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The global digital therapeutic devices market is likely to exhibit intense competition among its leading players, notes Transparency Market Research in its recent report. The existing competition is expected to increase in the coming years as prominent players are using innovative business development strategies to expand their business. Partnership, collaboration, expansion, and innovation are some of the strategies used by these players. For example, Glooko declared a partnership with Ascensia Diabetes Care with an objective to deliver diabetes technology data solutions. Noom Inc., WellDoc Inc., Propeller Health, BiogeniQ Inc., Glooko Inc., Nanobiosys Inc., Zest Health LLC, BioTelemetry Inc., HealthMine Inc., Digital Therapeutics, Livongo Health, Omada Health Inc., Ginger.io, Inc., Mango Health, and 2Morrow Inc. are few other companies operating in the market.
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Rising use of these strategies is likely to open new growth opportunities and provide customers with better and innovative products in the forthcoming years. With these changes in the market, the global digital therapeutics devices market is projected to touch the value of US$2.08 bn by 2025 progressing from US$0.59 bn earned in 2016. Over the forecast period between 2017 and 2025, this market is estimated to progress at 15.6 % CAGR.
Based on end-user, the demand for digital therapeutics devices is high in the B2B segment, which further segmented into employers, payers, pharmaceutical companies, and providers. This growth is attributed to the high adoption rate of digital therapeutics devices in health insurance companies and employers as it eases the process of medical claims. In terms of geographical growth, North America is expected to dominate the market due to increased investment in these devices through venture capitalists and government funding. On the other hand, Asia Pacific is likely to display high demand for these devices with the rise of government initiatives, increasing use of smartphones, and the adoption of new technologies.
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The growing use of Advanced Technologies in Healthcare to Expand Demand for Digital Therapeutic Devices
Globally, there is a significant rise in chronic diseases, growing need to reduce healthcare expenditure, and increasing emphasis on preventive healthcare, which has led the demand in the global digital therapeutics devices market. Moreover, increasing internet penetration and rising dependency over smartphones has augmented the demand for these devices as they help in easy monitoring and tracking of patients and notes their stats without intervention.
Digital therapeutics offers a wide range of services that assist users to embrace healthy habits and efficiently manage and track their health condition at regular intervals. Considering these factors, the demand for digital therapeutics devices is expected to increase at a significant rate in forthcoming years across the globe.
High Cost of Digital Therapeutic Devices to Impede Market’s Performance
Even though the demand for digital therapeutics devices is high throughout the world, some factors might obstruct the demand in this market. The high cost of digital therapeutic devices is considered as the key factors adversely affecting the growth in this market. In addition, rising trust issues with data security and increasing cases related to data breach and theft might deter demand in this market. However, increasing government initiates for adopting advanced ways of treatment could grow the demand for digital therapeutics devices.