The global Digital Therapeutic market size is expected to reach USD 1.06 Billion by 2028, registering a CAGR of 21.6 % over the forecast period, according to the current analysis of Reports and Data. Major factors driving market growth are technological advancements in mobile healthcare, significant increase in venture capital investments, and the advantages of digital therapeutics, such as the ability to induce behavioural change, user-friendliness, patient convenience, and improved drug compliance.
A subcategory of digital health is digital therapeutics. Digital therapeutics provide high-quality software-driven evidence-based therapy treatments to prevent, manage, or treat medical ailments or disease. To put it another way, digital therapies treat medical or psychological conditions using digital and typically online health technologies. The goal of digital therapies is to mimic existing treatments, scale care to a wide patient population using technology, enhance their behaviour or function, and minimise expenses. These therapies are designed to treat illnesses that are currently underserved by healthcare systems. Chronic and neurological disorders are included in this category.
The field of digital therapeutics is gradually integrating into the mainstream of medicine and healthcare. Continuous research and development, as well as a growing awareness of its uses, are the primary drivers of market expansion. Digital therapies are focused on specific therapeutic indications and achieve clinical effects. For example, treating ADHD with a video game can help children increase their attention span and inhibitory control. Many people have been interested in employing digital devices to prevent or cure ailments. This attribute is one of the market’s main driving forces.
Request Brochure for Digital Therapeutics Market Report
To some extent, the expansion of this industry is being restrained by a lack of awareness and access to digital therapeutics programs in underdeveloped countries, patient data privacy issues, unstable payment mechanisms, and resistance from traditional healthcare providers.
Increasing development of on-demand, digitally enabled, and seamlessly connected clinician-patient interactions to manage patient base is expected to drive pharma and healthcare market in the coming years. After the COVID-19 outbreak there has been a number of foundational shifts in the healthcare system. Some of the examples include increasing consumer involvement in health care decision-making, the rapid adoption of virtual health & other digital innovations, increasing focus on utilization of interoperable data & data analytics, and increased public-private collaborations in therapeutics and vaccine development. The increased public-private collaborations for vaccine development has arisen due to high pressure of regional governments. Health care providers, and other stakeholders have invested heavily to quickly pivot, adapt, and innovate therapeutics.
Surging demands and transition to patient-centric care delivery across geographies will change pharma and healthcare market trends through 2028.
The report focuses on current and emerging trends in the healthcare industry such as incorporation of IoT and Machine Learning to enhance efficiency of medical products. Top companies in the market are focusing on R&D activities to expand their product offerings and cater to unmet medical needs.
Reports and Data offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough, request for custom research report