Singapore Digital Therapeutics Market Insights Forecasts to 2033

• The Singapore Digital Therapeutics Market Size was valued at USD 6.9 Million in 2023
• The Market is Growing at a CAGR of 26.67% from 2023 to 2033
• The Singapore Digital Therapeutics Market Size is Expected to reach USD 22.5 Million by 2033

The Singapore Digital Therapeutics Market Size is anticipated to Exceed USD 22.5 Million By 2033, Growing at a CAGR of 26.67% from 2023 to 2033. The increasing burden of chronic diseases, healthcare infrastructure, and government initiatives & support are driving the growth of the digital therapeutics market in Singapore.     

Market Overview

Digital therapeutics are software-based medical devices that are used to prevent, manage, or treat a medical disorder or disease. These are patient-facing software applications that have proven clinically beneficial. The most recent technological advancements including combined virtual reality, AI, and customized algorithms are used to improve the effectiveness of treatment of a wide range of conditions including chronic illnesses and mental health issues. This forward-thinking environment portends a revolutionary period in healthcare that promises better accessibility and patient results. The increasing emphasis on preventive healthcare and the trend of remote monitoring & telehealth are providing market opportunities for digital therapeutics.

Report Coverage

This research report categorizes the market for the Singapore digital therapeutics market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Singapore digital therapeutics market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Singapore digital therapeutics market.

Driving Factors

The challenge associated with the adherence to prescribed medications and implementation of behavioral and lifestyle changes as well as the little ability of healthcare providers to monitor the patient surges the need for digital therapeutics as a disease management solution. The frequency of multimorbidity in the aged population, along with the related socioeconomic and disease burden, is predicted to rise sharply, as 16.3% of Singaporeans have more than one chronic ailment. Thus, the growing burden of chronic diseases is driving market demand for digital therapeutics. The integration of digital technologies across the healthcare ecosystem and people’s healthcare routine for enhancing healthcare efficiency and affordability is propelling the market growth. The development of the digital therapeutics industry aided by government efforts and assistance is promoting the Singapore digital therapeutics market.

Restraining Factors

The cost of implementation and lack of compatibility with the current healthcare system & EHRs (electronic health records) are restraining the market growth.

Market Segmentation

The Singapore Digital Therapeutics Market share is classified into type, application, and sales channel.

• The software & services segment accounted for the largest revenue share of the Singapore digital therapeutics market in 2023.

The Singapore digital therapeutics market is segmented by type into devices and software & services. Among these, the software & services segment accounted for the largest revenue share of the Singapore digital therapeutics market in 2023. Products for digital therapeutics range from stand-alone applications to complex solutions that incorporate patient-facing software linked with medical devices. The increasing reliance on sophisticated software solutions for delivering therapeutic interventions and the trend toward digital health solutions are propelling the market growth.

• The treatment segment dominated the Singapore digital therapeutics market with the largest market share in 2023.       

Based on the application, the Singapore digital therapeutics market is divided into preventive and treatment. Among these, the treatment segment dominated the Singapore digital therapeutics market with the largest market share in 2023. The treatment segment is further segmented as diabetes care, respiratory care, mental health, cardiovascular, and others. The growing economic burden of disease treatment and investment in digital therapeutics for promoting cost-effective and scalable treatment platforms are driving the market growth.

• The B2B segment is anticipated to hold the largest market share during the forecast period.

The Singapore digital therapeutics market is segmented by sales channel into B2B and B2C. Among these, the B2B segment is anticipated to hold the largest market share during the forecast period. Pharmacies, employers, providers, and payers make up the B2B (business to business) category. Pharmaceutical companies' propensity to include digital treatments in their drug products in an effort to increase product uptake across these end-user segments.  

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Singapore digital therapeutics market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.  

List of Key Companies

• BioMind Labs
• DoctorOnCall
• FitBit Health Solutions
• Livongo Health Inc.
• Canary Health
• Omada Health Inc.
• 2Morrow Inc.
• WellDoc
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In December 2022, Singaporean tech startup Neeuro and the Institute of Mental Health unveiled their home-based attention training programme. It is an ADHD DTx program featuring a 24-session guided game that is paired with an EEG headband to track brainwaves.

• In March 2022, Happify Health announced it has entered into an agreement with healthcare services and pharmaceutical company Zuellig Pharma to commercialize two of its prescription digital therapeutics in Asia.

Market Segment

This study forecasts revenue at Singapore, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Singapore Digital Therapeutics Market based on the below-mentioned segments:

Singapore Digital Therapeutics Market, By Type

• Devices
• Software & Services

Singapore Digital Therapeutics Market, By Application

• Preventive
• Treatment

Singapore Digital Therapeutics Market, By Sales Channel

• B2B
• B2C