Digital Therapeutics Market is Growing at a CAGR of 21.6%, and the Growth is Influenced by Research and Development, Technological Advancements and Launch of Novel Products With Enhanced Efficiency | Reports and Data
NEW YORK, September 24, 2019 (Newswire.com) - The study covers the genre of Healthcare IT, with special focus on the Digital Therapeutics market. Digital Therapeutics are subsets of digital health. They are designed to deliver evidence-based therapeutic interventions to patients that are driven by high-quality software programs to prevent, manage or treat a medical disorder or disease. In other words, digital therapeutics utilize digital and online health technology to treat medical or psychological conditions.
The purpose of digital therapeutics is to mirror effective existing treatments, amplify care by using technology to scale to a large patient population, improve their behaviors or functioning and to reduce the costs incurred. These therapeutics tend to target conditions that are poorly addressed by healthcare systems today. These essentially include chronic and neurological diseases. The digital therapeutics deal with categories of behavior management, chronic condition management and medication adherence. This field is slowly joining the medical and healthcare mainstream. The continuous research and development and the rising awareness about its applications are the key driving factors of this market. Digital Therapeutics deliver clinical outcomes and are focused on specific therapeutic indications — for instance, treating ADHD using a video game to improve attention span and inhibitory control among children. Such methods have caught the attention of many to prevent or cure diseases using digital gadgets. This feature is one of the key driving factors of the market.
According to the current analysis of Reports and Data, the global Digital Therapeutic market was valued at USD $0.17 billion in 2018 and is expected to reach USD $0.89 billion by the year 2026, at a CAGR of 21.6%.
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the Digital Therapeutic market on the basis of type, disease type, application, end use and region:
Type (Revenue, USD Million; 2016–2026)
- Software and mobile application
Disease Type (Revenue, USD Million; 2016–2026)
- Cardiovascular Disease
- Central Nervous System
- Respiratory Diseases
Application (Revenue, USD Million; 2016–2026)
End Use (Revenue, USD Million; 2016–2026)
Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
Further key findings from the report suggest
- Treatments for various diseases such as type II diabetes, congestive heart failure, Alzheimer’s, asthma, ADHD, dementia, hypertension, anxiety, depression, etc. are being developed through continuous research and development.
- The digital therapeutics market has made significant progress over the past decade, harnessing technology to supplement, or potentially replace, the traditional treatment by helping patients manage their condition, including informing when and how much medication to take. Some companies offer alternative treatments to drugs.
- Currently, several companies incorporate evidence-based cognitive behavior therapies (CBT) into their products. CBT is a widely used form of psychotherapy that seeks to identify, challenge and modify dysfunctional behaviors and thoughts and as a result improve patient’s functioning and influence behavioral changes. Such advancements propel the market.
- As digital therapeutics have transitioned from concept to reality, investors have poured an amount of $12.5 billion into digital health ventures. Similarly, in January 2019, Pear Therapeutics launched the ReSet for the treatment of substance abuse.
- In 2020, new entrants and biopharmaceutical and medical device companies are expected to bring to the market new variety of digital therapies and connected health services that can help patients make behavioral changes, give providers real-time therapeutic insights, and the insurers and employer’s new tools to more effectively manage their beneficiaries’ health.
- Diabetes dominates the market and continues to rise at a CAGR of 22%. This is due to the changes in lifestyle and eating habits of the people.
- North America dominates the market with the highest market share, owing to its technological advancements and government policies urging its people to adopt digital therapeutics.
- Asia-Pacific is expected to register the highest CAGR amounting to 22.5%, due to its high population numbers. This indicates a large share of the target population for manufacturers. In addition to this, a large number of governments of the emerging economies are promoting the use of Digital Therapeutics and providing financial assistance.
- Europe too has been seen to grow at a CAGR of 21.3% and holds the second largest market share. This is due to the widespread awareness of the people about the advantages and benefits of digital therapeutics.
- The key players of the market include, Dthera Sciences, Omada Health, Propeller Health, Pear Therapeutics, Proteus Digital Health and Canary Health Inc.
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Source: Reports and Data
Categories: Healthcare Technology
Tags: Competitive Intelligence, Digital Therapeutics Market, Forecast, Industry Overview, Industry Segment, Industry Statistics, Market Leaders, Market Players, Outlook, Price Trend Analysis, Reports and Data, Trends