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Report Code: LS10785
Category : Healthcare IT
The global digital therapeutics market is witnessing considerable growth due to increasing prevalence of chronic diseases and lifestyle associated diseases, growing geriatric population, need to control healthcare cost, and technological advancement. Moreover, increasing focus on preventive healthcare and increase in venture capital investment are supporting the growth of the market. The benefits of digital therapeutics such as improved drug adherence, ability to induce behavioral changes and patient convenience across the globe is also driving the growth of the market. Based on type of application, the market for preventive application segment is expected to grow at the faster rate during the forecast period, due to increasing government initiatives to increase preventive healthcare.
Geriatric population has weakened body functions, impaired blood circulation and are more susceptible to chronic diseases. As per the United Nations Department of Economic and Social Affairs (UN-DESA) report on the global aging population, the population of people aged 60 years or above is growing with high rate. In 2013, the global percentage of people aged 60 or above was 11.7% and it is expected to reach 21.1% by the end of 2050. Further, the number of people aged 60 years and above is expected to reach approximately 437 million in China, 324 million in India, 107 million in the U.S. and 58 million in Brazil by 2050.
Government initiatives to reinforce the development and implementation of digital therapeutics solutions are also fueling the growth of the global digital therapeutics market. These programs are for the self-management and patient education improvement skills to encourage healthy lifestyle of an individual.
The large undiagnosed and untreated population and unexplored therapeutic application is expected to create opportunities for the players in the market. In addition, immense unexplored market in developing economies are creating abundant opportunities for the digital therapeutics market to grow at a significant rate in the coming years. However, lack of awareness, stringent regulatory requirements, reluctance among patients to adopt digital therapeutics, resistance from traditional healthcare providers, and patient data privacy awareness are the key factors hampering the growth of the global market.
Digital therapeutics is health care interferences provided through a smart device to boost healthy behaviors and provide therapeutic effects. It is also known as software-as-a-drug. It is a digital system to treat medical conditions and it is cost effective and have the potential to improve patient engagement and bring substantial change in patient health. It is mainly prescribed to help and mange long term conditions such as insomnia, asthma and diabetes. It is used both in combination with conventional therapeutics and standalone.
Geographically, North America has been the largest market for digital therapeutic, owing to increasing prevalence of chronic diseases and government initiatives to support technological advancement in digital therapeutics in the region. The U.S. contributed largest revenue to the North American as well as global digital therapeutics market. The improving reimbursement structure for digital therapeutic solutions, and increasing investment in digital therapeutics field are the key growth driving factor for the U.S. digital therapeutics market. Globally, the digital therapeutics market is expected to witness the fastest growth in Asia-Pacific during the forecast period. The highest growth in the region is attributed to the increasing prevalence of chronic illness and growing geriatric population in the region.
The key players operating in the global market are Proteus Digital Health Inc., Omada Health Inc., Welldoc Inc., Livongo Health, Noom Inc., Propeller Health, Canary Health Inc., and Mango Health Inc.
By Type of Application
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