Digital Therapeutics is the utilization of digital and online health technologies to treat various psychological and medical conditions. It provides the solutions that track health data by modifying patient behavior and provide improvement in long-term health problems through remote monitoring. It can also provide alternative treatments to drugs such as sensory stimuli to manage insomnia or depression through a tablet or any other online medium. For instance, alcohol, marijuana, and cocaine addiction can be checked through application, approved by US Food and Drug Administration (FDA) leading to reduced cost treatment therapy. Thus, apart from cost savings, digital therapeutics offers benefits such as improved drug adherence as well as patient convenience and user-friendliness.
The rate of chronic diseases and neurological disorders has grown tremendously in the last few years. This has led to increased focus on preventive healthcare technology. Digital therapeutics is capable of delivering treatment more cheaply than traditional therapy thereby reducing demands on clinicians’ time. Thus, owing to alarming need to control healthcare cost, digital therapeutics market is expected to grow significantly during the forecast period. Furthermore, emerging regulatory framework for digital therapeutics is anticipated to be another important factor driving the growth of the market.
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Lack of awareness regarding digital therapeutics is the major limitation hindering the market growth in developing countries. Furthermore, the incentives for pharmaceutical companies and other providers to adopt digital therapeutics are not well aligned in several developed countries. In spite of this, the digital therapeutics is expected to be significantly recommended along with medication by the end of the forecast period, at least in the developed countries.
Digital therapeutics market digital therapeutics market can be bifurcated into sales channel, application, and region. Based on sales channel, the market can be segmented into business-to-business (B2B) and business-to-consumer (B2C). Based on application, the digital therapeutics market can be segmented into cardiovascular diseases, diabetes, gastrointestinal disorders, central nervous system diseases, respiratory diseases, and others. In terms of region, the digital therapeutics market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Amongst all, North America is anticipated to be the most lucrative market owing to rising incidences of chronic diseases as well initiatives of government to aid the development of digital therapeutics.
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Key players operating in the digital therapeutics market include 2Morrow Inc., Noom Inc., Propeller Health, WellDoc Inc., Ginger.io Inc., Canary Health Inc., Omada Health Inc., Livongo Health, Proteus Digital Health, Inc., and Mango Health, Inc. among others.