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Digital therapeutics refers to software products which are incorporated in treatment of various medical conditions. Similar to consumer wellness applications digital therapeutics application allows users to take control over their own health. Digital therapeutics as a pretty new concept is escalating quickly and is likely to grow drastically over the forecast period. Digital therapeutics offers therapeutic interventions to patients that are driven by software programs to prevent, manage, or treat a broad spectrum of conditions including physical, mental, behavioral conditions etc. Digital therapeutics offers a wide range of services that propel users to embrace healthy habits and efficiently track and manage their conditions.
The increasing smartphone and internet usage among the people is one of the key drivers for digital therapeutic market. For instance, India is likely to observe rise in internet user’s rise by about 40 per cent and number of smartphones to double by 2023. . Another significant factor advocating the popularity of digital therapeutics is the need to control healthcare costs. Chronic diseases are on rise across the world and are a prime concern to the economy and their growth results in high healthcare costs.
Government initiatives to strengthen the development and implementation of digital therapeutics solutions are also boosting the growth of the global digital therapeutics market. These programs are for the self-management and patient education improvement skills to encourage healthy lifestyle of an individual.
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Digital therapeutics can be employed in preventive and treatment or care related applications. The preventive applications include prediabetes, obesity etc. Whereas, treatment application includes diabetes, cardiovascular diseases, CNS disorders, respiratory disease, smoking cessation, gastrointestinal disorders etc.
Digital therapeutics has potential to provide effective, low-cost ways to prevent and treat chronic diseases and their consequences. For instance, Diabetes affects 9.5% of the U.S. population, additional 32% of the population has “pre-diabetes”, meaning at high risk of developing diabetes. Digital therapeutics can be employed in diabetes is prevention, which requires many continuous behavioural interventions, support, and education. One example is Omada Health, which modeled its product after the landmark Diabetes Prevention Program study.
Based on sales channel, the digital therapeutics market is segmented into patients, providers, payers, employers etc. The business to business sales channel is observing significant growth in the market owing to the increasing awareness among employers, providers, payers, and about the benefits provided by digital therapeutics, and the amount of healthcare cost reductions achieved by their use.
Based on geography, the global digital therapeutics market is segmented into North America, Europe, Asia Pacific and Rest of the World. North America accounted for the largest market share owing to the growing geriatric population along with rising incidences of chronic disorders. Also, high healthcare expenditure, and increasing demand for homecare are among key factors contributed to the dominance of this region. However, Asia Pacific digital therapeutics market is anticipated to grow at fastest CAGR.
The key players of digital therapeutics market include Noom (US), PBetter Therapeutics (US), Happify (US), Kaia Health (Germany), Mango Health (US), Click Therapeutics (US), Canary Health (US), Wellthy Therapeutics (India), Cognoa (US), Ayogo Health (Canada), Livongo Health (US), Omada Health (US), WellDoc (US), Pear Therapeutics (US), Mindstrong Health (US), 2Morrow (US), and Ginger (US), roteus Digital Health (US), Propeller Health (US), and Akili Interactive Labs (US) among others.
he report analyses the global digital therapeutics market based on application, sales channels and geography. Based on sales channel, the digital therapeutics market is segmented into patients, providers, payers, employers etc. The market is studied for various countries of key regions such as North America, Europe, Asia Pacific and rest of the World.
The key players of digital therapeutics market include Noom (US), PBetter Therapeutics (US), Happify (US), Kaia Health (Germany), Mango Health (US), Click Therapeutics (US), Canary Health (US), Wellthy Therapeutics (India), Cognoa (US), Ayogo Health (Canada), Livongo Health (US), Omada Health (US), WellDoc (US), Pear Therapeutics (US), Mindstrong Health (US), 2Morrow (US), and Ginger (US), roteus Digital Health (US), Propeller Health (US), and Akili Interactive Labs (US) among others.
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