PUNE, India, March 8, 2021 /PRNewswire/ -- Digital Therapeutics Market is valued at USD 1.99 Billion in 2017 and Projected to reach USD 14.54 Billion by 2027 with a CAGR of 22% over the forecast period. Technological advancement in medical sector and demand in digital healthcare facilities are key driving factors for the growth of Digital Therapeutics Market.
Major key players in the Digital Therapeutics market: Dario Health, Pear Therapeutics, Omada Health, Click Therapeutics, Akili Interactive, Lark Health, Kaia Health, Cognoa
News: Medisafe, digital therapeutics company raises $30M: February 28, 2021; Medisafe, Israel based digital therapeutics company announced the financing round completion worth $30M led by Alive Israel HealthTech and Sanofi fund, with Menorah Mivtachim, Leumi Partners and Consensus Business Group. The previous investors include 7wireVentures, Merck Ventures, Iool Ventures, Pitango HealthTech, Octopus Ventures, Triventures, Qualcomm Ventures and OurCrowd. The company has over 7 million registered users globally.
Digital Therapeutics (DTx), is a division of digital health constitutes of software programs and applications to manage, treat and prevent the diseases or other medical disorders. DTx can be employed using different digital platforms like internet based health technologies to monitor changes in patient conditions. The digital treatment focuses on the changes in lifestyle, behavior and psychological conditions of a patient. The digital methodology helps with real time monitoring or collects the data in order to create progress report or take preventions based on collection of digital stimulus. Different conditions are monitored with DTx support are chronic diseases, insomnia, dementia, obesity, anxiety, depression and others. There is an increase in venture capital funds in DTx markets as more investors are interested due to the rising consumer interest towards DTx platforms.
During the COVID-19 pandemic, few industries have experienced the positive impact, and some industries have experienced the sudden downfall. COVID-19 has accelerated the growth for Medical and Healthcare sector as they got an opportunity to bring innovations into the market. In order to reduce the impact of corona virus, adoption of various measures like social distancing gave way to online consultations by industries. Restricted areas allowed patients and users to opt for innovative treatment options like digital therapeutics or patient engagement services to get full guidance on their disease and wellness.
News: Click and Otsuka Therapeutics initiated remote clinical trial using DTx
January 24, 2021; Mirai study, remote clinical trial announced by Osuka pharmaceuticals and Click Therapeutics to investigate the effectiveness in reducing depression symptoms in adults who are diagnosed with major depressive disorder and are taking antidepressant monotherapy. The controlled trial will enroll patients up to 540 nationwide. Trial participation will lasts for 10 weeks and efficacy will be evaluated on the basis of Montgomery-Asberg Depression Rating Scale (MADRS) total score.
Global Digital Therapeutics Market Segmentation Analysis:
By Type: Mobile Apps, Software, Sensor devices
By Sales: Business to Business (B2B), Business to Consumer (B2C)
By Application: Obesity, Diabetes, Asthma, Alzheimer's disease, Anxiety
The regions covered in this Global Digital Therapeutics Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of Digital Therapeutics is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia, Africa, etc.
Technological advancement in medical sector and demand in digital healthcare facilities are key driving factors for the growth of Digital Therapeutics Market
The major factors driving the growth of Global Digital Therapeutics Market are Technological advancement in medical sector and increasing demand for digital healthcare facilities. Other factors like reduced health cost and cheaper digital therapy treatments for chronic and neurological diseases is expected to accelerate the market growth. According to National Health Council report on chronic disease, approx 133 million Americans are affected by chronic diseases and more than 75% of healthcare costs depends on these diseases. Furthermore, increase in investments by major market players along with rising prevalence of various preventable disorders and several benefits of digital therapeutics are likely to amplify the market growth. However, Lack of awareness for digital health benefits, patient data security in some developing regions are restraining factors in the market. Customization in digital therapeutics by integrating with IoT, AI and other hybrid technologies will help to develop the market. On the other hand, improvement in information security systems will increase the opportunities in Digital Therapeutics market.
North America is dominating the Global Digital Therapeutics Market
North America is expected to dominate the Global Digital Therapeutics Market within the forecast period attributed to better developed healthcare infrastructure along with technological advancements. As per the digital health funding database, investments in DTx in the U.S. have grown by 40% over past 7 years and revenue to reach more than $1Billion in 2018. The US Food and Drug Administration (FDA) is encouraging digital innovations to the healthcare sector and providing regulatory framework. Therefore, FDA has loosened the regulations for digital mental health solutions from DTx market to launch their products in the market with ease. Asia Pacific is expected to develop at a significant rate over the forecast period owing to the rising prevalence of chronic disorders along with increasing demand for better management of such conditions. Moreover, rising internet penetration as well as increasing awareness about digital therapeutics in the region is also expected to enhance the market growth.
Global Telemedicine Market size is Expected to Reach USD 171.81 Billion by 2026 with the CAGR of 37.2% over the Forecast Period.
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