Global Digital Therapeutics Market is valued at $2.2bn & is expected to revolutionize the Digital Health Industry - Innovative Business Models set to impact Behavioral Health, Diabetes Conditions & CNS

The global digital therapeutics market is valued at $ 2.2 billion (2020) and is set to gain significant momentum. The next phase of growth is likely to be driven by growing pharma-digital therapeutic alliances, growing focus of digital therapeutics companies on mental health, psychiatric conditions and cognitive impairments, gradually improving reimbursement scenario, favorable funding environment and strong pipeline of digital therapeutics products.

Changing medical protocols, need to curtail costs, evolution and widespread adoption of technology specifically in the areas of artificial intelligence, deep learning and health monitoring using wearables is increasingly transforming healthcare and has paved the way for a new class of therapeutics known as digital therapeutics (DTx).

Digital therapeutics are products (software programs) that deliver evidence-based therapeutic interventions to patients to prevent, manage, or treat a medical disorder or disease (Source: Digital Therapeutic Alliance). They are used autonomously or in combination with medications, medical devices or other therapies to optimize patient care and health outcomes.

Digital therapeutics is poised to revolutionize the healthcare industry. It finds usage across a range applications such as Diabetes, Chronic Respiratory Disorders, Musculoskeletal Disorders, Smoking Cessation, Cardiovascular Diseases, CNS Disorders, Obesity and Others. It offers immense value for multiple stakeholders. Key stakeholders such as FDA, HCPs, Payers, and Patients are now increasing embracing digital therapeutics as a form of therapy.

Geographic Snapshot: Digital Therapeutics Market

Comprehensive regional assessment of the global digital therapeutics market covering U.S., Europe (Germany, Italy, France, Spain, UK, and Rest of Europe), Asia-Pacific (India, China, Japan, Australia, New Zealand, Singapore and Rest of Asia-Pacific) and Rest of the World (Latin America, Middle-East & Africa) suggests that U.S. is likely to continue its dominance in the next 10 years. Rising prevalence of chronic diseases, favorable government policies & grants, growing awareness regarding digital therapeutics & its benefits and well-developed healthcare infrastructure is set to catapult the U.S. digital therapeutics market. Facilitation of digital therapeutics led by Pharmacy Benefit Managers (PBMs) in the U.S. is also expected to fuel its adoption. For instance, in Dec 2019, Express Scripts announced that digital therapeutics solutions would be added to its digital health “formulary”. In another instance, in June 2019, CVS Caremark unveiled a platform that enables payers to formalize and streamline the process for digital therapeutics reimbursement and distribution.

Psychiatry Remains #1 Application in Clinical Trials of Digital Therapeutics

A review of trends of digital therapeutics clinical trials over the past ten years suggests that with respect to therapeutic areas (TA) under investigation, the highest percentage of trials were conducted for psychiatry indication followed by cardiovascular, addiction, endocrinology, neurology, and respiratory indications. Strong pipeline of digital therapeutics products across diverse application areas – neuroscience indications, cardiovascular diseases, gastrointestinal diseases, chronic kidney disease (CKD), among others is likely to provide impetus to the global digital therapeutics market.

Business Models and Competitive Landscape:

Citing the lucrative prospects of the market, several new players have entered the digital therapeutics market. Players such as Hinge Health, Thirty Madison, Akili Interactive and others have witnessed significant funding’s and are expected to carve a niche for themselves.

Currently, multiple business models are being deployed but considering the nascent stage of digital therapeutics to figure out the optimal business model to scale and commercialize a digital therapeutics successfully is likely to take few years.

In terms of competitive landscape, the digital therapeutics market is marked by presence of both established players and several small players. Some of the prominent players operating in this market include Pear Therapeutics, Voluntis, Akili Interactive, Click Therapeutics, WellDoc, among others.

For detailed insights on Digital Therapeutics Market, Visit @ https://meditechinsights.com/contact-us/


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