Changing digital scenarios across the world has resulted in improved awareness among the people regarding several healthy options. Owing to increasing cases of chronic ailments and advancement in technology the global digital therapeutics market is foreseen to flourish in the future. More people are expected to adopt digital healthcare and thus, the demand regarding customized, engaging, and accessible solutions will also increase significantly. There has been a notable rise in the usage of smartphones and penetration & easy access of internet. Countries like India and China are majorly contributing to it, propelling the global market.
The surged demand for accessible and convenient medical services and consultations has boosted the market growth.
Another factor uplifting the global digital therapeutics market is mental health. The COVID-19 has affected the mindset of several people in a negative way and thus people are in pressing need of counseling and other mental health treatments. This served as a lucrative opportunity for the players to explore the digital therapeutics domain to provide solutions to the people. In April 2020, FDA guidelines stated that during the pandemic hour the usage and distribution of therapeutic devices would be allowed without any objection. This bypassed several government regulations, simplifying the scope of market growth. The companies are resultantly working on the commercialization of their solutions and bank upon the limited-time opportunity for the betterment of public health.
The global digital therapeutics market is broadly categorized into product type, application, sales channel, and region. On the basis of product type, the global market is divided into care/treatment and preventive. The application segment is classified into nutrition, pre-diabetes care, CVD, diabetes, CRD, CNS, MSD, substance abuse, GI, rehabilitation, and others. Based on sales channel, the market is fragmented into patients, B2C, B2B, caregivers, providers, employers, payers, and pharma.
Geographically, the global digital therapeutics market is likely to be dominated by North America with a major market share within the forecast period. This is credited to the strong presence of leading players, advanced healthcare infrastructure, increasing cases of chronic illnesses among people, and supportive government initiatives.
Besides, Asia Pacific is also foreseen to register significant growth in the coming years attributed to rapid digitization & urbanization and the presence of a huge customer base. Moreover, improved reforms regarding the healthcare industry are also likely to contribute to regional growth.
The leading players operating in the global digital therapeutics market include WellDoc, Inc., Omada Health, Inc., Livongo Health, 2Morrow, Inc., Pear Therapeutics, Propeller Health, Canary Health, Inc., Twine Health, Inc., Mango Health, Inc., and Noom Health, Inc.
The players are striving to provide satisfactory customer value and advanced healthcare aid in the easiest way possible through digital therapeutics. Last year, with the change in regulation due to pandemic, Pear Therapeutics came up with a solution, Pear-004 developed for schizophrenic people.