Large number of undiagnosed population is driving the growth of the global digital therapeutics market
According to a new market research study titled ‘Digital Therapeutics Market to 2025 - Global Analysis and Forecasts by Application and Distribution Channel, the global digital therapeutics market is expected to reach US$ 8,941.1 Mn in 2025 from US$ 1,993.2 Mn in 2017. The market is estimated to grow with a CAGR of 20.8% from 2018-2025. The report highlights the trends prevalent in the global digital therapeutics market and the factors driving the market along with those that act as deterrents to its growth. The market is expected to grow due to the rising pressure on healthcare providers to reduce healthcare costs, rising prevalence of chronic diseases and rising in the number of partnerships and collaborations in the market are the major factors that anticipated to propel the growth for the digital therapeutics market in the forecast period. However, increasing rate of cyber threat and rise in data security issues are expected to act as a major challenges hindering the market growth in the forecast period.
Diabetes is one of the most prevalent medical conditions, owing to various factors. Accordingly, there has been an increase in the awareness regarding diabetes among the population across the globe. However, there is still large amount of population unaware of having diabetes, due to presence of less symptoms. As per a data published IDF Diabetes Atlas - 8th Edition, around 212.4 million people or half (50.0%) of all people between the age group 20-79 years with diabetes are estimated to be unaware of their disease. Additionally, people with undiagnosed diabetes have a higher usage of healthcare services compared to people without diabetes, and consequently likely to incur larger healthcare expenditures. With almost half the population being unaware of having diabetes, there is an urgent need to screen, diagnose as well as provide suitable care to people with diabetes. The rise in the number of undiagnosed diabetes cases are expected to mainly due to dearth in adequate screening facilities in low as well as high income countries.
Global digital therapeutics market, based on the application was segmented into diabetes, cardiovascular disease, central nervous system disease, respiratory diseases, smoking cessation, musculoskeletal disease and others. In 2017, diabetes segment held the largest and fastest growing segment of the market.
The major players operating in the market of digital therapeutics include Propeller Health, CANARY HEALTH, Noom, Inc., 2Morrow Inc., Livongo Health, Proteus Digital Health, WellDoc, Inc., Fitbit, Inc., Omada Health, Inc., and MANGO HEALTH and among others. The global digital therapeutics market is highly competitive and driven by advanced product launches and approvals. For instance, in February 2018, 2Morrow Inc. launched an ACT approach based program to manage chronic pain with a non-opioid. Moreover, in April, 2018, Noom’s Weight-loss app received CDC approval for diabetes prevention.
The report segments the global digital therapeutics market as follows:
Global Digital Therapeutics Market - By Application
Global Digital Therapeutics Market - By Distribution Channel
Global Digital Therapeutics Market - By Geography
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