Market Research Future (MRFR) Has Thoroughly Studied the Trends and Patterns in the Global Digital Therapeutics Market. The Report offers insights into the Leading Market Players and Presents an Assessment of their Current Market Position.
Market Overview:
Digital Therapeutics is an emerging healthcare discipline that through the use of digital and internet-based solutions treat a medical condition. These therapeutics present the opportunity to increase or replace prescription drug as a sole therapy, using tech-based solutions. Digital therapeutics are either in a standalone fashion or in combination with more conventional medical therapy built on the concept of using software to improve a patient’s health conditions simultaneously using a drug therapy, at a much-reduced cost and no physical side effects.
Effective functionality of digital therapeutics has been linked to medical conditions such as diabetes, obesity, and hypertension among others. With the several options available for treatment, ranging from behavioral intervention to prescription medication the digital therapeutics market appears to be a well-established space. Additionally, digital therapeutics provide good outcomes, easing the conditions to an extent. Resultantly, the global digital therapeutics market is growing pervasively.
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Considering the traction, the market is vibrating with; Market Research Future (MRFR) in its recently published study report asserts that the global digital therapeutics market gaining further prominence will register a spectacular growth by 2023, with a striking CAGR throughout the forecast period (2018 – 2023). The burgeoning healthcare sector along with the proliferation of advanced HC facilities substantiates the market growth.
Additional factors that are contributing to the rapid development of digital therapeutics, include the advantages that these therapeutics offer such as the effective management and preventive therapy for chronic care at a lower cost than traditional treatment/healthcare methods. The shift of the Affordable Care Act reimbursement from volume to value is driving the market growth, subsequently placing the responsibility to deliver quality outcomes with lower costs.
On the other hand, factors such as the lack of awareness towards the advantages of digital therapeutics are estimated to obstruct the growth of the market over the assessment period. Nevertheless, rapid technological advancement expected in the years to come will support market growth during the said period.
Key Players:
Some of the leaders of the market include Proteus Digital Health, Inc., Twine Health Inc., Mango Health, Inc., Canary Health Inc., Propeller Health, Medtronic Plc., WellDoc Inc., Noom Inc, Inc., Livongo Health, and Omada Health.
Industry/Innovations/Related News:
December 10, 2018 – Pear Therapeutics and Sandoz announced receiving the FDA clearance of the digital therapeutic – reSET-O, the duo had developed jointly. The development – reSET-O is the first digital therapeutic to treat patients with opioid use disorder (OUD). And, the development of reSET-O took a little over a year after it was granted an Expedited Access Pathway designation from the agency.
In April 2018, Pear Therapeutics (US), one of the leaders in prescription digital therapeutics and Sandoz (Germany), a global leader in generic pharmaceuticals and biosimilars and a division of Novartis had entered into a collaboration to commercialize and continual development of novel prescription digital therapeutics designed for the effective treatments of the diseases and improve clinical outcomes for patients.
Segmentation:
The segmentation of the digital therapeutics market has been carried out on product type, application, and sales channel. On the basis of application, the market has been segmented into cardiovascular diseases, obesity, diabetes, respiratory diseases, smoking cessation, and others. The product type-based segmentation is divided into software and devices. The sales channel-based segmentation of the market has been divided into B2B and B2C. The regions included in the market analysis are Europe, North America, Asia Pacific, and the Rest of the World (RoW).
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Detailed Regional Analysis:
The regional analysis of the digital therapeutics market comprises of North America, Asia Pacific, Europe, and Rest of the World. The North American region controls an important share of the market and is expected to hold its market share in the impending years. The widespread existence of main players is expected to have an optimistic impact on the development of the regional market. The factors responsible for assisting the market spread in the region comprise of early adoption of technology, growing patient pool of chronic diseases and increasing investments in research & development. The Asia Pacific region is likely to display extensive development over the subsequent few years. The factors such as enhanced adoption of next-gen healthcare technology, expansion in the healthcare sector, increasing elderly population, etc. are likely to drive the demand in the regional digital therapeutics market in the forecast period.
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