Digital Therapeutics (DTx) For Mental Health Market is Booming and Expected to Grow at a CAGR of 27.42% to 2031 | InsightAce Study
Companies covered in this study are Noom, Teladoc Health, Omada Health, WellDoc, Pear Therapeutics, COGNIFIT, Ginger, Propeller Health, 2morrow, and Canary Health
Jersey City, NJ, July 25, 2023 (GLOBE NEWSWIRE) -- The Global Digital Therapeutics (DTx) for Mental Health Market is estimated to exhibit a CAGR of 27.42% during the forecast period.
DTx products offer people the tools they need to actively manage their mental health. Users who want to enhance their well-being can track their symptoms, create goals, access educational resources, and learn coping mechanisms. DTx systems frequently offer in-the-moment feedback and progress tracking, enabling users to keep tabs on their personal development and make wise choices regarding their mental health. With illnesses like depression, anxiety, and stress-related disorders becoming more prevalent, the worldwide burden of mental health disorders has been increasing. Due to the huge demand this has generated for affordable and successful mental health interventions, the DTx market is expanding.
Digital treatments are flourishing now that cell phones are so widely used and high-speed internet is so easily accessible. Delivering personalized and interesting mental health therapies is now possible because of the development of mobile apps, wearable technology, and remote monitoring technologies. Moreover, the regulatory environment for digital therapies is constantly changing. Regulatory bodies are currently establishing procedures for the approval and control of DTx products, including the U.S. Food and Drug Administration (FDA). The market is being further encouraged by the adaptation of reimbursement rules to accommodate digital therapies.
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Recent Developments:
In June 2021, A definitive agreement was reached between Novartis and Akili Interactive Labs, a business that specializes in creating digital therapies for the treatment of neurological and psychiatric diseases. Through the acquisition, Novartis will have access to Akili's digital therapeutics platform, which has a portfolio of digital therapeutics programs in development as well as a library of clinical evidence.
List of Prominent Players in the Digital Therapeutics (DTx) for Mental Health Market:
Noom
Teladoc Health
Omada Health
WellDoc
Pear Therapeutics
COGNIFIT
Ginger
Propeller Health
2morrow
Canary Health.
Digital Therapeutics (DTx) For Mental Health Market Report Scope:
Report Attribute | Specifications |
Growth Rate CAGR | CAGR of 27.42 % from 2023 to 2031 |
Quantitative Units | Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
Historic Year | 2019 to 2022 |
Forecast Year | 2023-2031 |
Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
Segments Covered | Application, Disease Indication, And Sales Channel |
Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
Market Dynamics:
Drivers:
With a focus on patient-centered treatment and self-management, the healthcare environment is changing. DTx solutions support these changes by enabling people to actively participate in their mental health by providing tools for self-monitoring, goal planning, and skill development. They are consistent with a broader trend towards individualized, patient-centered mental treatment. The potential of DTx for mental health is becoming more and more recognized by regulatory organizations and healthcare systems. Innovation and commercial expansion have been spurred by cooperation between technology businesses, pharmaceutical corporations, and healthcare providers.
Challenges:
Market entrance and coverage are challenged by the regulatory and reimbursement landscape for DTx treatments, which is currently developing. To create a streamlined procedure for DTx solution providers, it is necessary to provide clear criteria and paths for regulatory clearance and reimbursement. Market obstacles and uncertainty may make it difficult for DTx solutions to be adopted and used if suitable regulations and compensation are not in place. Interoperability problems, resistance to change, and the necessity for DTx intervention use training and education are a few examples of integration obstacles.
Regional Trends:
The North America Digital Therapeutics (DTx) for Mental Health Market is expected to register a major market share in terms of revenue and is projected to grow at a high CAGR in the near future, owing to the established healthcare systems that are progressively incorporating digital therapies for mental health. To facilitate access, reimbursement, and implementation of DTx interventions, this integration involves partnerships with healthcare providers, insurance providers, and employers. To facilitate the integration of DTx into current care models, virtual mental health clinics, telepsychiatry services, and digital health platforms are being used.
The potential of DTx therapies has been acknowledged by regulatory organizations in North America, notably the U.S. Food and Drug Administration (FDA) and Health Canada, who have built frameworks for their clearance and regulation. For instance, the FDA provides a particular regulatory pathway for digital pharmaceuticals that offer a shortened procedure for market entrance. The development and acceptability of DTx treatments for mental health have benefited from this regulatory assistance.
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Segmentation of Digital Therapeutics (DTx) for Mental Health Market-
By Sales Channel Type-
Treatment/care Related
Preventive Care
By Disease Indication-
Anxiety Disorder
Depression
Bipolar Disorder
Post-Traumatic Stress Disorder
Others
By Sales Channel-
Payers
Pharmaceutical Companies
Providers
Caregivers
Patients
By Region-
North America-
The US
Canada
Mexico
Europe-
Germany
The UK
France
Italy
Spain
Rest of Europe
Asia-Pacific-
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America-
Brazil
Argentina
Rest of Latin America
Middle East & Africa-
GCC Countries
South Africa
Rest of the Middle East and Africa
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