LONDON, Dec. 28, 2021 (GLOBE NEWSWIRE) — Digital Therapeutics contains a wide variety of product categories such as mobile applications, wearable devices and sensors.
Digital Therapeutics delivers support by the authorized person to the patients who have decided to use the software applications to maintain their health and lifestyle changes or to treat any medical disorder.
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Global Digital Therapeutics Market Dynamics
Due to COVID-19 pandemic there has been an upward growth in digital therapeutics sector. The increase in consumption of smart phones and tablets, coupled with the rise in occurrences of never-ending diseases and considerable expenditure on healthcare together drive the market growth. In addition to this, privacy concerns about the healthcare related data of the patients are limiting the market growth. The market growth is further restricted by the high cost of subscription plans of therapeutics apps and patient inclination towards traditional healthcare providers compared to digital health providers.
The COVID-19 pandemic has also severely affected the mental health of people. The home quarantine and social distancing regulations are resulting in mental health problems such as depression. Digital therapeutics apps can play a vital role in managing such condition of people as it is an innovative treatment option. This offers incredible opportunities for the digital therapeutic companies. For example, in November 2020, the U.S. Food and Drug Administration (FDA) gave marketing endorsement to Nightware, a digital therapeutics company for the provisional lessening of sleep interruption in Post-traumatic Stress Disorder (PTSD) patients.
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Market by Application
Treatment/Care segment is expected to witness higher growth rate throughout the forecast period. The pandemic situation has encouraged both patients and healthcare professionals to opt for digital ways to remotely prevent or treat the illnesses, thus driving the demand for digital therapeutics. Patients as well as health practitioners are becoming more reliable on the digital health applications to access patient’s health related data. Therefore, digital tools can be very useful for the patients with the diseases as well as the doctors to monitor patient’s health digitally.
Digital Therapeutics Regional Stance
North America accounted for the leading revenue share of more than 40% in 2020. This is because of the early adoption of new technologies and the increasing funding and investments by the government in this region. The aptly developed healthcare infrastructure and rising incidences of never-ending diseases is adding to the market growth.
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In Asia Pacific, the market is predicted to record increased growth rate in surplus during the forecast period due to two most significant factors; comparatively larger younger population base that modernize into a gigantic objective base and vigorous urbanization and digitization.
Major Players
This section of the report pinpoints various key vendors of the market. Some of the prominent vendors offered in the report include Livongo Health, Twine Health Inc., Noom Health Inc, Omada Health Inc, 2morrow Inc., Propeller Health, Canary Health Inc., Mango Health Inc., and WellDoc Inc.
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Market Player Activities:
• On December 12, 2019, Omada Health Inc., proclaimed that its digital care plans for Diabetes prevention, Type 2 Diabetes and Hypertension will be incorporated on the Express Scripts Digital Health Formulary start in the early 2020.
• On February, 8, 2018, 2morrow Inc. publicly released a behavioral program aiming 50 million Americans who are suffering from persistent physical pain including physio therapy and behavioral therapy.
• On October 5, 2021, Dignity Health, which is a division of 21-state health system Common Spirit Health, and Propeller Health, a director in digital health and therapeutics for asthma and chronic obstructive pulmonary disease (COPD), declared that they have incorporated Propeller Health’s platform into Dignity Health’s electronic health record (EHR) scheme.
• On October 18, 2021, Propeller Health, a director in digital health and therapeutics for asthma and chronic obstructive pulmonary disease (COPD), exposed two recent studies that demonstrated that digital health involvements next to the suitable care assets and gears can develop right to use and advance results for elderly and underserved populations. Propeller’s digital health platform consist of Bluetooth linked inhaler sensors that rings prescription reminders and witness inhaler prescription use, corresponding with a Smartphone app that offers instructions and criticism to maintain self-management.
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