Digital Therapeutics is basically a digitized health solution that is considered to be a subset of digital health. It is also known as software-for-drugs and it refers to the use of technology like high quality software programs to deliver therapeutic interventions, in order to prevent, treat, and manage health conditions. It helps both patients and physicians to monitor vital stats and ensure remote monitoring to manage health problems. Such benefits offered by Digital Therapeutics have increased its adoption across the globe.
The main purposes of Digital Therapeutics are to make healthcare accessible to a larger population, reduce healthcare costs, improve patient behaviour, ensure medication adherence, and enable the monitoring of chronic conditions more effectively. Awareness about the benefits of Digital Therapeutics has been increasing gradually and this will drive the growth of the market in the coming days.
The global Digital Therapeutics market is projected to grow at a CAGR of 20.5% during 2018 to 2025 and reach $7,833 million by 2025. Increasing research in Digital Therapeutics and rising awareness about it will fuel the growth of the global market during this period. The growth of the market will also be driven by factors such as increasing penetration of smartphones and tablets, growing incidence of chronic diseases, increasing geriatric population, and increase in internet usage.
One of the important priorities of the healthcare industry is to reduce healthcare costs and Digital Therapeutics can help in this regard. This will help the global Digital Therapeutics market to expand considerably. Further, government initiatives taken for the implementation of Digital Therapeutics solutions will also drive the growth of the market.
The market may, however, face some challenges in the form of lack of awareness about Digital Therapeutics, regulatory requirements, and concerns related to the security of patient data. However, the presence of a large undiagnosed and untreated population will provide immense growth opportunities. The unexplored market in developing economies will specifically create huge growth opportunities for the Digital Therapeutics market in the coming years.
Region-wise, North America dominated the global Digital Therapeutics market in 2017 and the region is likely to maintain its dominance in the coming years as well. The dominance of the North American region can be explained by the rising incidence of chronic diseases in the region, along with increasing geriatric population and growing demand for wireless and portable systems. But in the coming years, it is the Asia-Pacific region that will record the highest CAGR in the global market.
At present, the global Digital Therapeutics market is being dominated by key players like Proteus Digital Health, Inc., Omada Health Inc., WellDoc, Inc., Noom Inc., Medtronic Plc, 2Morrow, Inc., Livongo Health, Propeller Health, Canary Health, Inc., and Twine Health, Inc. Other important players in the global market include Claritas MindSciences, BiogeniQ Inc., Jintronix Inc., Virta Health Corp., and Dthera Sciences.