Market Research Report
Digital Therapeutics Market, By Application, By End Use, and Geography - Analysis, Share, Trends, Size, & Forecast from 2019 - 2025
|Published by||AnalystView Market Insights||Product code||918883|
|Published||Content info||167 Pages
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|Digital Therapeutics Market, By Application, By End Use, and Geography - Analysis, Share, Trends, Size, & Forecast from 2019 - 2025|
|Published: November 1, 2019||Content info: 167 Pages||
Digital Therapeutics Market, By Application (Diabetes, Cardiovascular Disorders, Central Nervous System Disease, Smoking Cessation, Obesity, and Respiratory Disease), By End Use (Providers, Patients, Employers, and Payers), and Geography (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa) - Analysis, Share, Trends, Size, & Forecast from 2019 - 2025.
The Digital Therapeutics market was valued at USD 1.86 billion by 2018, growing with 20.7% CAGR during the forecast period, 2019-2025.
Digital therapeutics are designed to enable patients to take greater control over their health on delivering better clinical outcomes. This method uses digital tools to create effective treatments that complement or replace clinical therapeutics. Wearables, telemedicine, cognitive behavioural therapy, smart gadgets, and artificial intelligence, are some of the digital tools under these treatment options that can be chosen depending on the use case.
Nowadays, digital therapeutics have become a new breed of advanced life science technology, delivering better clinical results to address unmet patient needs. The market demand for digital therapeutics is majorly driven by the increasing incidences of chronic diseases coupled with rising need to control healthcare costs. As per the World Health Organization (WHO), the chronic disease burden will increase by 17% in the next ten years from 2018. Thus, digital therapeutic is considered to be an attractive proposition, especially for pharmaceutical companies as it exhibits strong potential to broaden the scope of healthcare services.
Furthermore, favourable government initiatives would, in turn, support industry growth. For example, in August 2017, the U.S. Food and Drug Administration introduced Software Precertification (Pre-Cert) Pilot Program to develop more efficient and streamlined regulatory oversight for software-based medical devices. Such initiatives will stimulate product demand, augmenting the industry growth. On the contrary, lack of awareness and lack of skilled professionals will pull back the industry growth to some extent.
Depending upon the application, the industry is divided into diabetes, cardiovascular disorders, central nervous system disease, smoking cessation, obesity, respiratory disease, and others. Of which, obesity and diabetes are two major revenue-generating segments for this industry. The growth of these applications is majorly attributed to the increasing incidences of these diseases conditions. The World Health Organization's latest statistics on obesity suggested that more than 650 million adults globally were obese in 2016.
The end-user segment is categorized into providers, patients, employers, payers, and others. The patient segment accounted for significant revenue share as they are the primary end-users of the therapeutic healthcare programs and applications.
Depending upon types, the industry is categorized as Hardware and Software. Whereas, application segment is divided into care and prevention. In terms of sales channel, the market is broadly segmented as Business-to-business (B2B) Employers (healthcare, and providers), and Business-to-consumer (B2C) (caregivers, and patients).
Key manufacturers in this industry include Omada Health, Inc., Propeller Health, Proteus Digital Health, Inc., 2Morrow, Inc., WellDoc, Inc., Canary Health, Inc., Twine health, and Mango Health, Inc.
Key players are actively engaged in developing and acquiring digital therapeutics to enter and change the healthcare landscape. For instance, in September 2016, Sanofi partnered with Verily Life Sciences LLC (Alphabet Inc.'s research organization) to launch of Onduo, a virtual diabetes clinic. This collaboration is aimed to develop digital tools for diabetes management. Likewise, AstraZeneca collaborated with Adherium to develop a new SmartTouch for Symbicort inhaler monitoring device.
The market size and forecast for each segment and sub-segments has been considered as below:
The scope of this report covers the market by its major segments, which include as follows: