Market Research Future (MRFR) report on the global digital therapeutics market provides a comprehensive overview of the market segments, current trends, growth projections, and challenges of the market from 2018 to 2023 (forecast period) to identify the current market opportunities. MRFR predicts that the global market for digital therapeutics is expected to expand considerably over the forecast period.
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The global digital therapeutics market is a growing and evolving industry and includes a plethora of current medical devices and technologies. Digital therapeutics have the potential to tackle the unmet needs of patients that traditional medications and therapies have not been able to fulfill. Digital therapeutics stands for wellness or social care services provided by a mobile device to promote healthier conduct and have preventive results. It can also be used to treat type II diabetes, alzheimer’s disease, depression, congestive heart failure, chronic obstructive pulmonary disease, and asthma.
Digital Therapeutics Market Dynamics
The industry is at an early stage and has been expanding due to the introduction of digital elements into conventional medical devices. In addition, multiple factors are responsible for increasing the traction of digital therapeutic products. Increased healthcare costs have had an imperative effect on the development of the global digital therapeutics market.
In recent years, healthcare costs have risen to unsustainable levels, resulting in higher costs for drugs and services. That trajectory, fuelled by an increase in the global geriatric population, has compelled government and private health sector players to embrace advanced digital therapeutics. The ubiquity of smartphones has contributed to a dramatic change in the way patients access healthcare through their devices, which offers an excellent platform for innovative digital therapeutics and stimulates the growth of the global digital therapeutics sector.
Digital Therapeutics Market Segmentation
The global digital therapeutics market has been segmented on the basis of product type, application, and sales channel.
By mode of product, the global digital therapeutics market has been divided into software and devices.
By mode of application, the global digital therapeutics market has been done into cardiovascular diseases, obesity, diabetes, respiratory diseases, smoking cessation, and others.
By sales channel mode, the global digital therapeutics market has been divided into B2B and B2C.
Regionally, the digital therapeutics market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America is a significant regional segment of the digital therapeutic industry. The increasing number of reforms aimed at curbing the rise in healthcare spending in the country, combined with the push to focus on a patient-centered approach to healthcare, is expected to propel market growth. North America is now a major hub for a growing number of providers of digital therapy. It has been estimated that the U.S. spends USD 3 trillion a year on health care. In order to minimize this cost, there is a dramatic change in the U.S. healthcare system, with an emphasis on preventive care to encourage overall patient wellbeing instead of medical treatment.
The Asia Pacific is projected to have the highest rate of growth due to two main factors: a relatively small population base that transforms into a large target base and rapid urbanization that involves a rapidly evolving technological landscape. Moreover, ongoing reforms in countries to resolve the lack of stable infrastructure and sustainable development through financial inclusion are expected to benefit the sector.
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The global digital therapeutics market is marked by the presence of key players such as Twine Health Inc., Proteus Digital Health, Inc., Mango Health, Inc., Propeller Health, Canary Health Inc., Medtronic Plc., Noom Inc, WellDoc Inc., Omada Health, Inc., and Livongo Health.
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