Digital therapeutics are technology-based health management solutions used for treatment of chronic health conditions by providing behavioral changes to patients. Depending on the disease, digital therapeutics can guide patients to stick to a diet and suggest specific exercise programs or can help them adhere to proper drug intake. Digital therapeutics use various digital implements such as mobile devices and technologies, apps, sensors, desktop computers, and various Internet of Things devices to manage, monitor, and prevent illnesses in patients.
Major factors driving growth of the global digital therapeutics market are increasing adoption of smartphone and tablets coupled with introduction of various healthcare apps, and increasing use of internet globally. Additionally, digital therapeutics provide various benefits such as fitness or wellness tracking, medical guidance and education, and drug administration which is another factor expected to fuel demand for digital therapeutics and in turn boost growth of the global market over the forecast period. Also, digital therapeutics helps to minimize healthcare costs which is another factor anticipated to propel growth of the global market.
Security issues related to patient data is a key factor restraining growth of the global digital therapeutics market. In addition, stringent government regulations for product approval and lack of awareness about digital therapeutics and its benefits are other factors expected to hamper growth of the global market over the forecast period.
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The global digital therapeutics market is segmented on the basis of product type, application, and region. On the basis of region, the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America market accounted for highest share in terms of revenue in the global market, as compared to that of markets in other regions. This can be attributed to high adoption rate of healthcare IT solutions and technologies coupled with presence of prominent players in countries in the region. The market in Asia Pacific is expected to witness considerable growth and is expected to register highest CAGR of XX.X% over the forecast period, owing to increasing disposable income coupled with growing adoption of newer healthcare technologies in emerging economies in the region.
Prominent players in the global digital therapeutics market include Proteus Digital Health, Inc., Omada Health, Inc., Doximity, Inc., 2Morrow, Inc., Ginger.io, Inc., WellDoc, Inc., Mango Health, Inc., Canary Health Inc., Twine Health, Inc., and Noom, Inc.