Digital Therapeutics & Covid-19 – Sparking the Digital Health Revolution
The Global Digital Therapeutics (DTx) Market is expected to clock US$ ~40.26 billion by 2031 owing to COVID-19, conducive regulatory environment, favorable perception of patients, providers, caregivers and payors towards digital therapeutics.
The role of digital therapeutics in supporting hospitalization at home, rising prevalence of chronic diseases, growing geriatric population and increasing collaborative initiatives among various prominent players.
Clairvoyance Research conducted an in-depth market analysis study of the global digital therapeutics market. The study comprehensively analyzes the market from different perspectives and provides granular insights on hot revenue pockets, headwinds & tailwinds impacting the market, quantitative (market size & forecasts) and qualitative analysis from ‘Application, Type of Commercial Transaction and Region’ perspective, investment landscape, key strategies and competitive landscape.
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COVID-19, Favorable Perception of Patients, Providers, Caregivers & Payors Towards Digital Therapeutics, Conducive Regulatory Environment and Role of Digital Therapeutics in Supporting Hospitalization at Home Catalyzing the Digital Therapeutics Revolution
The outbreak of COVID-19 was a watershed moment for the life sciences industry. Patients with chronic health conditions and Covid-19 patients with comorbidities particularly diabetes, heart complications, obesity etc. were adversely impacted because of their in-clinic visits being postponed or avoided. The havoc of the pandemic also had marked effect on people’s mental health and their management was a challenge because of limited face-to-face visits. These interconnected events has lead to heightened adoption of digital therapeutics in various fields to tackle the ongoing health crisis.
Digital Therapeutics is touted as the ‘Fourth Wave’ of digital health which not only encompasses telehealth, remote patient monitoring, digital health applications but also generates high level of patient engagement and retention. Because of being evidence-based and bounded by regulations, the acceptance of digital therapeutics among end-users has skyrocketed. Incorporation of Artificial Intelligence (AI) and Machine Learning (ML) protocols has ensured that digital therapeutics products are scalable and adaptable as per patient requirements.
Favorable perception of patients, providers, caregivers and payors regarding digital therapeutics since the onset of the pandemic has also played a pivotal role in its increased adoption.
Conducive regulatory environment and guidelines to improve patient access for digital therapeutics products is another key factor that is expected to spur its demand globally. For instance, Germany became the first country to facilitate reimbursement for digital therapeutics products. U.S. payors, the Netherlands, Belgium, Korea and other countries are also warming up to cover digital therapeutics.
Growing role of digital therapeutics in supporting hospitalization and care at home for all possible health conditions is also a strong driver that is triggering its demand globally. Digital therapeutics products not only help in health data collection but also have the potential to provide preventive care, help in patient health monitoring, assist in medication adherence and bringing behavioral change. It is also proving instrumental in providing required support for improving mental health and cognitive conditions.
The global digital therapeutics market has been analyzed from three different perspectives – Application, Type of Commercial Transaction and Region.
Key Takeaways – Application Perspective
The diabetes segment accounted for the largest share in the market. Patients with chronic diseases like diabetes, require significant changes in lifestyle, regular vigilance, and care. The growth of the segment can be attributed to its growing prevalence, rising awareness regarding the importance of health management in diabetes and incessant launch of digital therapeutic products & solutions with innovative features.
Key Takeaways – Type of Commercial Transaction Perspective
Based on commercial transaction, the digital therapeutics (DTx) market has been segmented into B2B and B2C. The B2B segment holds the largest share and is expected to be the fastest growing segment during the forecast period. The growth of the segment can be mainly attributed to growing awareness among providers, payors, and employers regarding the benefits provided by digital therapeutics including additional benefit of cost-effectiveness.
Snapshot – Competitive Landscape
The digital therapeutics (DTx) market is marked by presence of prominent players such as Voluntis, Teladoc Health, Inc., Omada Health, Inc., 2Morrow Inc., Pear Therapeutics, Inc., Ginger, ResMed, CANARY HEALTH, Welldoc, Proteus Digital Health, Inc. Other players operating in the market are MedRhythms, Merck & Co., Inc., Akili Interactive Labs, Inc., GAIA AG, Click Therapeutics, Inc., among others.
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