DUBLIN–(BUSINESS WIRE)–The “Digital Health Market: Focus on Digital Therapeutics, Distribution by Type of Solution, Type of Therapy, Purpose of Solution, Type of Business Model, Target Therapeutic Area and Key Geographical Regions: Industry Trends and Global Forecasts, 2023-2035” report has been added to ResearchAndMarkets.com’s offering.
The report features an extensive study of the current landscape and future opportunity, offering an informed opinion on the likely adoption of digital therapeutic solutions in the healthcare industry, over the next 12 years. The report features an in-depth analysis, highlighting the capabilities of various stakeholders engaged in this domain. The reports answers following key questions related to this domain.
Considering the ongoing digitization efforts and transformation of the healthcare sector, digital therapeutics have garnered significant attention from industry stakeholders and investors alike.
Further, government organizations have actively undertaken initiatives, such as enactment of legislation, publishing laws and establishment of regulations, in the digital therapeutics domain.
For instance, the USFDA sanctioned the Breakthrough Device Designation Program for granting approvals to digital therapeutics. It is worth mentioning that, till September 2022, around 730 digital health products (including digital therapeutics, wellness apps and digital biomarkers) had been approved by the USFDA.
A similar trend was observed in other countries, such as the UK, Germany, Denmark and South Korea, where regulatory authorities have published regulations pertaining to digital therapeutics and digital health solutions. Given the current activity in this domain and the growing demand for such solutions, the digital therapeutics market is likely to grow at a healthy pace over the next decade.
Key Advantages and Growing Demand for Digital Therapeutics
Owing to their multiple benefits, including ease of access, shorter development timelines, versatile delivery platforms, decreased cost of treatment, personalized treatment options, enhanced medication adherence, promotion of healthy lifestyle and remote access to healthcare providers for patients and vice versa, digital therapeutics have emerged as a promising alternative to conventional medication. Given the benefits offered by these solutions and the growing demand for remote and digital solutions across the world, post the pandemic, the overall demand for digital therapeutics is expected to steadily rise in the long term.
Current Market Landscape of Digital Therapeutics
The digital therapeutics market landscape features an extensive list of more than 150 large, mid-sized, small and very small players. It is worth highlighting that over 400 digital therapeutic solutions are presently available in the market / being developed by several industry stakeholders for various target indications. It is also worth noting that majority (more than 100) of the approved / under development digital therapeutic solutions target mental health problems. This is followed by solutions targeting neurological and metabolic disorders.
Key Drivers Behind the Digital Therapeutics Market
The COVID-19 pandemic, coupled to the subsequent enforcement of mandatory social distancing measures, has created an enormous demand for remote patient engagement. Further, the evolving regulatory and clinical settings around the world have created an ample opportunity for industry stakeholders. In addition, regulatory authorities and government bodies have provided considerable support for digital therapeutics over the past few years.
Moreover, the growing interest of investors in this market can be validated by the significant rise in funding activity in the recent past. Additionally, various big pharma players have undertaken several key initiatives, including strengthening their product portfolio, entering into strategic deals and making significant financial investments. Considering the active involvement of well-established industry players, the new entrants, as well as big pharma players and government organizations, the development pipeline of digital therapeutics is likely to grow further, over the coming years.
Overall Size of the Digital Therapeutics Market
Driven by the rising interest in digital and remote health solutions, the future opportunities and growth associated with the digital therapeutics market is anticipated to witness significant growth in the foreseen future. Specifically, in terms of type of product, this market is anticipated to be driven by standalone software applications based digital therapeutics, which target metabolic disorders. In addition to this, presently, close to 90% of the market is captured by players based in North America and Europe. However, in the long term, the digital therapeutics market in Asia is anticipated to grow at a relatively faster pace.
Leading Players in the Digital Therapeutics Market
Examples of key players engaged in this domain (which have also been profiled in this report) include (in alphabetical order) Ampersand Health, Akili Interactives, Better Therapeutics, Brain+, Click Therapeutics, CogniFit, GAIA, Healios, JOGO Health, Jolly Good, KORE Digital Health Therapeutics, Livongo Health, Lucid, MedRhythms, Pear Therapeutics, Redicare Control, Susmed, The Learning CorpVoluntis and WellDoc.
Frequently Asked Questions
Question 1: What are digital therapeutics?
Answers: Digital therapeutics, also known as DTx, represent a type of digital health solution which delivers medical interventions directly to the patients, using an evidence based, clinically validated software or a combination of software, in order to treat, manage and prevent a disease or disorder.
Question 2: What are the most popular therapeutic areas being targeted by digital therapeutics?
Answers: Majority (close to 30%) of the marketed / under development digital therapeutic solutions target mental health disorders. This can be attributed to the steep rise observed in the incidence of mental health disorders, such as anxiety, depression and stress, during and post the pandemic, across the globe. It is also worth highlighting that neurological and metabolic disorders are other popular therapeutic areas targeted by the digital therapeutic solutions.
Question 3: What is the future of digital therapeutics in pharma?
Answers: The global digital therapeutics market is anticipated to grow at a compound annual growth rate of 20% over the next 13 years and is expected to be worth around USD 20 billion by 2035.
Question 4: Which region is leading in the digital therapeutics market?
Answers: Currently, North America and Europe collectively hold 80% of the market share. In the long run, the digital therapeutics market in Asia is likely to grow at a relatively faster pace.
Question 5: What are the key factors influencing the price of digital therapeutic solutions?
Answers: Digital therapeutic solutions are priced based on factors, such as complexity, target patient population, cost of development and delivery, competition, perceived value and regulatory settings. Complex solutions utilizing technologies, such as artificial intelligence or machine learning, may be more expensive.
Question 6: What is the trend of capital investments in the digital therapeutics market?
Answers: Owing to the lucrative market opportunity associated with digital therapeutics, several investors have collectively invested over USD 8.41 billion.
Question 7: Which types of partnerships are usually signed in the digital therapeutics industry?
Answers: Commercialization agreements, pilot product offerings and product / technology integration agreements are the most common type of partnership models adopted by stakeholders engaged in the digital therapeutics’ domain.
Question 8: Which marketing strategies are commonly adopted for digital therapeutics?
Answers: Most of the players involved in the digital therapeutics’ domain have adopted the in-bound marketing strategies in order to enhance their company and product visibility. It is worth highlighting that majority of the players have used Facebook, You-Tube and LinkedIn as the most preferred social media platforms for in-bound marketing.
For more information about this report visit https://www.researchandmarkets.com/r/c2ma5z-health?w=4
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