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Report: The Market For Digital Therapeutics To Reach Over USD32 Billion By 2024

Healthcare News

Report_The-Market-For-Digital-Therapeutics-To-Reach-Over-USD32-Billion-By-2024 Report: The Market For Digital Therapeutics To Reach Over USD32 Billion By 2024Today, technological advancements in care solutions are no far away from digitizing healthcare industry, enabling health systems to improve their legacy systems, reducing care costs, and advancing health outcomes. From collecting patient information and diagnoses to storing and generating satisfying outcomes, technological advancements have totally been transforming the healthcare space. In this line, digital therapeutics that is a subset of digital health, assisting care providers to treat constant chronic diseases in a better way.

Digital therapeutics is a health discipline and treatment option which leverages digital and often online health technologies to treat a medical or psychological condition. According to the latest report, the digital therapeutics market is expected to exceed over USD32 billion by 2024, which is far high from around USD 2.2 billion in 2019. Published by Juniper Research, the report “Digital Therapeutics & Wellness: Disruption, Innovation Opportunities & Forecasts 2019-2024” has found that that the biggest application for digital therapeutics will be diabetes and weight loss; generating more than USD19 billion through the projected timeframe.

As healthcare insurers are leading the way in distributing digital therapeutics, the Juniper report noted a strong interest amongst employers. With reimbursement still largely unresolved, it anticipates that most of the revenue will arise from direct payments from employers until 2021, and public health interest to be confined to a handful of markets. Digital therapeutics often employs strategies rooted in cognitive behavioral therapy. Moreover, wellness apps that often claim less quantified health benefits, will also witness huge growth, as Juniper report predicts that more than 870 million consumer wellness apps to be in use by 2024, with garnering over USD5 billion in revenue.