Digital Therapeutics Market is in Demand as Rising Adoption of Technology
The Global Digital Therapeutics Market was valued at USD 3.7 billion in 2020, and it is expected to reach USD 14.3 billion by 2027, with a CAGR of 21.3 %, during the forecast period-2021-2027.
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Digital therapeutics are changing the healthcare and medicine delivery system with evidence-based technologies in order to improve patient outcomes. Digital therapeutics helps to deliver medical therapies or treatments directly to the patients using scientific reports, clinically evaluated software used to treat patients, their management and used for the prevention of chronic diseases or disorders.
Digital therapeutics products have the same set of standards and regulations as that of traditional medicinal products and treatments. Digital therapeutics must follow some of the core values like product safety, patient centricity, privacy, quality, and ongoing clinical trials impact on the product.
Digital therapeutics helps to reduce the gaps between technology and the patients by delivering treatments or therapies through smartphones or tablets, by increasing patient access to the safety and effectiveness associated with the treatments, presentation of information in different languages, providing relevant information related to the diseases and treatments and expanding physicians' ability to care for patients.
There is increase in demand for the digital therapeutic products with rise in adoption and acceptance of smartphones and tablets for healthcare delivery system across the globe. On the contrary, there is lack of awareness and availability of digital therapeutics system in developing countries. This provides an opportunity for the players to explore untapped markets of developing countries to gain significant profit in the digital therapeutics industry.
Covid-19 pandemic has shuffled entire healthcare system all over the world. This gave an opportunity for the growth of the digital therapeutics market by increase in prevalence of mental disorders and awareness regarding digital therapies.
Digital therapeutics is broadly segmented on the basis of applications, sales channel and region. Based on the applications, the market is segmented into prediabetes, nutrition, obesity, lifestyle management, diabetes, cardiovascular, chronic respiratory disorders, gastrointestinal disorders, and rehabilitation. Diabetes held the largest market share in year 2020. This is due to rise in diabetic population across the world and patients requires effective diseases management which boost the growth of digital therapeutics market growth. Further, based on sales channel, in caregiver channel accounted for largest share of digital therapeutics market and providers segment is expected to grow with highest CAGR in coming years. Geographically, North America dominated the digital therapeutics market in year 2020 and it is expected to expand more during the forecast period. Presence of advanced technology, developed healthcare infrastructure, and rising chronic diseases surge the demand for digital therapeutics market.
Major players operating in the digital therapeutics market include Noom, Livongo Health, Omada Health, Pear Therapeutics, Proteus Digital Health, Propeller Health, Mango Health, Akili Interactive Labs, Better Therapeutics, Happify, Kaia Health, WellDoc, and Click Therapeutics.
Digital Therapeutics Market Key Findings:
Based on application, diabetes segment accounted for the highest market share in 2020 and anticipated to increase more during forecast period. Obesity segment also captured significant share in 2020.
Based on sales channel, caregiver segment accounted for the largest market share. However, providers segment is projected to grow at the fastest rate during the forecast period.
Based on Geography, North America dominated the market in year 2020 and Asia Pacific is expected to propel the market with the highest CAGR during the forecast period.
Digital Therapeutics Market Recent News:
In June 2021, Epillo Health System launched EHR system for clinics and pharmacies and mobile app to the patients which provides medical reports and prescriptions. It is web-based INTRx Clinical system helps to manage patients' health, lab/diet reports and monitors diseases. It also helps to manage finances and appointments.
In June 2021, an India based digital therapeutic company, Fitterfly, launched digital recovery programme for diabetic patients who contracted COVID-19, which helped patients to contact with their family and groups, virtual discussions
The Global Digital Therapeutics Market Segmentation:
The Global Digital Therapeutics Market is segmented on the basis of Applications, Sales Channel, and by Region.
Chronic Respiratory Disorders
By Sales Channel
By Geographical Region
Middle East & Africa
Digital Therapeutics Market Company Profiles and Competitive Intelligence
The key players operating in the market are:
Proteus Digital Health
Akili Interactive Labs
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