According to the new market research report " Digital Therapeutics Market by Application (Prevention (Prediabetes, Obesity), Care (Diabetes, CVD, CNS, CRD, Smoking Cessation, Musculoskeletal)), Sales Channel (B2C (Patient, Caregiver), B2B (Provider, Payer, Employer, Pharma)) - Global Forecast to 2021", published by MarketsandMarkets™, The global digital therapeutics market is expected to reach USD 457.9 Million by 2021 from USD 110 Million in 2016, growing at a CAGR of 27.7% from 2016 to 2021.
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The factors driving market growth include growing incidence of chronic diseases, rising focus on preventive healthcare, technological advancements, growing need to control healthcare costs, significant increase in venture capital investments, and the benefits of digital therapeutics. However, factors such as lack of awareness and access to digital therapeutics programs in developing countries, patient data privacy concerns, and resistance from traditional healthcare providers may restrain the digital therapeutics market growth.
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The digital therapeutics market is highly fragmented, diversified, and increasingly competitive, with a large number of small players competing for market space, including startup firms. Each segment has different market players and market leaders. For instance, the prediabetes market was led by Omada in 2015. Omada Health is a leading provider of digital therapeutics for preventable type 2 diabetes and heart disease. Omada’s product portfolio consists of ‘Prevent’, an online diabetes prevention program. The company has succeeded in securing heavy investments which it channelizes into the development, enhancement, and commercialization of its product.
The key strategies followed by most companies in the digital therapeutics market are agreements, collaborations, and partnerships; investments; and new product launches. Among all growth strategies adopted by market players, agreements, collaborations, and partnerships accounted for the largest share of the overall growth strategies mapped from 2013 to 2016. Some leading players adopting these strategies include Proteus Digital Health, Inc. (U.S.), Omada Health Inc. (U.S.), WellDoc Inc. (U.S.), Livongo Health (U.S.), Noom Inc. (U.S.), Ginger.io Inc. (U.S.), Propeller Health (U.S.), 2Morrow Inc. (U.S.), and Mango Health Inc. (U.S.).
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