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Global Digital Therapeutics Market – by Product Type, Sales Channel, Application, Region - Market Size, Demand Forecasts, Company Profiles, Industry Trends and Updates (2018 - 2025)
Digital Therapeutics Market – Segmented by Product Type, Sales Channel, Application, Region | Market Size, Growth, Drivers, Trends, Industry Structure and Forecasts, Competitive Intelligence, Company Profiles | MarkGenes
Digital therapeutics is a platform that makes use of digital tools such as software or devices which utilizes digital and online health technologies to monitor and treat various medical and psychological conditions. Some of the benefits offered include prompt reminders, ability to ensure adherence to medications, and continuous monitoring of patients vital stats.
The global digital therapeutics market was USD 1823.94 million in 2018 and is estimated to reach USD 7123.7 million by 2025 at a CAGR of 21.49% during the forecast period
Growth by Region
North America dominated the global market owing to factors such as increasing prevalence of chronic diseases and government initiatives to support technological advancements in the field of digital therapeutics. Improving reimbursement structure and increasing investment in digital therapeutics are a key growth factors for the United States. It is expected that North America will continue to dominate the global market during the forecast period owing to factors such as increase in geriatric population, rise in chronic diseases, and increasing demand for wireless & portable systems. Europe accounts for the second largest market share because of increased implantation of telemedicine for better disease care. Asia Pacific is expected to grow at a considerable rate owing to increasing adoption of advanced healthcare technologies and rise in number of chronic diseases.
Drivers vs Constraints
Some of the factors that drive the growth of the digital therapeutics market include increase in the incidence of chronic diseases, the need to control healthcare expenses, emphasis on preventive healthcare measures and the added benefits offered such as Digital tracking and monitoring of physical activities. The adoption of digital therapeutics offers reduction in healthcare costs and it helps to induce behavioural change, improve drug adherence, patient convenience, and user-friendliness. Increasing technological advancements, favourable government initiatives and the rise in number of venture capitalists that are investing in the market are some of the other factors that are accelerating the growth. The factors that hamper the growth include lack of awareness, stringent regulatory requirements, high cost of digital therapeutic devices, reluctant patients, resistance from traditional healthcare providers, and data security breach.
Industry Trends and Updates
In August 2018, Dthera Sciences, launched ReminX, the first Digital Therapeutic Consumer Health Product for Individuals with Alzheimer ’s disease and Social Isolation. In May 2018, Propeller Health, announced funding of USD 20 million led by Aptar Pharma, with participation from existing investors, aiming to accelerate the Development of Digital Medicines for Respiratory Health and Other Diseases.
In April 2018, Proteus Digital Health, Inc., together with its collaborators announced the development of 31 digital medicines for mental health, cardiovascular and metabolic conditions, infectious diseases, and oncology. Novartis and Pear Therapeutics is set to develop a range of prescription software applications that can be used to treat patients suffering from schizophrenia and multiple sclerosis.
In January 2018, Omada Health made plans with the University of Nebraska Medical Center (UNMC) and Wake Forest University to conduct the largest randomized controlled study of a digital diabetes prevention tool. In January 2017, Glooko partnered with Ascensia Diabetes Care to deliver diabetes technology data solutions.
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