U.S. Digital Therapeutics Market Size Worth $5.47 Billion By 2027

The U.S. digital therapeutics market size is expected to reach USD 5.47 billion by 2027, registering a CAGR of 22.2% during the forecast period, according to a new report by Grand View Research, Inc. Technological advancement in healthcare IT, increasing demand for integrated healthcare system, and cost effective patient care are driving the market growth.

COVID-19 pandemic has expedited the adoption of Digital Therapeutics (DTx) especially pertinent to mental illness and chronic ailments like diabetes and Cardiovascular Diseases (CVD). The U.S. Food and Drug Administration (FDA) released new guidelines for computerized behavioral therapy and other DTx solutions during this public health emergency. The organization has waived off guidelines that include 510(k) premarket notifications, registration and listing requirements, and Unique Device Identification (UDI) requirements for DTx therapeutic devices with low risk. For instance, Pear therapeutics launched Pear-004 for psychosis and self-management training post the new guidelines. The product needs to be used under a doctor’s supervision.

The need for cost-effective healthcare is increasing due to rising healthcare expenditure. Digital health technology is being encouraged and preferred to avoid unnecessary costs and promote cheaper & alternative means of healthcare delivery, thus propelling the market. Moreover, rising demand for remote monitoring services due to increasing incidence of chronic diseases worldwide is one of the factors propelling market growth. Digital therapeutic applications allow patients to manage and treat diseases without constant medical intervention, thereby drastically reducing healthcare expenditure.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/us-digital-therapeutics-market

Further key findings from the study suggest:

  • In terms of revenue, diabetes dominated the application segment in 2019. The growth can be attributed to increasing incidence of this diseases and demand for self-management and constant monitoring
  • On basis of end use, patients held the largest revenue share in 2019 owing to increased adoption of healthcare IT services through Artificial Intelligence (AI) driven smartphone apps
  • In the wake of COVID 19 pandemic, patients with chronic diseases are facing challenges in managing medications, visiting healthcare providers, and maintaining a balanced diet. DTx therapy can be useful in managing patient conditions remotely
  • Companies such as DarioHealth, WellDoc, and Kaia Health are providing guidance to diabetic patients for managing their glucose levels and maintaining a healthy lifestyle
  • In January 2020, Pear Therapeutics and Crossroads Treatment Centers entered into a partnership to incorporate reSET-O PDT in several opioid use disorder treatment centers located in Pennsylvania, thereby enhancing its market reach
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