Digital Therapeutics Market Expected to Witness Steady Growth in terms of Revenue throughout the Forecast Period till 2025

Global digital therapeutics market, based on the application is segmented into diabetes, cardiovascular disease, central nervous system disease, respiratory diseases, smoking cessation, musculoskeletal disease and others. In 2017, diabetes segment held the largest share, by application. The segment is also anticipated to grow at a significant rate during the forecast period, since there has been an increase in the incidence of diabetes across the globe.

The major players operating in the digital therapeutics market include Propeller Health, CANARY HEALTH, Noom, Inc., 2Morrow Inc., Livongo Health, Proteus Digital Health, WellDoc, Inc., Fitbit, Inc., Omada Health, Inc., and MANGO HEALTH and among others.

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North America is the largest geographic market and it is expected to be the largest revenue generator during the forecast period, whereas the market is expected to witness growth at a significant rate in Asia Pacific (APAC) region during the forecast period. Factors such as, increasing prevalence of the chronic diseases, acceptance of the digital health platforms, developments performed by the market players in the countries such as India, China, Australia and others are likely to propel growth of the market.

Global digital therapeutics market is expected to grow in the coming years, owing to the rising pressure on healthcare providers to reduce healthcare cost in the market. The fiscal pressure and patent cliffs compel healthcare providers to cut on drug prices, encourage the use of generics and scale back the reimbursement. This in turn is gradually reducing the profit margins and annual net sales of the healthcare companies that leads to immediate requirement of a strategic plan so as to cut down on the operational costs.

The market players are focused towards bringing new and innovative program and product launches to sustain their position in the market. For instance, in November 2017, Fitbit, Inc. launched in Argentina with its Fitbit Versa, Fitbit Ionic and Fitbit Ionic adidas Edition smart watches and Fitbit Charge 3 fitness tracker devices. Additionally, in September 2018, Fitbit, Inc. launched Fitbit Care device that combines health coaching and virtual care through the new Fitbit Plus app.

Strategic Insights

Product launch/update and partnerships were observed as the most adopted strategy in global digital therapeutics industry. Few of the product approvals and partnerships made by the players in the market are listed below:

2017: In November, Propeller Health and Express Scripts entered into a partnership to provide Propeller’s FDA-cleared digital solutions to Express Scripts to manage asthma or COPD.

2016: In November, Propeller Health received FDA approval for its Propeller platform for use with GSK’s Ellipta inhaler.

2018: In April, Canary Health entered into a partnership with NMRHCA to offer the Better Choices, Better Health (BCBH) digital therapeutics program in New Mexico.

2016: In June, Canary Health partnered with Medtronic to expand their diabetes care offerings with Canary Health's self-management suite for pre-diabetes, diabetes and related comorbidities.

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Posted by on Friday November 15 2019, 5:59 AM EST. All trademarks acknowledged. Filed under Biotechnology, Diagnostics, Healthcare, Life Sciences, Medical Devices, Pharmaceuticals. Comments and Trackbacks closed. Follow responses: RSS 2.0

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