Press release
Digital Therapeutics Market Size valued at $2.2bn, poised to revolutionize the Global Pharmaceutical and Digital Health Industry - Prominent Market Players are Pear Therapeutics, Voluntis, Akili Interactive, Click Therapeutics, WellDoc, Hinge Health, Thir
Changing medical protocols, need to curtail costs, evolution and widespread adoption of technology specifically in the areas of artificial intelligence, deep learning and health monitoring using wearables is increasingly transforming healthcare and has paved the way for a new class of therapeutics known as digital therapeutics (DTx).Digital therapeutics is poised to revolutionize the healthcare industry. It finds usage across a range of applications such as Diabetes, Chronic Respiratory Disorders, Musculoskeletal Disorders, Smoking Cessation, Cardiovascular Diseases, CNS Disorders, Obesity and Others. It offers immense value for multiple stakeholders. Key stakeholders such as FDA, HCPs, Payers, and Patients are now increasing embracing digital therapeutics as a form of therapy.
The global digital therapeutics market pegged at $ 2.2 billion (2020) is set to gain momentum. The next phase of growth is likely to be driven by growing pharma-digital therapeutic alliances, growing focus of digital therapeutics companies on mental health, psychiatric conditions and cognitive impairments.
The following benefits for the stakeholders across the healthcare spectrum testifies the potential for digital therapeutics.
• Patients: On-demand and easy access to clinically-validated therapies, treatment and care. Personalized and flexible care for many chronic conditions
• Providers: Digital therapeutics can be used as a monotherapy or in concert with other therapies to optimize patient care and outcomes. Physicians/caregivers can support patients remotely and monitor their response to treatment without an office visit thereby leading to a lower cost of care. It also provides them access to novel treatment options
• Payers: Improved clinical & health outcomes, disease prevention and reduction in overall medical costs
• Pharmaceutical Companies: Pharma companies could benefit from data collected by digital therapeutics companies about patient and their condition. Through digital therapeutics, pharmaceutical companies can improve the efficacy of their existing therapies. digital therapeutics can also be used in clinical research to speed the drug approval process. Example - Bayer, Otsuka, and Sanofi’s investments into digital therapeutic start-ups.
The digital therapeutics market has also attracted attention of several investors and they too are aligned on the value of digital therapeutics.
For Detailed Company Profiles, Get in Touch with Us @ https://meditechinsights.com/contact-us/
Geographic Snapshot: Digital Therapeutics Market
Comprehensive regional assessment of the global digital therapeutics market covering U.S., Europe (Germany, Italy, France, Spain, UK, and Rest of Europe), Asia-Pacific (India, China, Japan, Australia, New Zealand, Singapore and Rest of Asia-Pacific) and Rest of the World (Latin America, Middle-East & Africa) suggests that U.S. is likely to continue its dominance in the next 10 years. Rising prevalence of chronic diseases, favorable government policies & grants, growing awareness regarding digital therapeutics & its benefits and well-developed healthcare infrastructure is set to catapult the U.S. digital therapeutics market. Facilitation of digital therapeutics led by Pharmacy Benefit Managers (PBMs) in the U.S. is also expected to fuel its adoption. For instance, in Dec 2019, Express Scripts announced that digital therapeutics solutions would be added to its digital health "formulary”. In another instance, in June 2019, CVS Caremark unveiled a platform that enables payers to formalize and streamline the process for digital therapeutics reimbursement and distribution.
Psychiatry Remains the #1 Application in Clinical Trials of Digital Therapeutics
A review of trends of digital therapeutics clinical trials over the past ten years suggests that with respect to therapeutic areas (TA) under investigation, the highest percentage of trials were conducted for psychiatry indication followed by cardiovascular, addiction, endocrinology, neurology, and respiratory indications. Strong pipeline of digital therapeutics products across diverse application areas - neuroscience indications, cardiovascular diseases, gastrointestinal diseases, chronic kidney disease (CKD), among others is likely to provide impetus to the global digital therapeutics market.
Business Models and Competitive Landscape
Citing the lucrative prospects of the market, several new players have entered the digital therapeutics market. Players such as Hinge Health, Thirty Madison, Akili Interactive and others have witnessed significant funding’s and are expected to carve a niche for themselves.
Currently, multiple business models are being deployed but considering the nascent stage of digital therapeutics to figure out the optimal business model to scale and commercialize digital therapeutics successfully is likely to take few years.
In terms of competitive landscape, the digital therapeutics market is marked by presence of both established players and several small players. Some of the prominent players operating in this market include Pear Therapeutics, Voluntis, Akili Interactive, Click Therapeutics, WellDoc, among others.
Players operating in the digital therapeutics market are implementing various strategies to expand their foothold into the digital therapeutics market. For instance, in Jan, 2021, etectRx (Digital Health Company) entered into an agreement with Pear Therapeutics to develop up to two product candidates in the Central Nervous System (CNS) space combining Prescription Digital Therapeutics (PDTs) and adherence sensors. The collaboration explores the use of digital pill solutions with PDTs.
For More Granular Market Insights on Digital Therapeutics, Contact Us @ https://meditechinsights.com/contact-us/
Ruta Halde,
Principal, Digital Health,
121/7E Avenue Franklin,
Roosevelt, 1050 Brussels, Belgium
Tel No: +32 498868079
Email : ruta.s@meditechinsights.com
Website : https://meditechinsights.com/
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have successfully completed 100+ projects in Digital Health, Healthcare IT, Medical Technology & Pharma Services in the areas of market assessments, due diligence, competitive intelligence, market sizing and forecasting, pricing analysis & go-to-market strategy.
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