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Digital therapeutic delivers authentic therapeutic interventions to patients that are driven by high-quality software programs to inhibit, accomplish, or treat a medical disease or disorder. These products include innovative technology linking to design, usability, clinical validation, and data protection & security. These therapeutics mainly focus on delivering clinical results as well as it reports diverse medical situations. Digital therapeutic systems can also be used to treat medical issues and have the potential to improve and bring considerable transformation in the patient’s health. Moreover, they can be used independently or in conjugation with medications, devices, or other therapies to enhance patient care and health outcomes. In addition to that, these devices can also be employed to monitor various phases of the patient’s health. It can assemble, fuse, and examine patient data so that a therapist can personalize treatment and work with the patient to elude complications. Increasing use of digital therapeutics to aid and cope up with long term conditions such as diabetes, insomnia, and asthma is likely to propel the growth of the market.
The global digital therapeutics market is expected to witness considerable progress during the forecast period owing to factors such as escalating prevalence of chronic diseases due to lack of physical exercise, changes in lifestyle and increased consumption of junk food, growing geriatric population; the necessity to control healthcare cost; and growing technological advancements. As per the data reported by American Heart Association’s, Heart and Stroke Statistics – 2019, nearly half of (48%, 121.5 million in 2016) of all adults in the United States suffered from some type of cardiovascular disease. Additionally, factors such as increasing focus on early diagnosis, disease prevention, and patient convenience across the globe poised to fuel market growth in near future.
However, lack of awareness, hesitancy among patients to adopt digital therapeutics, challenge to prove the validity of digital therapeutics, and patient data privacy awarenesses are the key factors hampering the growth of the global market.
Key Market Driver -
Increasing prevalence of chronic diseases and technological advancement are projected to boost the market
Key Market Restraint -
Lack of awareness, hesitancy among patients to adopt digital therapeutics are expected to restain the growth of market
The global digital therapeutics market can be segmented based on applications, products, end-users, and region. Based on the applications, the market can be segmented into diabetes, weight management, cardiovascular diseases, respiratory diseases, and others. Based on the product, the market can be segmented into software and devices. Based on the end-users, the market can be bifurcated into patients and caregivers.
Geographically, the digital therapeutics market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The major companies in the global digital therapeutics report includes Proteus Digital Health Inc., Omada Health Inc., Welldoc Inc., Livongo Health, Noom Inc., Propeller Health, CANARY HEALTH, Mango Health Inc., 2Morrow, Inc. and other prominent players.
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Geographically, the global digital therapeutics market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to be the largest market for digital therapeutic, due to high prevalence of chronic diseases and government initiatives to support technological advancement in digital therapeutics in the region. The U.S. is estimated to contribute the largest revenue to North American as well as the global digital therapeutics market. Moreover, the refining compensation structure for digital therapeutic solutions and accumulative investment in the digital therapeutics field are projected to be the significant growth driving factor for the U.S. digital therapeutics market. However, the Asia-Pacific region is expected to hold the enormous potential to show considerable growth during the forecast period. This growth in the region can be attributed to the increasing prevalence of chronic illness, the growing geriatric population in the region, and the expansion of digital therapeutics in this region.
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