The global digital therapeutics market is anticipated to reach USD 9.4 billion by 2025, according to a new report by Grand View Research, Inc. The growth of the market is catapulted by increasing incidences of chronic diseases, increasing emphasis on preventive healthcare, the need to curb healthcare expenditures, and added benefits offered by digital therapeutics. Rise in number of venture capitalists that are investing in the market is another factor that is accelerating its growth.
Digital therapeutics, commonly known as software-for drugs has been gaining much attention due to the number of benefits it offers to patients that utilize it. Continuous monitoring of patient’s vital stats, ability to ensure adherence to medications, prompt reminders are some of the most important benefits offered by digital therapeutics.
With an increase in the internet usage and dependency over smartphones, digital therapeutics offers easy tracking and monitoring of patients and their vital stats without intervention. This serves in a discrete and non-interventional manner to persuade individuals to adopt healthier lifestyles and improve physical well-being. Captivating design, extended assessment, and digital tracking are features that are attributing to increasing adoption of digital therapeutics by patients, employers, providers and others.
The North American region contributed to the largest market share owing to technologically advanced medical infrastructure and successful execution of ambulatory health in their healthcare system. Emerging countries like India, China and Brazil are also expected to flourish during the forecast period owing to adoption of enhanced healthcare infrastructure and medical technologies to curb the prevention of chronic diseases.
Further Key Findings From the Study Suggest:
• The global digital therapeutics market $1.7 Billion in 2016 and is expected to grow at 21.0% CAGR from 2017 to 2025
• Diabetes is expected to gain the largest market share on the basis of application owing to increasing incidence rates globally and preventive steps taken to reduce them
• Obesity is also expected to account for a considerable market share due to various healthcare reforms to curb the disease initially and prevent further costs associated with the disease
• The adoption of digital therapeutics offers reduction in healthcare costs associated with diseases like diabetes and obesity and are thus being used on an increasing scale
• Digital tracking, continuous monitoring, and management of physical activity and eating habits are factors that are propelling the growth of the market
• Increasing usage in preventive areas for a wide range of diseases and disorders like respiratory disorders, CVD, and CNS disease are attributes that are bringing about growth of the market
• Patients accounted for the largest market share in the end-user’s segment owing to user-friendly interface and effective management of diseases
• The North American region accounted for the highest revenue owing to technological advancement and healthcare expenditure to curb rise in number of chronic diseases
• The Asia Pacific region is expected to garner considerable growth during the forecast period owing to increasing adoption of advanced healthcare technologies and rise in number of chronic diseases