The use of digital therapeutics is primarily defined as a health discipline and treatment option which utilizes digital and online health technologies for a medical treatment or any psychological condition. The digital therapeutics further assists in providing a new approach for treating and the disease management by using the digital systems that assists patients in managing their own health and disease conditions. The use of digital therapeutics further consists over a vast range of product types, apps, wearable devices, and telemedicine platforms, and many others.
According to study, “Digital Therapeutics Market by Application (Diabetes, Obesity, Cardiovascular Disease (CVD), Central Nervous System (CNS) Disease, Respiratory Disease, Smoking Cessation, Gastrointestinal Disorder (GID), and Others), Product Type (Software and Device), and Sales Channel (Business-to-Business (B2B), Business-to-Consumer (B2C)): Global Opportunity Analysis and Industry Forecast, 2019-2026”. Some of the key companies operating in the global digital therapeutics market are 2MORROW, Inc., Livongo Health, Inc., Fitbit, Inc. (Twine Health, Inc.), Medtronic Plc., Pear Therapeutics, Inc., Omada Health, Inc., Proteus Digital Health, Inc., Voluntis, Inc., Resmed, Inc. (Propeller Health) and Welldoc, Inc.
Based on product, digital therapeutics market is segmented as devices and software. The software segment dominates the market owing to rise in demand for reducing healthcare costs across the world. Based on application, market is segmented as treatment or care-related applications and preventive applications. Treatment or care-related applications include CNS disorders, diabetes, musculoskeletal disorders, chronic respiratory disorders, smoking cessation, cardiovascular diseases, substance use & addiction management, gastrointestinal disorders, medication adherence, rehabilitation & patient care and others. Preventive applications include nutrition, obesity, lifestyle management and others. The diabetes segment holds large share in market due to high prevalence of diabetes. Additionally, obesity segment is anticipated to exhibit higher growth rate as a result of increase in number of overweight populations as well as rise in number of chronic diseases during the forecast period. In addition, based on sales channel, market is segmented as Business-to-Consumer (B2C) and Business-to-Business (B2B).
The digital therapeutics market is driven by rise in need to control healthcare costs, followed by increase in adoption of smartphones & tablets coupled with healthcare apps and rise in incidence of chronic diseases. However, patient data privacy concerns and lack of awareness regarding digital therapeutics in developing countries may impact the market. Moreover, unexplored therapeutic applications and large undiagnosed & untreated population are key opportunities for market.
Based on geography, the North-American region holds major share in market owing to increase in number of reforms to curb the rise in healthcare spending in the country coupled with drive to focus on a patient-centric healthcare approach in the region. Whereas, the Asian-Pacific and European regions are estimated to exhibit substantial growth rate due to highly dense population & rapid urbanization and rapidly changing technological landscape over the forecast period. In upcoming years, it is predicted that future of the market will be optimistic on account of rise in prevalence of chronic diseases and lifestyle associated diseases during the forecast period. The global digital therapeutics market was valued at US $2,238 million in 2018 and is likely to reach US $9,640 million by 2026 with a CAGR of 19.9% during the forecast period.
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Global Digital Therapeutics Market
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