Digital Therapeutics Market size is estimated to be $2.6 billion in 2019, growing at a CAGR of 20% during the forecast period 2020-2025. Rising population along with increasing adoption of smartphones and tablets coupled with healthcare apps, and the rise in the prevalence of chronic disease are major factors driving the Digital Therapeutics Market. Furthermore, digital healthcare and evidence-based therapeutic inventions are also driving this market. With the rapid adoption of innovations and technology, the healthcare industry is set to grow and is contributing to the market. Digital Therapeutic are treatments that are offered through devices such as phones, sensors, apps, and computers. Programs are often based online or are delivered through text messages. They are intended to help patients change their behavior often through strategies such as cognitive-behavioral therapy (CBT) so that they can successfully implement care plans for chronic health or mental health condition.
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By Application- Segment Analysis
Preventive applications is projected to have the fastest growth rate with CAGR of 13% during the forecast period 2020-2025. However, in 2019, the Diabetes segment dominated the Digital Therapeutics Market owing to the increase in the number of diabetes patients around the world and their willingness to adopt different types of treatment. Rapid urbanization, changing lifestyles, and eating habits are further contributing to its market growth. Moreover, according to the World Health Organization (WHO), the number of people with diabetes has risen from 108 million in 1980 to 422 million in 2014. Technological advancement along with growing innovation such as the Internet of Things (IoT) advanced data analytics have made the wearable medical devices such as smartwatches efficient in the management of chronic disease of diabetes, asthma, and heart diseases the occurrence of which around the world is increasing.
By Sales Channel- Segment Analysis
By Sales Channel, the Digital Therapeutics Market is segmented into business-to-customer and business-to-business. Among these, the business-to-business accounted for the largest market share in 2019 owing to the increasing awareness among patients, payers, providers, employer about the benefits provided by digital therapeutics. Furthermore, the preference of pharmaceutical companies to combine digital therapeutics with their drug type to offer better services is further driving the Digital Therapeutics Market.
Geography- Segment Analysis
In 2019, North America dominated the Digital Therapeutics Market share accounting for 37%. Technological advancement along with government initiatives, increasing investments in digital therapeutics is a major factor driving its market growth in that region. Furthermore, the presence of major players such as Evolent Health Inc. and Pear Therapeutics in that region is contributing to its market growth.
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Drivers –Digital Therapeutics Market
An increase in the adoption of Smartphones coupled with healthcare apps is a major factor driving the Digital Therapeutics Market during the forecast period 2020-2025. Furthermore, the modern healthcare industry uses various technological innovations so that the patients receive optimum benefits. Moreover, mobile health (mHealth) includes fitness trackers and nutrition apps thereby contributing to the growth of the digital therapeutics market.
The increase in the prevalence of diabetes patients and their willingness to adapt to different types of treatment is driving the demand of Digital Therapeutics. Rapid urbanization, changing lifestyle and eating habits,are the major causes of the increase in diabetes among patients. Moreover, according to the World Health Organization about 422 million people worldwide have diabetes particularly in low and middle-income countries and 1.6 million deaths are directly attributed to diabetes each year.
Challenges – Digital Therapeutics Market
Lack of awareness & access to digital therapeutic programs in developing countries is a major factor restraining the Digital Therapeutics Market. Moreover, according to clinical research, U.S. spends 86% of all the healthcare on chronic disease every year, and approximately half of the American population from diseases such as diabetes, obesity, hypertension, smoking, and chronic respiratory disorders.
Digital Therapeutics Market Industry Outlook
Product Launches, Mergers & Acquisitions, joint ventures, and R&D activities are key strategies adopted by the players in the Digital Therapeutics Market. Digital Therapeutics Market top 10 companies are 2morrow Inc., Canary Health Inc., Ginger Io Inc., LivongoHealth, Mango Health Inc., Noom Inc., Omada Health Inc., Propeller Health, Proteus Digital Health Inc. and Welldoc Inc.
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