A greater focus on preventive healthcare, the need to reduce healthcare costs, more expenditure in digital therapies and increasing prevalence of avoidable chronic illnesses are all likely to drive the growth of the global digital therapeutics (DTx) market in the near future. DTx provides evidence-based treatments utilizing software, such as various mobile health applications, that may be used to supplement or replace conventional treatment method of an illnesses. They are distinct from the rest of the digital health industry in that they need to be authorized by regulatory authorities, and demonstrating proof-of-concept is fundamental to their business strategy.
Digital medicines have a lot of potential in developing countries like China, India, and the Middle East. With financial and societal restrictions, limited availability and accessibility of these services, the market is still in its initial phases in most of the regions. Besides, lack of knowledge, and a dearth of proper IT infrastructure are also expected to limit the expansion of the market in these regions. On the other hand, chronic illness is prevalent in most parts of the developing regions. Chronic illnesses are expected to account for around 70% of all the fatalities in impoverished countries by 2020, as per the WHO projections. The projection also says that by 2025, developing countries are likely to account for nearly 60% of the total global burden of chronic diseases. Such high prevalence of chronic diseases in these parts of the world are likely to act as an opportunity for the market in the coming years.
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The report, titled “global digital therapeutics (DTx) market,” analyses into key market areas such application, sales channel, and regional markets. It also assesses the current competition in the global digital therapeutics (DTx) market for the forecast period of 2020 to 2030.
Global Digital Therapeutics (DTx) Market: Key Trends
Chronic disease’s high incidence and prevalence rate is a serious problem for healthcare systems all over the world. Patients suffering from chronic illnesses provide a considerable challenge in terms of therapy, since biopsychic or psychosomatic variables frequently affect these patients. Patients must modify their behavior as part of this new self-care culture since chronic illnesses are typically linked with significant levels of uncertainties. Besides, many chronic diseases and illnesses worsen with time, and their prevalence rises as people become older. As a result, chronic diseases are likely to develop even more in the forthcoming years as the global elderly population rises.
The relevance of connected healthcare is highlighted by the scarcity of qualified healthcare professionals in underdeveloped countries. There are also a dearth of government regulations and standards in developing nations like China and India when it comes to adopting digital health solutions. Companies that cannot fulfill the high criteria imposed by the federal government in countries like the US can take advantage of this opportunity in a big way. In these locations, the patient-to-doctor ratio is usually quite high, prompting the use of alternative treatment methods. These factors are likely to support development of the global digital therapeutics (DTx) market over the forecast period, from 2020 to 2030.
Global Digital Therapeutics (DTx) Market: Competitive Assessment
One of the recent developments in the global digital therapeutics (DTx) market is mentioned as below
- In April 2021, US-based Welldoc Inc. and DexCom, Inc., developer of continuous glucose monitoring system, have teamed up to create a new product. This collaboration allowed BlueStar to offer Dexcom G6 CGM to individuals with Type 2 diabetes. This new product serves as a single platform for better health.
Some well-known companies in the global digital therapeutics (DTx) market are listed below:
- Pear Therapeutics
- Proteus Digital Health
- Click Therapeutics
- Akili Interactive Labs
- Proteus Digital Health
- Mindstrong Health
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Global Digital Therapeutics (DTx) Market: Regional Assessment
North America is one of the prominent regions in the global digital therapeutics (DTx) market and the region is followed by Europe. Expansion of the market in North America is fueled by factors such as changes in the reimbursement system for digital therapeutics, augmented investments in digital therapeutics, regulatory initiatives to promote technical breakthroughs, and the entry of new startups.
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