The latest market report published by Credence Research, Inc. “Digital Therapeutics Market: Growth, Future Prospects, and Competitive Analysis, 2017 -2025” the globaldigital therapeutics market was valued at US$ 1.3 Bn in 2016, and is expected to reach US$ 8.5 Bn by 2025, expanding at a CAGR of 23.2% from 2017 to 2025.
Browse the full report Digital Therapeutics Market: Growth, Future Prospects, and Competitive Analysis, 2017 -2025 report at http://www.credenceresearch.com/report/digital-therapeutics-market
Market Insights
Digital therapeutics are technology-based health management solutions to treat chronic health conditions by assisting patients to make behavioral alternations to lead improved clinical conditions. Digital therapeutics majorly consists of software solutions that are deployed to the patients along with services such as disease/medication management, patient-clinician communication, fitness/wellness tracking, social support, medical guidance and education, insurance search and professional search pertaining to practitioners. Digital therapeutics helps in bridging patients, payers and caregivers together thus contributing to better treatment outcomes with reduced healthcare cost. This platform plays a major role in the chronic diseases management owing to the need for monitoring and management for a longer duration of time and their continuous rise in prevalence at present and during the forecast period.
The complete report is available at http://www.credenceresearch.com/report/digital-therapeutics-market
Every 1 in 2 adults in the U.S. are prevalent with chronic diseases as per the Centers of Disease Control and Prevention (CDC). The Organization for Economic Co-operation and Development (OECD) mentions the occurrence of 550,000 premature deaths annually in Europe in working population, which is a consequence of chronic diseases. Diabetes mellitus accounts for the second largest market amongst the chronic diseases and comprises predominant usage of subcutaneous route of administration. According to the International Diabetes Federation (IDF), the global prevalence of diabetes was found to be 415 million in 2015 and is expected to increase to 642 million by the year 2040. According to the WHO, 13% of the world population suffered from obesity in the year 2016. Such high prevalence of chronic diseases has led to increase in demand for better therapeutic options with positive treatment outcomes, thus driving the digital therapeutics market growth. Amongst diabetes patients, insulin medication is carried out for a longer duration of time with higher frequency. Such long term medications for a higher frequency majorly accounts for non-adherence and tampers the therapeutic benefits and also effects the overall healthcare cost. As per the Centers of Disease Control and Prevention (CDC), in U.S. there has been a substantial increase in the hospital admission rates up to 69% by non-adherent patients with chronic illness in the year 2016. Digital therapeutics platforms help in reducing non-adherence and increasing the treatment outcome amongst patients, which is driving the market.
North America accounts for the major share in the digital therapeutic market due to increasing number of digital therapeutic software companies and growing investment in this sector. The U.S. FDA approved its first mobile prescription therapy called BlueStar from WellDoC for managing diabetes. Rise in expansion of healthcare infrastructure with improving reimbursement policies, drive towards attaining a patient-centric healthcare approach and technological advancements in healthcare monitoring are the major factors that North America this market. Asia Pacific is expected to grow at a faster rate in the forecast period, 2017-2025. This growth is attributed to factors such as increasing population, which provides the digital therapeutics market a large target base, increase in availability of technology and adoption of newer healthcare technologies. In addition, constant reforms to develop better healthcare infrastructure and maintain sustainable healthcare growth by financial inclusions is expected to drive this market.
Market Competition Assessment:
The digital therapeutics market comprises an extensive pool of market players. This market encompasses several leaders dominating this market with their innovative technologies. The major market players in this market are Omada Health, Inc., Doximity, Inc., Evolent Health, Inc., Perfint Healthcare Pvt. Ltd., Zest Health, Pear Therapeutics, Inc., Nanobiosym, Inc., WellDoc Inc., Proteus Digital Health, 2Morrow, Inc., Propeller Health, Livongo Health, Twinehealth, Inc., Mango Health, Inc., Noom Health, Inc. Canary Health, Inc., & others.
Key Market Movements:
- There is an increasing demand for digital therapeutic techniques owing to its ability to monitor treatment regimens by setting reminders for prescribed medication and recording consumed medications, thus ensuring adherence to medication which reflects positive treatment outcomes
- An increasing need for reduced healthcare spending, with better therapeutic outcomes drives the digital therapeutic market
- Rise in healthcare IT infrastructure accounts for more advanced products thus creating a demand for it
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