The global digital therapeutics market is expected to reach USD 9.3 billion by 2025, according to a new report by Hexa Reports. Digital therapeutics, known as software-as-a-drug, has undergone significant developments, because of its cost-effectiveness and the potential to influence human behavior – a challenge that is difficult to overcome in healthcare. A shifting technological landscape worldwide has led to significant boost in smartphone ownership and usage rates, which is anticipated to impact the market positively.
Other factors expected to influence growth of the market are rising occurrence of chronic diseases, increasing attention on preventive healthcare and an emerging need to control healthcare costs. Digital therapeutics holds exciting prospects in terms of unrealized potential. With a shift to value-based, patient-centric healthcare system, and increasing reforms by the government to cut down healthcare costs, it is anticipated that the market will witness lucrative growth evident from a growing number of new startup companies in the market.
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Although investments in the digital therapeutics field are increasing, still application developers are dissuaded by the lack of monetizing opportunities besides paid downloads and advertising. Furthermore, developing countries are expected to have a lackluster response for digital therapeutics due to lack of proper technological infrastructure and lack of adequate research and development (R&D) and capital investments.
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Further Key Findings from the Study Suggest:
- The diabetes segment has recorded strong growth owing to rise in prevalence of diabetes from 108 million in 1980 to 422 million in 2014, representing 8.5% of the population
- Obesity, another area of concern, has been acknowledged as a risk factor for the occurrence of many chronic diseases, such as osteoarthritis. Thus, the demand for health applications to counter obesity is expected to be high
- North America is a leading market due to high concentration of digital therapeutic companies in the region coupled with high burden of chronic diseases
- Asia Pacific is expected to exhibit fastest growth owing to a rapidly changing technological landscape and a huge target population density
- Some of the major key players are Proteus Digital Health, Inc.; Omada Health, Inc.; WellDoc, Inc.; 2Morrow, Inc.; Livongo Health; Propeller Health; and Twine Health, Inc.
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