Market Size of Global Digital Therapeutic Devices Industry
|2019 - 2029
|Market Size (2024)
|USD 7.58 Billion
|Market Size (2029)
|USD 24.48 Billion
|CAGR (2024 - 2029)
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Digital Therapeutic Devices Market Analysis
The Global Digital Therapeutic Devices Market size is estimated at USD 7.58 billion in 2024, and is expected to reach USD 24.48 billion by 2029, growing at a CAGR of 26.40% during the forecast period (2024-2029).
The outbreak of COVID-19 has also prompted healthcare professionals to seek alternatives to traditional systems and procedures. This leads to the rapid adoption of digital medical care across the industry from providers to consumers. As non-essential requirements are given low priority during the pandemic, patients turn to digital therapeutic solutions. In May 2020, a research study published titled "Digital physical therapy in the COVID-19 pandemic" stated that the worldwide COVID-19 pandemic forced the Brazilian health system to promptly adopt telehealth in different health care areas. Treatment efficacy and patient evaluation using digital practice were already investigated for some acute and chronic musculoskeletal conditions, cardiac conditions, neurological problems, post-surgical rehabilitation, pain management, pelvic floor conditions, and respiratory dysfunctions. Hence, increasing research studies would provide insight into the impact of COVID on the market. Thus, the market will grow in upcoming future.
According to the study 'The Longitudinal Ageing Study in India (LASI)' published in January 2021, approximately 75 million ages above 60 years of age suffer from some chronic disease. About 45 million have cardiovascular disease and hypertension and about 20 million suffer from diabetes. Thus, the high prevalence of chronic diseases in the country will boost the demand for cost-effective therapeutics such as digital therapeutic devices, thus driving the studied market. There has been a rise in the use of technology for therapeutics for medical conditions. Consumers in developed markets are increasingly aware of the advanced products for the treatment of medical conditions. In July 2019, according to the Organization for Economic Co-operation and Development, healthcare spending as a share of GDP has increased significantly in 2020, as the economic situation worsened and health spending increased in many OECD countries. Preliminary health spending for a group of 16 countries suggest that per capita health increased by around 4.9% on average in 2020. The preference is also, therefore, shifted toward the advanced services in the medical field, including the growing demand for innovations in therapeutic devices. Product apporval are another factor for the growth of the market. For instance, in December 2020, the United States Food and Drug Administration awarded a De Novo marketing authorization to San Francisco and London-based Mahana Therapeutics for a product called Parallel, which according to company materials is an 8-week cognitive behavioral therapy program for people with irritable bowel syndrome. Such approvals will increase the market growth.
The companies are also increasingly rising on venture investments in this domain, which drives this market. Factors, such as patient's data privacy concerns associated with digital therapeutic devices, hinder the growth of this market.