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The market for digital therapeutics is being driven by several factors, such as the rising incidence of chronic diseases, the desire to cut healthcare costs, a growing emphasis on preventive healthcare, and increased expenditures in digital therapeutics. The increasing prevalence and incidence rate of chronic diseases is a major concern for healthcare systems across the world. Patients with chronic diseases provide a significant therapeutic challenge since psychosomatic or biopsychic factors commonly impact these patients. Since chronic diseases are often associated with substantial levels of uncertainty, patients must change their behaviour as part of a new self-care lifestyle. Many chronic diseases and conditions worsen with time and become more common as people age. As a result, as the global geriatric population rises, chronic diseases are anticipated to rise even more throughout the forecast period. This is expected to boost the demand for digital therapeutics in the upcoming years.
Recently, some key industrial developments have shown the potential to drive the market over the forecast period. For instance, Pear Therapeutics (US) collaborated with Spectrum Health Systems (US) in March 2021. Tufts Health Plan and Spectrum Health Systems have established a partnership with Pear Therapeutics to test FDA-approved digital therapeutics to aid patients with substance use disorders in their recovery journeys by offering solutions for enhanced treatment access and care innovation. In addition, the growing competition among the industry key players, such as Livongo Health Inc. (NASDAQ: LVGO) and Mango Health Inc., is expected to foster market growth in the coming years.
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The major players in the global digital therapeutics market are Omada Health, Inc., WellDoc Inc., Livongo Health Inc., Mango Health Inc., and Canary Health Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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