributes | Details |
|---|---|
| Digital Therapeutics and Wellness Market CAGR (2023 to 2033) | 14.6% |
| Digital Therapeutics and Wellness Market CAGR (2018 to 2022) | 12.5% |
| Digital Therapeutics and Wellness Market Size (2022) | USD 6,900.5 million |
| Digital Therapeutics and Wellness Market (2023) | USD 7,797.6 million |
| Digital Therapeutics and Wellness Market (2033) | USD 30,553.8 million |
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The key factor expected to propel the growth of the digital therapeutics and wellness market during the forecast period is the increasing smartphone penetration in developed and developing countries.
Other significant reasons such as the cost-effectiveness of digital health technology for providers & patients and increasing demand for integrated healthcare systems & patient-centric care are also expected to boost the market growth over the analysis period. Moreover, a few more vital things that are estimated to contribute significantly toward digital therapeutics and wellness industry growth are:
There are some key reasons that are acting as obstacles and are hindering the market growth during the forecast period.
Some countries, such as the United States (with its Health Insurance Portability and Accountability Act (HIPAA) and the Health Information Technology for Economic and Clinical Health (HITECH) Act), have legislation focusing on the issue of data security. However, despite such federal initiatives, digital therapeutics users are subject to infringement and data breaching, which may restrain the growth of the digital therapeutics market.
Motivating people to use digital therapeutics and building their confidence is another factor that is expected to hamper the growth of the digital therapeutics and wellness industry. Moreover, the rise in concerns related to cyber threats and data security hinders market growth.
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According to Kepios, in April 2021, there were 4.27 billion internet users globally, which is over 60% of the global population. As this number increases, awareness about smart health tracking is expected to improve. Furthermore, supportive regulatory initiatives & early signs of reimbursement, and the increasing pervasiveness of chronic disorders are also anticipated to fuel the market growth.
The lack of skilled medical practitioners in developing regions highlights the importance of connected healthcare. Furthermore, developing countries like India and China lack proper standards and government regulations for digital health solutions, which offer huge potential to providers who cannot meet stringent standards set by the federal government in the United States. The patient-doctor ratio in these regions is also significantly high, necessitating alternative healthcare solutions.
China and India are also observing high adoption of smartphones and its associated technologies owing to its increasing affordability. Globally, these countries are the top two countries in terms of smartphone ownership. Furthermore, the increasing access to smart devices and the Internet has encouraged the development of health apps.
Government bodies in China and India are taking initiatives to improve HCIT infrastructure. For instance, in its five-year plan from 2015 to 2020, China aimed to improve healthcare quality by implementing HCIT solutions.
The market observed CAGR of 12.5% in the historical period. In 2022, the market reached market size of USD 6,900.5 million. Over the forecast period, the market is projected to expand at a momentum of 14.6% CAGR. In 2023, the market is projected to achieve USD 7,797.6 million. By 2033, the market is slated to reach USD 30,553.8 million.
Key factors propelling market development of digital therapeutics and wellness industry include:
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| Segment | Software |
|---|---|
| Market Share % (2022) | 56.8% |
According to FMI, on the basis of type, software represents a significant CAGR of 13.9% during the forecast period. The segment contributed 56.8% of the overall market share in 2022. The segment growth can be attributed to the increased adoption of advanced software technologies by the healthcare industry.
Based on application, cardiovascular disease and hypertension represent a significant CAGR of 13.4% during the forecast period, owing to the increasing usage of apps based on cardiovascular disease and hypertension. For instance, Japan based CureApp introduced DTx app for hypertension, which reduces heart disease and stroke risks.
| Regions | CAGR |
|---|---|
| North America Market Size (2022) | 29.5% |
| Europe Market Size (2022) | 21.9% |
| The United States Market Size (2022) | 18.6% |
| Germany Market Size (2022) | 9.5% |
| Japan Market Size (2022) | 3.9% |
| Australia Market Size (2022) | 2.9% |
| China Market CAGR % (2023 to 2033) | 13.2% |
| India Market CAGR % (2023 to 2033) | 16.5% |
| The United Kingdom Market CAGR % (2023 to 2033) | 15.1% |
North America accounted for 29.5% of the overall market share in 2022. This regional growth is due to:
High incidence rate of chronic disorders and geriatric population in North America are estimated to propel market development.
The demand for digital therapeutics and wellness in the United States is projected to reach a valuation of USD 9.3 billion by 2033 with a CAGR of 14.1%. Asia Pacific region is expected to expand at a significant growth rate during the projected period. This high growth can be attributed to the increase in demand for effective healthcare, the rise in smartphone penetration, and improved access to the internet.
Growing demand for personal care devices and related services, as a result of increased government spending on healthcare, is another significant factor expected to accelerate market growth.
China is expected to reach a market size of more than USD 1.7 billion in 2033, representing a CAGR of 13.2%, over the forecast period. Japan and the United Kingdom are expected to reach the market size of more than USD 1.4 billion and USD 1.1 billion in 2033, representing growth forecasts of 12.7% and 13.2% respectively, throughout the forecast period.
South Korea, on the other hand, is expected to reach a market size of more than USD 827.8 million in 2033, representing a CAGR of 11.9%, during the forecast period.
Noom, Livongo Health, Omada Health, WellDoc, Pear Therapeutics, Proteus Digital Health, Propeller Health, Akili Interactive Labs, Better Therapeutics, and Happify, among others, are the top companies in the market.
With a substantial digital therapeutics and wellness industry share, these main firms are concentrating on growing their consumer base in new countries. These businesses are making use of strategic collaboration initiatives to grow their market share and profits.
Small and mid-size businesses are conversely enhancing their market presence by penetrating new markets and getting new contracts. All this is facilitated by product innovations and technical developments.
Recent Developments
| Attributes | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value |
| Key Countries Covered | The United States, Canada, Germany, the United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Northern Africa, and South Africa |
| Key Segments Covered | Type, Application, and Region |
| Key Companies Profiled | Noom; Livongo Health; Omada Health; WellDoc; Pear Therapeutics; Proteus Digital Health; Propeller Health; Akili Interactive Labs; Better Therapeutics; Happify; Kaia Health; Mango Health; Click Therapeutics; Canary Health |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The growth potential of this market expands at a CAGR of 14.6% through 2033.
The increasing prevalence of chronic diseases creates lucrative opportunities.
Noom, Livongo Health, and Omada Health are the key market players.
The market valuation in 2023 is USD 7,797.6 million
Increasing incidence of preventable chronic diseases drives market growth.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Software 5.2. Devices 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Cardiovascular Disease and Hypertension 6.2. Diabetes and Prediabetes 6.3. Obesity and Weight Loss 6.4. Smoking Cessation 6.5. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. South Asia 7.5. East Asia 7.6. Oceania 7.7. MEA 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Noom 17.2. Livongo Health 17.3. Omada Health 17.4. WellDoc 17.5. Pear Therapeutics 17.6. Proteus Digital Health 17.7. Propeller Health 17.8. Akili Interactive Labs 17.9. Better Therapeutics 17.10. Happify 17.11. Kaia Health 17.12. Mango Health 17.13. Click Therapeutics 17.14. Canary Health 18. Assumptions & Acronyms Used 19. Research Methodology
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Digital Therapeutics and Wellness Market
