4 February 2020 - The global Digital
Therapeutics Market size was
estimated at USD 1.7 billion in 2016. Digital therapeutics is a subset of
digital health and is used to track health conditions and self-management of a
medical condition. A significant change in the usage of digital technology has
created cognizance among users and has allowed increasing adoption of these
services. Moreover, there has been increased burden of the chronic diseases
that requires effective treatment and management. There are a lot of services
provided by digital therapeutics that aid in embracing healthy habits and allow
efficient tracking and management of conditions. Digital therapeutics is thus
estimated to grow at a fast rate owing to increasing adoption among patients
and other end users.
There
has been a significant rise in internet usage among people which has been one
of the significant drivers for the digital therapeutic market. Moreover, the
treatment associated with the digital therapeutics is popular which is further
adding to the growth of the digital therapeutic market. Chronic diseases are
major problems and act as threats to the economy leading to high healthcare
expenditure. For instance, according to the CDC, about 50 % of the adult
population were suffering from the chronic diseases in 2012. As chronic
diseases like diabetes, obesity and other respiratory problems are well managed
with the help of the digital therapeutics they are being used on an increasing
level.
The
market growth is affected by the lack of the effective monetization techniques
which are faced by the application developers. There has been a shortage of the
financial earnings which are partially fulfilled by the advertisements, paid
content, and other prominent revenue generation strategies.
Application Insights
Based
on the application, the market is classified into diabetes, obesity,
cardiovascular diseases, central nervous system disease, respiratory diseases,
smoking cessation, and others. Diabetes accounts for the largest market share
of the application segment followed by other applications. Diabetes causes heavy
burden on patients as well economies on the health front as well as the
economic front. For instance, 8.3 % of the U.S. population suffer from diabetes
while 35% of them exhibit prediabetes symptoms. Also diabetes is expected to
show the fastest growth in the application segment due to the high prevalence
and incidence of the disease. Digital management is helpful in the management
of the symptoms of diabetes such as polyuria, polydipsia, and polyphagia. A
large number of medical practitioners are using mHealth and have estimated that
diabetes would reach its highest market limit in the next 5 years.
End use insights
Based
on end use, the digital therapeutics market is divided into the patients,
employers, providers, payers, and others. Patients are the major consumers of
the therapeutic healthcare programs and applications offered by digital
therapeutics. The usage of these services has been attributed due to increasing
cognizance and added benefits offered by digital therapeutics.
Hospitals
accounted for the largest market share owing to increased usage of digital
therapeutics services for patients admitted in these settings. The utilization
of these services allows affordable and vital healthcare to patients.
Regional Insights
The
digital therapeutics market by region is characterized into North America,
Europe, Asia Pacific, Latin America, and Middle East & Africa. North
America is a market dominator in digital therapeutic market. Growing number of
reforms to limit the surge in healthcare expenditure in the country coupled
with drive to focus on a patient-centric healthcare approach is anticipated to
be accountable for the same. Furthermore, North America is a major center of a
great amount of digital therapy suppliers. The U.S. has been conveyed to spend
about USD 3 trillion a year on healthcare. In order to limit this expenditure,
there is a vigorous swing in the U.S. healthcare sector that emphasis focused
towards palliative care, to endorse overall patient wellness as an alternative
of medical treatment.
Asia
Pacific is anticipated to record fastest growth rate, due to two main
attributes, namely, a highly solid population base that adapts into an enormous
target base and rapid development that involves fast changing technological
scenario. Moreover, constant improvements in countries to check the deficiency
of proper infrastructure and preserve sustainable growth through economic
intervention is expected to help the market growth
Competitive Insights
Some
of the key companies in the market comprises of Livongo Health; Twine health,
Inc.; Omada Health, Inc.; 2Morrow, Inc.; Propeller Health; WellDoc, Inc.;
Canary Health, Inc.; Proteus Digital Health, Inc.; and Mango Health, Inc.
Digital therapeutics is in its preliminary stages of development and is
expected to increase its presence in the digital market with increasing
adoption of apps and services offered by developers. Dominant players in the
market are focused on development of user friendly and simple interfaces that
allows customers to use these services on a larger level at ease.
However,
growth probability is considered to be great in the market, which is
contributed by growing adoption of therapeutic applications by leading
healthcare providers to provide better treatment options to patients.
Market Segment:
Application Outlook (Revenue, USD
Million; 2014 - 2025)
• Diabetes
• Obesity
• CVD
• CNS Disease
• Respiratory Diseases
• Smoking Cessation
• Others
End use Outlook (Revenue, USD Million;
2014 - 2025)
• Patients
• Providers
• Payers
• Employers
• Others
Regional Outlook (Revenue, USD Million;
2014 - 2025)
• North America
• U.S.
• Canada
• Europe
• Germany
• UK
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