Digital Therapeutics Market Evolving Industry Trends and Dynamics for Healthcare Future
Digital Therapeutics referred as a digital system or tool such as an app, device or piece of software used to treat a medical condition. Beside this it helps in providing information about physician consultancy and helps in managing health and well-being. Digital Therapeutics is a multi-billion dollar market which involves the provisions or use of medical centers which can provide telemedicine services. Many key players has been involved into the expansion of the coverage of health care services that allows doctors to perform services such as wellness check-ups through phone counseling or online applications registration for counselling or consultation. Digital therapeutics act remotely and reliably in order to change individual’s behavior to achieve positive clinical results and slow down the medical cost growth in future.
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The program runs between the patient and healthcare professionals involving web and phone interactions, online educational curriculum, collection of data using smart devices which enhance the possibility of achievable consultation that benefits the patient’s satisfaction. Engaging design, digital tracking tools, continuous access of heath coach and support group increase the efficacy for those patients who participate for consulting their health professionals. A case study from journal of Diabetes Educator, Omada Health Company stated the introduction of DPP-based program to guide the patient on the basis of weight loss guidance.
Digital Therapeutics is usually utilized in pharmaceuticals or biologics for any chronic conditions. Health monitoring, device startup, imaging technology are expected to grow at a high rate owing to increase in patient number, rising aging issues and encouraging digital education on different diseases and products utility. Digital therapeutics market is expected to grow at a significant CAGR due to their ability to digitization the mode of consultation and prescription for regular health checkups. Moreover, technological advancements in designs of telemedicine, digital tracking tool, enhanced lifestyle management, enhanced chronic condition and increase in number of hospitals and dispensaries worldwide will also support the market growth. However, lack of awareness and access to digital therapeutics programs, resistance from traditional healthcare providers and patient data privacy are certain challenges which may hamper the market growth of digital therapeutics.
The digital therapeutic market has been segmented by application, by end-user and by geography. In terms of application, the digital therapeutics has been categorized into prevention information and care-related therapeutics. Prevention market has been segmented to pre-diabetics and obesity whereas the care-related market is segmented to diabetes, smoking, liver diseases, central nervous system (CNS) disorders, musculoskeletal disorders, cardiovascular diseases, medication adherence, others. The end-users for the market include hospitals, nursing homes and rehabilitation centers. The high acuity system provider’s offer specialized programs to the end-users assisting in management of health plans by offering solutions to increasing costs of complexities in various treatments.
Geographically, the market is segmented into five regions such as: North America, Europe, Asia Pacific, Middle East and Africa, Latin America. In North America there are 86 million pre-diabetic adults who need therapeutics and physician consultants for better health development program. North America was observed to be the largest digital therapeutic market due to extensive technological advancements in the region. Countries such as the U.S. and Canada have been successful in implementing ambulatory health monitoring function in their healthcare system, which as a result would boost the market growth. Moreover, presence of developed IT and healthcare infrastructure, promising government initiatives in executing digital therapeutics in the current healthcare infrastructure and constantly improving reimbursement scenario would further propel the market growth. Europe was observed to be the second largest market in the digital therapeutics owing to enhanced digitization of the healthcare processes and implementation of telemedicine in the region. The major factors that will drive the market in Asia Pacific includes the acceptance and demand for high end medical infrastructure in the region. China, Japan and India are the most developing countries in the region and hence would fuel the market growth for digital therapeutics. South American countries such as Brazil and Mexico are the regions that have significant potential for growth due to evolving healthcare facility, pharmaceutical companies, and high disposable income.
The major players operating in this market include Omada Health, Canary Health, Noom Health, Livongo Health, WellDoc Inc., Propeller Health, Evolent Health, Doximity, Perfint Healthcare, Proteus Digital Health, Nanobiosym, and Zest Health among other significant players worldwide.
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