Digital Therapeutics Market size was estimated at USD 1.7 billion in 2016. Digital therapeutics is a subset of digital health and is used to track health conditions and self-management of a medical condition. A significant change in the usage of digital technology has created cognizance among users and has allowed increasing adoption of these services. Moreover, there has been increased burden of the chronic diseases that requires effective treatment and management. There are a lot of services provided by digital therapeutics that aid in embracing healthy habits and allow efficient tracking and management of conditions. Digital therapeutics is thus estimated to grow at a fast rate owing to increasing adoption among patients and other end users.
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The key driving factors responsible for the growth of Digital
Therapeutics market :
There has been a significant rise
in internet usage among people which has been one of the significant drivers
for the digital therapeutic market. Moreover, the treatment associated with the
digital therapeutics is popular which is further adding to the growth of the
digital therapeutic market. Chronic diseases are major problems and act as
threats to the economy leading to high healthcare expenditure. For instance,
according to the CDC, about 50 % of the adult population were suffering from
the chronic diseases in 2012. As chronic diseases like diabetes, obesity and
other respiratory problems are well managed with the help of the digital
therapeutics they are being used on an increasing level.
The market growth is affected by
the lack of the effective monetization techniques which are faced by the
application developers. There has been a shortage of the financial earnings
which are partially fulfilled by the advertisements, paid content, and other
prominent revenue generation strategies.
Application Insights
Based on the application, the
market is classified into diabetes, obesity, cardiovascular diseases, central
nervous system disease, respiratory diseases, smoking cessation, and others.
Diabetes accounts for the largest market share of the application segment
followed by other applications. Diabetes causes heavy burden on patients as
well economies on the health front as well as the economic front. For instance,
8.3 % of the U.S. population suffer from diabetes while 35% of them exhibit
prediabetes symptoms. Also diabetes is expected to show the fastest growth in
the application segment due to the high prevalence and incidence of the
disease. Digital management is helpful in the management of the symptoms of
diabetes such as polyuria, polydipsia, and polyphagia. A large number of
medical practitioners are using mHealth and have estimated that diabetes would
reach its highest market limit in the next 5 years.
End use insights
Based on end use, the digital
therapeutics market is divided into the patients, employers, providers, payers,
and others. Patients are the major consumers of the therapeutic healthcare
programs and applications offered by digital therapeutics. The usage of these
services has been attributed due to increasing cognizance and added benefits
offered by digital therapeutics.
Hospitals accounted for the
largest market share owing to increased usage of digital therapeutics services
for patients admitted in these settings. The utilization of these services
allows affordable and vital healthcare to patients.
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