Digital Therapeutics Industry to Register Growth due to Government Initiatives

The number of people aged 60 years or above is increasing day by day. According to the United Nations Department of Economic and Social Affairs report on the worldwide aging population, the global percentage of geriatric population is predicted to reach 21.1% by 2050, increasing from 11.7% in 2017. Moreover, by 2050, the number of old age people is projected to reach about 324 million in India, 437 million in China, 58 million in Brazil, and 107 million in the U.S. by 2050. Due to weakened body functions, aged people are more susceptible to diseases and often need to go checkups in order to maintain their health.

f:id:vijaymishrapsmarket1:20200724222019j:plain — Digital Therapeutics Market

This however is not always convenient for old people, owing to which, the demand for alternate solutions, such as digital therapeutics is increasing swiftly. Digital therapeutics provide therapeutic interventions, which are driven by enhanced software programs for managing, preventing, or treating diseases, to patients. The technology can be utilized independently or along with devices, medication, or other therapies for optimizing patient care and enhancing health outcomes. Attributed to these factors, the global digital therapeutics market is expected to advance at a considerable rate in the years to come.

Geographically, North America emerged as the largest digital therapeutics market in the past, which is majorly ascribed to the growing prevalence of chronic diseases and increasing government initiatives for supporting technological advancements in the region. Within the region, the U.S. made the most use of digital therapeutics solutions. This is because of the rising investments in the domain and enhancing reimbursement structure for digital therapeutic solutions in the country.

Other than this, the Asia-Pacific region is also projected to make considerable usage of digital therapeutic solutions in the near future, which can be owing to the rising prevalence of chronic and lifestyle associated diseases and surging geriatric population in the region. In addition to this, the rapidly increasing patient pool and developing healthcare infrastructure are also providing opportunities to the companies operating in the domain.

In conclusion, the demand for digital therapeutic solutions is increasing due to the growing geriatric population and rising government initiatives across the globe.