Global Digital Therapeutics Market is expected to be valued at $ 2.2 billion and is anticipated to grow rapidlyPosted by Tejashri Khade on December 19th, 2022 A new class of therapeutics known as "digital therapeutics" (DTx) has been made possible by the evolution and widespread adoption of technology, specifically in the areas of artificial intelligence, deep learning, and health monitoring using wearables, changing medical protocols, the need to reduce costs, and these factors are all influencing to the transformation of healthcare. The global digital therapeutics market pegged at $ 2.2 billion (2020) is set to gain momentum. The next phase of expansion is probably going to be fueled by expanding pharma-digital therapeutic alliances, increasing focus of digital therapeutics companies on mental health, psychiatric conditions, and cognitive impairments, gradually improving reimbursement situations, a favorable funding environment, and a strong pipeline of digital therapeutics products. Digital therapeutics are products (software programs) that deliver evidence-based therapeutic interventions to patients to prevent, manage, or treat a medical disorder or disease (Source: Digital Therapeutic Alliance). To optimize patient care and health outcomes, they can be used alone or in combination with other therapies, medications, and medical devices. Digital therapeutics is poised to revolutionize the healthcare industry. It finds usage across a range application such as Diabetes, Chronic Respiratory Disorders, Musculoskeletal Disorders, Smoking Cessation, Cardiovascular Diseases, CNS Disorders, Obesity and Others. It offers immense value for multiple stakeholders. A growing number of key stakeholders, including the FDA, HCPs, Payers, and Patients, are now accepting digital therapeutics as a form of therapy. The following benefits for the stakeholders across the healthcare spectrum testifies the potential for digital therapeutics.
Explore Premium Report on Digital Therapeutics Market @ https://www.medgadget.com/2021/08/digital-therapeutics-market-size-at-2-2bn-poised-to-revolutionize-the-pharma-digital-health-industry-innovative-business-models-favourable-reimbursement-robust-product-pipelines-set-to-impact-be.html The digital therapeutics market has also attracted attention of several investors and they too are aligned on the value of digital therapeutics. Consider the following facts that has made digital therapeutics so fundable.
Geographic Snapshot: Digital Therapeutics Market Comprehensive regional assessment of the global digital therapeutics market covering U.S., Europe (Germany, Italy, France, Spain, UK, and Rest of Europe), Asia-Pacific (India, China, Japan, Australia, New Zealand, Singapore and Rest of Asia-Pacific) and Rest of the World (Latin America, Middle-East & Africa) suggests that U.S. is likely to continue its dominance in the next 10 years. The U.S. digital therapeutics market is expected to rise due to factors like an increase in the incidence of chronic diseases, favorable government policies and grants, increased public awareness about the importance of digital therapeutics, and a well-developed healthcare infrastructure. Facilitation of digital therapeutics led by Pharmacy Benefit Managers (PBMs) in the U.S. is also expected to fuel its adoption. For instance,
Psychiatry Remains #1 Application in Clinical Trials of Digital Therapeutics A review of trends of digital therapeutics clinical trials over the past ten years suggests that with respect to therapeutic areas (TA) under investigation, the highest percentage of trials were conducted for psychiatry indication followed by cardiovascular, addiction, endocrinology, neurology, and respiratory indications. Strong pipeline of digital therapeutics products across diverse application areas - neuroscience indications, cardiovascular diseases, gastrointestinal diseases, chronic kidney disease (CKD), among others is likely to provide impetus to the global digital therapeutics market. Various strategies Adopted by Players to Establish Their Foothold in Digital Therapeutics Market Players operating in the digital therapeutics market are implementing various strategies to expand their foothold into the market. For instance,
Through their work in Digital Therapeutics over the years, Medi-Tech Insights understands the intricacies & nuances of Digital Therapeutics and has successfully assisted many established players, start-ups to grow revenues by 10x. Business Models and Competitive Landscape Analysis of Digital Therapeutics Market Citing the lucrative prospects of the market, several new players have entered the digital therapeutics market. Players such as Hinge Health, Thirty Madison, Akili Interactive and others have witnessed significant funding’s and are expected to carve a niche for themselves. There are now many different business models being used, but considering the early stages of digital therapeutics, it will probably take a few years to determine the most suitable one for scaling and commercializing a digital therapeutic successfully. In terms of competitive landscape, the digital therapeutics market is marked by presence of both established players and several small players. Some of the prominent players operating in this market include Pear Therapeutics, Voluntis, Akili Interactive, Click Therapeutics, WellDoc, among others. For More Detailed Insights, Contact Us @ https://meditechinsights.com/contact-us/ About Medi-Tech Insights Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services. Contact: Ruta Halde Associate, Medi-Tech Insights +32 498 86 80 79 info@meditechinsights.com Like it? Share it!More by this author
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