A research study titled, “Digital Therapeutics Market by Application and End User - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the digital therapeutics market is projected to be around $9 billion by 2025.
Digital therapeutics is a sub division of healthcare that uses advanced technologies such as apps, devices or software that offers range of online healthcare services as to treat various medical conditions. Digital therapeutics is a high revenue market which involvesuse of telemedicine technology for monitoring and providing better healthcare treatments to patients. The program operates between healthcare providers and patients through web and phone interactions which enable healthcare providers to deliver effective consultation to patients.Digital therapeutics market is expected to witness high growth during forecast period owing to number of factors such as increase in geriatric population that require home healthcare services, rise in incidence of chronic diseases, increase in demand for cost effective healthcare infrastructure, high adoption rate of technologically advanced products, high investments from various institutes and government initiatives for development and commercialization of digital therapeutics medicines.
Preventive application segment is projected to grow at fastest rate during the forecast period due rise in demand for prescreening & detection techniques and increase demand for telemedicine. Diabetes market is expected to grow with fastest CAGR during the forecast period due to high prevalence of diabetes and large scale use of mHealth by practitioners to treat diabetes. According to the University of Florida Diabetes Institute, there are more than 1,000 android and iOS apps specifically designed for diabetes diagnosis and monitoring.
U.S. dominates the North American digital therapeutics market due to growing prevalence of chronic diseases coupled with increasing geriatric population and high adoption of technologically advanced devices. Emerging market such as India and China are poised to witness favorable growth over the forecast period due to rising awareness about digital therapeutics solutions and increasing focus on advancement in healthcare infrastructure in the region. Entrance of global players in these emerging markets will further boost the market growth. For instance, in March 2017, WellDoc, Inc. in association with Max Healthcare and International Finance Corporation launched the WellDoc’s BlueStar mobile application in India to improve diabetes care.
The companies operating in the global digital therapeutics market emphasize on product development coupled with technological advancements to secure competitive advantage in the market. For instance, in May 2015, Mango Health launched a suite of new Mango Health Habit Features integrated with the Google Fit health tracking platform.
Some of the major players in this market are 2Morrow, Inc., Livongo Health, Propeller Health, Proteus Digital Health, Omada Health, Inc., WellDoc Inc., Twine Health, Inc., Canary Health, Inc., Mango Health, Inc. and Noom, Inc.
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Key Findings of the Research Study:
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The global digital therapeutics market is estimated to be around $9 billion by 2027. The market is expected to witness high growth during forecast period due to increase in demand for digitalization of healthcare and effective management of acute and chronic diseases. Besides rise in incidences of chronic diseases,