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Global Digital Therapeutics Industry

Global Digital Therapeutics Industry

  • September 2020
  • 205 pages
  • ID: 5798376
  • Format: PDF
  • Global Industry Analysts

Summary

Table of Contents

MARKET IMPACT SURVEY - COVID-19 & LOOMING RECESSION

Timely market intelligence is paramount in these uncertain times!

We launched an impact survey to update this project with timely insights during 2020. Update frequency will depend upon evolving market conditions and executive opinions. Our participants are executives driving strategy, marketing, sales and product management at competitive companies worldwide. All updates during the rest of the year are complimentary to clients!

The global market for Digital Therapeutics (DTx) is projected to reach US$1.0 billion by 2025 driven by strong adoption of digital platforms like smartphones, apps, electronic wearables, mobile internet; growing focus on value based care; and rising venture capital investments in digital health based business models. DTx involves the use of online technology platforms such as mHealth tools; medical sensors; electronic medical wearables; artificial intelligence (IT); telehealth & wireless communication platforms; smartphones, apps and mobile internet, to offer medical care. The goal of DTx is to induce behavioral and lifestyle changes that positively influence disease treatment outcomes. Benefits of digital therapeutics driving its importance in the healthcare industry include the promise of overcoming the limitation of current primary care by providing timely and proactive care, reducing the risk of disease progression and lowering the burden on emergency care; enables continuous remote patient monitoring; provides social support and guidance; enables implementation of preventive healthcare; ensures patient empowerment as it encourages treatment plans based on self-reported data like diet and other lifestyle factors; greater accountability of care givers; continued support in between doctor visits; and improved treatment outcome.

Healthcare reforms and the ensuing migration to value based care will provide the Launchpad for increased acceptance, adoption and proliferation of DTx, as the technology has the potential to reduce healthcare costs while simultaneously increase efficiency. Key features that make DTx a natural fit for value based care include cost of DTx which is significantly lower than traditional medicine; patient centric continuum of care; use of outcome oriented and evidence based therapeutic solutions; elimination of wasteful healthcare expenditure as timely care reduces the need for diagnostic and intensive drug interventions; lower consumption of hospital resources as it reduces the pressure on an already overburdened emergence care; better use of patient engagement that encourages self-management of diseases; and use of real-time actionable insights that help optimize care delivery decisions. Digital solutions which are emerging as effective therapy tools include electronic CBT (cognitive behavioral therapy); virtual therapy guidance and counselling that include web therapy, phone therapy, text therapy or online therapy; therapy support applications that educate and offer advice on coping strategies, relaxation techniques, medication reminders and references to nearby treatment programs to ensure accessibility; and telediagnosis/remote diagnostics. Of special note is the hidden and the yet untapped value in the "Medicine as a Service" business model that brings even pharmaceutical companies into the value based care loop. Faced with competition and profitability pressures, drug companies are entering into the DTx space as powerful ecosystem players backed with financial resources to offer services that improve access and adherence to prescription drugs for chronic conditions. Powered by the dynamics of cloud computing "Medicine as a Service" pushes patients into the center of business strategies of drug companies.

As the healthcare community seeks to cost-effectively tackle the growing economic and financial burden of chronic diseases such as diabetes, hypertension and cardiovascular diseases, DTx will emerge as the way forward in healthcare. As the number of people living with diseases increase, healthcare strategies should evolve beyond just the pill to a continuous care plan that include staying informed and engaged. The biggest impact of DTx is in the field of mental health as it offers a novel therapy platform for this hugely unmet medical field. Gamification in mental health apps is the newest mhealth tool for positive behavioral reinforcement and to promote patient engagement. Telepsychiatry using videoconferencing and telemedicine eliminates the stigma associated with psychiatric care by offering patients discreet ways to receive medication management care and timely psychiatric evaluations. The United States and Europe represent large markets worldwide with a combined share of 84.4% of the global market. The United States also ranks as the fastest growing market with a CAGR of 27.8% over the analysis period supported by well-developed digital infrastructure that provides the foundation for DTx. The country also spearheads the global commitment towards value-based care and outcome-based healthcare with robust financial incentives that encourage value-based care and disincentives that penalize and prevent wasteful healthcare spending among hospitals.

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