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Key Market Insights
Eminent representatives from companies across the world attest to the fact that there is growing interest in the digital therapeutics market, highlighting the prevalent and anticipated trends in R&D and adoption
Over 100 industry players are engaged in evaluating the potential of several prescription (validated through clinical research) digital therapeutic solutions to prevent / treat various chronic diseases
The pipeline features a variety of digital health applications and therapy solutions that are in different stages of development, being investigated for diverse purposes, across a wide-range of clinical conditions
These solutions have demonstrated applicability across more than 20 therapeutic areas; several products have been marketed / approved for the treatment or prevention of mental health problems and metabolic disorders
In pursuit of a competitive edge, digital therapeutic solution developers are focusing on the integration of advanced features into their respective products and affiliated offerings
In the last few years, over 220 clinical trials evaluating the potential benefits of digital therapeutics in close to 80,000 patients, have been registered; most of these were / are being conducted at various centers in the US
Apart from the clinical benefit, cost is another key determinant of the acceptance and adoption of such novel interventions; pricing strategy matrix is likely to assist players to evaluate competitive market prices for solutions
To support the ongoing innovation in this field, several private and public investors have made substantial capital investments, amounting to approximately USD 1.7 billion, in various initiatives of stakeholders
The growing interest in this field is reflected by the increase in partnership activity, involving both international and indigenous stakeholders, across different geographical marketplaces
In order to promote the adoption of proprietary digital health solutions, developers are actively exploring various marketing strategies in order to highlight key features of their products across a number of platforms
Several digital monitoring / diagnostic solutions are also available to manage / diagnose patients for various chronic diseases; specifically, these remote monitoring solutions have gained interest during COVID-19
Given the rising incidence of chronic clinical conditions and a growing pipeline of modern medicines to treat such diseases, the market for evidence-based digital therapeutics is poised to grow at a CAGR of ~20% till 2030
The projected market opportunity is anticipated to be well-distributed across different therapeutic areas, distribution channels and key geographical regions
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Contact Details
Gaurav Chaudhary
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