Digital Therapeutics Market to Witness a Steady Growth for the next few years
The global digital therapeutics market is witnessing considerable growth due to increasing prevalence of chronic diseases and lifestyle associated diseases, growing geriatric population, need to control healthcare cost, and technological advancement. Moreover, increasing focus on preventive healthcare and increase in venture capital investment are supporting the growth of the market. The benefits of digital therapeutics such as improved drug adherence, ability to induce behavioral changes and patient convenience across the globe is also driving the growth of the market.
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Geriatric population has weakened body functions, impaired blood circulation and are more susceptible to chronic diseases. As per the United Nations Department of Economic and Social Affairs (UN-DESA) report on the global aging population, the population of people aged 60 years or above is growing with high rate. In 2013, the global percentage of people aged 60 or above was 11.7% and it is expected to reach 21.1% by the end of 2050. Further, the number of people aged 60 years and above is expected to reach approximately 437 million in China, 324 million in India, 107 million in the U.S. and 58 million in Brazil by 2050.
Digital therapeutics is health care interferences provided through a smart device to boost healthy behaviors and provide therapeutic effects. It is also known as software-as-a-drug. It is a digital system to treat medical conditions and it is cost effective and have the potential to improve patient engagement and bring substantial change in patient health. It is mainly prescribed to help and mange long term conditions such as insomnia, asthma and diabetes. It is used both in combination with conventional therapeutics and standalone.
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The key players operating in the global market are Proteus Digital Health Inc., Omada Health Inc., Welldoc Inc., Livongo Health, Noom Inc., Propeller Health, Canary Health Inc., and Mango Health Inc.
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