09-Oct-2020 | Syndicate Market Research
Digital therapeutics (DTx) are a category of digital health described as products that provide patients therapeutic interventions which are evidence based further driven by excellent software programmes to avoid, manage, or treat a wide range of physical, mental, and behavioral conditions.
Within the greater digital health environment, digital therapeutics constitute a specific group of evidence-based products and are separate from pure-play adherence, diagnosis, and telehealth products. DTx is distinct from digital medicines or smart pills that incorporate a prescription drug with an ingestible sensor programmed to interact with compliance management software programmes.
The global digital therapeutics market was valued at around USD 2 Billion in 2019 and by current and projected trends will reach valuation of more than USD 9 Billion by 2026 end. The industry leaders predict the global digital therapeutics market growth of more than 20% in terms of CAGR. Increasing occurrence of preventable chronic ailments as well as increasing choice of fermented foods among populations are expected to boost the demand for digital therapeutics market in the years to come. However, how the technology is governed, how healthcare providers respond to this paradigm change, and how these technology innovations are reimbursed are some of the challenges presented to digital therapeutics market development and growth.
The role of DTx in healthcare has been broadened by developments and the rapidly influential role of mobile devices and artificial intelligence (AI) in our daily lives. While the interest in the development of DTx has traditionally been largely limited to academia and technology firms, the ability to use DTx in tandem with medicines to enhance health outcomes has intensified the attention of major pharmaceuticals, which have begun to join the DTx space through acquisitions and strategic collaborations with technology companies.
Digital therapeutics have been on the market for over ten years, but there are just a handful of them, according to the Digital Therapeutics Alliance (DTA), an international non-profit trade group that seeks to set guidelines and facilitate adoption into health care. Digital therapeutics are different than diagnostics, telehealth, and all these others. The devices can be used alone, or with other therapies to optimize outcomes.
Some of the leading and top digital therapeutics companies in the global digital therapeutics market include Proteus Digital Health, Livongo Health, Omada Health, MedRhythms, Cognoa, WellDoc, Livongo Health, Metame Health, Biofourmis, Bold Health, Noom Inc., Pear Therapeutics, Akili Interactive Labs, Dthera Sciences, Mindstrong Health, Medtronic Plc., Better Therapeutics, Happify, Ginger.io Inc., Kaia Health, Ayogo Health, Cara Care, Propeller Health, Click Therapeutics, Voluntis, Wellthy Therapeutics, 2Morrow Inc., Canary Health, and Mango Health among others. Some of these are digital therapeutics startups while others are leading the innovation and products/solutions offerings in the global digital therapeutics market. However, the list of approved digital therapeutics is being constantly updated with constant entry of new innovative players in the global digital therapeutics market.
On December 13, 2016, the 21st Century Cures Act (Cures Act), which became law in the US, paves the way for technology firms to streamline the creation of innovative technologies that facilitates the treatment of serious diseases with unmet medical needs. This bill contains some major legislative reforms aimed at promoting the advancement of DTx. One such reform is the implementation of the FDA Breakthrough Devices Program15, which provides manufacturers the ability to consult with the Food and Drug Administration (FDA) experts and discuss concerns quickly as they occur during the pre-market evaluation process and make prompt and agreed-upon changes based on the recommendations of the FDA. The digital therapeutics market is surely being promoted and assisted through the passage of these laws in the U.S. and North America and similar legislations across the globe.
The global digital therapeutics market can be classified on the basis of product types into preventive and treatment/care, wherein “treatment/care” category holds the leading market share of more than 60%. In terms of applications, global digital therapeutics market can be segmented into diabetes, cardiovascular diseases, musculoskeletal diseases, smoking cessation, and medication adherence among others. On the basis of sales channel, the market business model can be categorized as B2C and B2B wherein, currently B2B model holds the leading market share of the global digital therapeutics market. In terms of geography, North America region held the leading market share of more than 40% among other regions such as Europe, Asia Pacific, Latin America, and Middle East & Africa in the global digital therapeutics market.
Setting a strong foot in the industry with all planned and tactical approaches is surely not a cakewalk. You need loads of research, analysis, take several factors into consideration, and above all, give your valuable time to the entire process. This is where Syndicate Market Research kicks in as a support system for our clients. At times, knowing just the fundamentals of a market is not sufficient and nothing can be more helpful than an intelligent business report that provides one with every aspect of that particular market or industry. And we vow to help our clients to walk down the aisle to success by offering them all the trends and diverse opportunities that can be leveraged in addition to the restraints that can hamper the market growth.
Syndicate Market Research
244 Fifth Avenue, Suite N202
New York, 10001, United States
Tel: +49-322 210 92714
USA/Canada Toll Free No.1-855-465-4651
Silicone Additives Market By Type (Defoamers, Wetting & Dispersing Agents, Rheology Modifiers, Surfactants, Lubricating Agents, Others), By Application (Plastics & Composites, Paints & Coatings, Paper & Pulp, Personal & Homecare, Food & Beverages, Chemical Manufacturing and Oil & Gas, Agriculture, Others), and By Region - Overall In-depth Analysis, Global Market Share, Top Trends, Professional & Technical Industry Insights 2020 - 2026Chemicals and Materials
Physical Vapor Deposition (PVD) Market By Type (Bathroom Faucet, Kitchen Faucet), By Application (Residential Use, Commercial Use), and By Region - Overall In-depth Analysis, Global Market Share, Top Trends, Professional & Technical Industry Insights 2020 - 2026Chemicals and Materials
Traffic Road Marking Coatings Market By Type (Paint, Thermoplastic, Preformed Polymer Tape, Epoxy), By Application (Urban Road, Expressway, Others), and By Region - Overall In-depth Analysis, Global Market Share, Top Trends, Professional & Technical Industry Insights 2020 - 2026Chemicals and Materials
Automotive Wrap Films Market By Type (PET, PVC, Vinyl Resin), By Application (Heavy Duty vehicles, Light Duty Vehicles, Medium Duty Vehicles), and By Region - Overall In-depth Analysis, Global Market Share, Top Trends, Professional & Technical Industry Insights 2020 - 2026Chemicals and Materials
Nitrocellulose Market By Type (E-grade Nitrocellulose, M-grade Nitrocellulose, A-grade Nitrocellulose, Others), By Application (Coatings and Paints, Printing Inks, Celluloid, Other), and By Region - Overall In-depth Analysis, Global Market Share, Top Trends, Professional & Technical Industry Insights 2020 - 2026