Digital Therapeutics Market Trends

Growth Drivers

• Rising technological advancements in healthcare - As innovations in the healthcare and pharmaceutical sectors surge, owing to the increasing penetration of artificial intelligence (AI) and the demand for more accurate, quick, and conventional diagnoses, this would surpass the demand for digital therapeutics such as real-world and real-time patient data and many more.
  
  According to the Center for Health and Healthcare stated AI is faster than traditional methods in making more accurate diagnoses and early disease detection. AI is making it possible to review mammograms 30 times faster with nearly 100% accuracy in cases of breast cancer, which eliminates the need for biopsies.
• Increasing digitization - There is a slated increase in the usage of mobile phones, smartphones, tablets, and similar products, along with their combination with increasing healthcare applications. According Research Nester analysis, more than 4.88 billion people are smartphone users, which is an increase of about 635 million users as compared to a year from 2023 to 2024. This is an increase with a growth rate of 2.15 times through 2020, witnessing a growth of 2.61 billion new smartphone users.
• Boost in therapeutics products launch - Emerging companies are set to launch several clinical therapeutic products during the projection period. Such as -011 (anxiety GAD), Pear-015 (depression MDD), CT-152 (major depressive disorder), and CT-155 (schizophrenia) are examples of potential pear therapeutics clinical therapeutics products in phase III. These products are used to treat chronic insomnia and depression, as well as schizophrenia and depression. According to a report by the Congressional Budget Office in 2021, the approval of new drugs for sale crossed 60% as compared to the previous decade between 2010 and 2019.

Challenges

• Increasing issues in cyber security- The reason behind the growth in this revenue share is a developing area of device- and software-driven medical condition management and prevention products. However, a key issue preventing the widespread use of therapeutics is the cybersecurity problem.
• Limited access to technology- This market growth may be hindered by limited access to technology, unclear regulations, and difficulties with reimbursement. Patients worry about the dangers and weaknesses in the security of their health information. Throughout the forecast period, the adoption of these products has been restrained due to several risks and cyberattacks.