In the recent years, digital therapeutics have turned into an exciting, extremely competitive new frontier in the healthcare sector. Digital therapeutics offers evidence-based therapeutic interventions to patients through software applications, and helps in preventing, managing or treating a wide range of mental, physical, and behavioral disorders. Usually hyped to be just as medically effective as pharmaceuticals, digital therapeutics development prices are considerably less than typical pharmaceuticals, which typically take huge funds to reach to the market. But huge cost is just one of a prominent factors that is enticing more and more people to take digital therapeutics seriously.
With growing digital advancements in the healthcare industry, the market for digital therapeutics has been progressively increasing. Digital therapeutics, which is a sub-category of digital health, consist of software-based medical treatments with proven medical efficiency. It can substitute or enhance treatments that conventionally have been offered through medication or in-person care, with software-based treatments.
Present digital therapeutics start-ups consider disorders as diverse as Type 2 diabetes, autism, addiction, and musculoskeletal injuries. Owing to the changes in the regulatory conditions and consumer behavior, increased implementation of digital therapeutics seems likely. Moreover, the growing adoption of smartphones across the world has contributed in changing the way patients are monitored. Also, novel developments in virtual reality (VR) and artificial intelligence (AI) personal assistance are primarily transforming the way some medical disorders are being treated.
Recent Trends in the Digital Therapeutics Industry
With time, there have been numerous developments in the digital therapeutics industry owing to the growing need for advanced healthcare services for a growing pool of geriatric population and people with other disorders. As per a report by Research Dive, the global digital therapeutics market is expected to garner $12,695.60 million by 2028. Market players are greatly investing in novel launches and research for boosting the efficiency of digital therapeutics.
Some of the leading players of the digital therapeutics market are Pear Therapeutics, Better Therapeutics, Noom, Propeller Health, Livongo Health, Omada Health, Proteus Digital Health, Akili Interactive Labs, WellDoc, Happify, and others. These players are focused on developing strategies such as partnerships, novel developments, mergers and acquisitions, and collaborations to achieve a leading position in the global market. For instance,
- In June 2021, Fitterfly, an Indian digital therapeutics firm, introduced a digital recovery programme for diabetic patients who have contracted COVID-19 infection.
- In October 2021, Pear Therapeutics, Inc., a biotechnology and software company offering prescription digital therapeutics (PDTs), in partnership with Avalere Health, a health care business consulting firm, introduced the Pear Prescription Digital Therapeutics Digest at the AMCP’s (Academy of Managed Care Pharmacy’s) 2021 Nexus conference.
- In November 2021, GIANT Health, an international community of people whose business is health, formally introduced the Digital Therapeutics conference track, co-curated by Research2Guidance (R2G), a foremost global management consultancy focusing in the digital health arena, as part of the GIANT Health Event 2021 held on November 30 - December 1, 2021. R2G is intended to offer pioneering insights from their global DCT 2021 report on how digital tools as well as companies support digital therapeutics decentralized clinical trials; and the vital role of digital therapeutics as a patient engagement tool, real world data source, and recruitment platform.
Impact of the COVID-19 Pandemic on the Global Digital Therapeutics Market
The sudden onset of the coronavirus pandemic has positively impacted the global digital therapeutics sector. The pandemic has generated global disturbance as individuals, healthcare sector, and governments struggled to combat the disaster. In the pandemic period, digital healthcare start-ups have undertaken significant initiatives for offering remote medical assistance and care for patients infected by the virus. The adoption of digital therapeutics has greatly fueled since the outbreak of the pandemic as maintaining a functioning healthcare sector that offers remote health care became imperative. This clearly signifies that the demand for digital therapeutics is expected to upsurge and boost the market growth in the coming years.