The U.S. digital therapeutics market size is expected to reach USD 5.47 billion by 2027, registering a CAGR of 22.2% during the forecast period, according to a new report by Grand View Research, Inc. Technological advancement in healthcare IT, increasing demand for integrated healthcare system, and cost effective patient care are driving the market growth.
COVID-19
pandemic has expedited the adoption of Digital Therapeutics (DTx)
especially pertinent to mental illness and chronic ailments like diabetes and
Cardiovascular Diseases (CVD). The U.S. Food and Drug Administration (FDA)
released new guidelines for computerized behavioral therapy and other DTx
solutions during this public health emergency. The organization has waived off
guidelines that include 510(k) premarket notifications, registration and
listing requirements, and Unique Device Identification (UDI) requirements for
DTx therapeutic devices with low risk. For instance, Pear therapeutics launched
Pear-004 for psychosis and self-management training post the new guidelines. The
product needs to be used under a doctor’s supervision.
The
need for cost-effective healthcare is increasing due to rising healthcare
expenditure. Digital health technology is being encouraged and
preferred to avoid unnecessary costs and promote cheaper & alternative
means of healthcare delivery, thus propelling the market. Moreover, rising
demand for remote monitoring services due to increasing incidence of chronic
diseases worldwide is one of the factors propelling market growth. Digital
therapeutic applications allow patients to manage and treat diseases without
constant medical intervention, thereby drastically reducing healthcare
expenditure.
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U.S. Digital
Therapeutics Market Report Highlights
- In terms of
revenue, diabetes dominated the application segment in 2019. The growth
can be attributed to increasing incidence of this diseases and demand for
self-management and constant monitoring
- On basis of
end use, patients held the largest revenue share in 2019 owing to
increased adoption of healthcare IT services through Artificial Intelligence (AI)
driven smartphone apps
- In the wake
of COVID 19 pandemic, patients with chronic diseases are facing challenges
in managing medications, visiting healthcare providers, and maintaining a
balanced diet. DTx therapy can be useful in managing patient conditions
remotely
- Companies
such as DarioHealth, WellDoc, and Kaia Health are providing guidance to
diabetic patients for managing their glucose levels and maintaining a
healthy lifestyle
- In January
2020, Pear Therapeutics and Crossroads Treatment Centers entered into a
partnership to incorporate reSET-O PDT in several opioid use disorder
treatment centers located in Pennsylvania, thereby enhancing its market
reach
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U.S. Digital
Therapeutics Market Segmentation
Grand View Research has
segmented the U.S. digital therapeutics market on the basis of application and
end use:
U.S. Digital
Therapeutics Application Outlook (Revenue, USD Million, 2016 - 2027)
- Diabetes
- Obesity
- CVD
- Respiratory Diseases
- Smoking Cessation
- CNS Disease
- Others
U.S. Digital
Therapeutics End-use Outlook (Revenue, USD Million, 2016 - 2027)
- Patients
- Providers
- Payers
- Employers
- Others
List of Key
Players of U.S. Digital Therapeutics Market
- Proteus Digital Health, Inc.
- Omada Health, Inc.
- Livongo Health, Inc.
- 2Morrow, Inc.
- Propeller Health
- Fitbit, Inc.
- Canary Health
- Mango Health
- WellDoc, Inc.
- Noom, Inc.
- Pear Therapeutics
- Click Therapeutics, Inc.
- Akili Interactive Labs, Inc.
- Better Therapeutics, LLC
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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