Digital Therapeutics Market Grooming Rapidly by Rising Trends, Technological Advancements and Growth Report 2018
As the market is in its initial stages of growth, there is a lot of potential for companies in the market space to grow. The widespread prevalence of internet and the integration of smart practices is increasing the development of the market. Increasing demand has created considerable traction for the market. The rising geriatric population is seen playing a key role in the progress of digital therapeutics. The application of digital therapeutics is being increasingly leveraged to large-scale patient population and is expected to advance the healthcare outcomes substantially in the forecast period.
The ability to utilize the economies of scale is further proving to be beneficial for overall market growth. The noteworthy contenders shaping the market are Twine Health Inc., Omada Health, Inc., Mango Health, Inc., Propeller Health, Medtronic Plc., Noom Inc, Proteus Digital Health, Inc., WellDoc Inc., Canary Health Inc., and Livongo Health.
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Sep 2018 Roche’s diabetes arm is functioning with Ieso Digital Health to test the Cambridge, UK-based digital therapeutics firm’s mental health programme in type 2 diabetes patients in Ireland and the UK. The Swiss pharma company expects that a version of Ieso’s online cognitive behavioral therapy can identify, and aid in treating, diabetes patients who also have mental health issues, such as anxiety and depression.
The segmentation of the digital therapeutics market has been carried out on product type, application, and sales channel. On the basis of application, the market has been segmented into cardiovascular diseases, obesity, diabetes, respiratory diseases, smoking cessation, and others. The product type-based segmentation is divided into software and devices. The sales channel-based segmentation of the market has been divided into B2B and B2C. The regions included in the market analysis are Europe, North America, Asia Pacific, and the Rest of the World (RoW).
Moreover, digital therapeutics is being progressively leveraged to scale to a large patient population and to improve healthcare outcomes. Management of diabetes and other chronic diseases are areas where digital therapeutics has proved its mettle. Other use cases for digital therapeutics are cancer management, pain management, smoking cessation and tougher therapy areas like Parkinson’s and rise in prevalence of such diseases have amplified the growth of the global digital therapeutics market. Unmanageable doctor to patient ratio and the relative affordability of digital therapeutics has been contributing majorly to the growth of the global digital therapeutics market. On the contrary, digital therapeutics remains a largely unregulated space, and lack of awareness towards digital therapeutics are likely to impede the growth of the market over the forecast period.
Although, the market has also considerably neutralized the market advantages and thus is promoting an increase in the number of firms in the market. The market is at an optimally productive level and will be capable of generating greater value for the firms in the market and its shareholders. The diversification of the product assortment in the market is increasing the opportunity for the progress of the market. The potential for profitability in a market has been determined to be optimistic which will be fruitful for future expansions. The leadership trends in the market are reinforcing the level of growth that can be achieved in the present market scenario. The evolution patterns are reviewed in tandem to the customer likings to realize the highest growth, and in the long run, viability.
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Detailed Regional Analysis
The regional analysis of the digital therapeutics market comprises of North America, Asia Pacific, Europe, and Rest of the World. The North American region controls an important share of the market and is expected to hold its market share in the impending years. The widespread existence of main players is expected to have an optimistic impact on the development of the regional market.
The factors responsible for assisting the market spread in the region comprise of early adoption of technology, growing patient pool of chronic diseases and increasing investments in research & development. The Asia Pacific region is likely to display extensive development over the subsequent few years. The factors such as enhanced adoption of next-gen healthcare technology, expansion in the healthcare sector, increasing elderly population, etc. are likely to drive the demand in the regional digital therapeutics market in the forecast period.
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