Market Overview
“The Global Digital Therapeutics Market is expected to grow at a high CAGR of 20.5% during the forecasting period (2021-2028)”.
Digital therapeutics are evidence-based therapeutics, including the program, application, or software to diagnose or treat medical conditions, including the physical, mental, and behavioral conditions. Digital Therapeutics are used independently or in concert with medications, devices, or other therapies to improve patient care and health outcomes. Digital therapeutics targets the clinical outcomes in line with the defined clinical indication and patient population using the regimented intervention. Digital therapeutics provide the patients, providers, and payers with novel therapy options for unmet medical needs.
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Market Dynamics:
The rising demands for digital therapeutics drive the markets due to their advantages, such as induce behavioral change, user-friendliness, patient convenience, and improved drug compliance. There is growing adoption of smartphones and tablets and the increasing usage of healthcare apps to diagnose, treat, and manage it. It provides the s easy tracking and monitoring of patients and their vital stats without intervention. It allows mobile consultations and efficient management of chronic diseases. Digital therapeutics provide the opportunity to extend product life cycles, differentiate products in development, and fill in the traditional medicine market gaps.
The rise in novel digital therapeutics with technological advancement shall stimulate market growth. For instance, in March 2020, Pear Therapeutics had received clearance from the Food and Drug Administration (FDA) for Somerset, it is prescription digital therapeutic for adults with chronic insomnia. Somryst is the tailored cognitive behavioral therapy for insomnia (CBTi) delivered over the course of nine weeks through a smartphone, tablet, or similar device. It is intended to treat the symptoms of patients aged 22 years or older with chronic insomnia and is only available by prescription from a licensed healthcare provider. Somryst can be easily scaled and delivered to patients as a digital treatment.
The pipeline of digital therapeutics is robust with the therapeutics received the Breakthrough Therapy Designation. The expected approval of these digital therapeutics shall positively impact the market over the forecasted period. For instance, in August 2018, Dthera Sciences had received the Breakthrough Device Designation from the Food and Drug Administration (FDA) for digital intervention, i.e., DTHR-ALZ, to mitigate the symptoms of agitation and depression associated with a major neurocognitive disorder of Alzheimer’s type.
In May 2019, NightWare, Inc had received the Breakthrough Device Designation from the Food and Drug Administration (FDA) for digital intervention therapy, i.e., NightWare that measures and treats nightmares in people with Post-Traumatic Stress Disorder (PTSD). It is a smartwatch application that runs on the Apple Watch platform. It collects biometric data through integrated sensors and uses machine learning algorithms to create a profile of an individual’s sleep patterns.
However, the market is hindered by several digital therapeutics in the early phase stage of development. The patient data privacy concerns and unstable payment models could hurt the market.
Segment Analysis
By Product Type
Software
Devices
By Application
Diabetes
Obesity
Cardiovascular Diseases (CVD)
Central Nervous System (CNS) Diseases
Respiratory Diseases
Smoking Cessation
Gastrointestinal Disorders (GID)
By Sales Channel
Business-to-Business (B2B)
Business-to-Consumer (B2C)
By Region
North America
Europe
South America
Asia Pacific
Middle East and Africa
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Competitive Analysis
The digital therapeutics market is highly competitive with the presence of several international and local markets. The market is witnessing the entry of new market players. 2Morrow, Inc., Fitbit, Inc. (Twine Health, Inc.), Medtronic Plc., Omada Health, Inc., Pear Therapeutics, Inc., and Proteus Digital Health, Inc. are the leading market players with significant market share.
In April 2020, Biofourmis had acquired LA-based Gaido Health from Takeda Pharmaceuticals for expanding Biofourmis’ portfolio in the oncology space. This acquisition aims at addressing a disconnected oncology care pathway that has led to more than 30% of patients on chemotherapy being readmitted to the hospital or requiring a visit to the emergency department. In December 2019, Nordic company SideKickHealth had entered into a strategic partnership with Bayer to provide a digital medication management and lifestyle change platform to patients with Peripheral Arterial Disease (PAD).
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Contact Information:
Sai Kiran Sales Manager at DataM Intelligence Email: [email protected] Tel: +1 877 441 4866 Website: www.datamintelligence.com
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