The global digital therapeutic devices market is divided among a
large number of players that features stiff competition, notes a
fresh market study by Transparency Market Research (TMR). Going
ahead, the competitive scenario is likely to intensify as more and
more medical device companies make a foray into this market with
their technological expertise. However, some of the companies hold a
strong foothold than the rest in the global digital therapeutics
devices market, namely Proteus Digital Health, WellDoc Inc., Noom
Inc., Propeller Health, Canary Health, BiogeniQ Inc., Glooko Inc.,
Claritas MindSciences, Nanobiosys Inc., Jintronix Inc., Zest Health
LLC, HealthMine Inc., BioTelemetry Inc., Digital Therapeutics, Omada
Health Inc., Livongo Health, Ginger.io, Inc., 2Morrow Inc., Mango
Health, Twine Health Inc., Firstbeat Technologies Ltd, Big Health,
Dthera Sciences, Virta Health Corp, Meru Health Inc., Pear
Therapeutics Inc., and Blue Mesa.
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“Partnerships and collaborations are what leading players in the
market are focused on to enhance their technical expertise and
deliver novel solutions,” explains the author of the study. For
instance, in January 2017, Glooko announced a partnership with
Ascensia Diabetes Care to deliver diabetes technology data solutions.
Established players are also focusing on emerging economies in Asia
Pacific that display a substantially high demand for digital
therapeutic devices
As per estimates presented by a TMR report, the demand in the global
digital therapeutic devices market will expand at an impressive 15.6%
CAGR during the forecast period between 2017 and 2025. The market for
digital therapeutic devices is estimated to touch a revenue valuation
of US$2,082.3 mn by 2025-end, substantially up from its evaluated
worth of US$590.8 mn in 2016.
Amongst the key product segments, insulin pumps held the leading
market share in 2016 due to increasing prevalence of diabetes.
Geography-wise, North America dominated the global digital
therapeutic devices market in 2016.
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The growth of the digital therapeutic devices market is primarily
driven by increasing use of technology for therapeutics of medical
conditions. The presence of savvy consumers who are aware of the
availability of technologically advanced products for treating a
medical condition coupled with rising disposable income that enables
them to opt for these products is favoring the digital therapeutic
devices market. Moreover, several governments are also taking
initiatives for the adoption of digital therapeutic devices that
marks a significant change from traditional healthcare practices. For
example, in July 2016, Japan’s Ministry of Economy, Trade, and
Industry announced plans to start a demonstration project to improve
diabetes management through IoT and digitization of health
information.
The increasing prevalence of chronic diseases is positively
influencing the digital therapeutic devices market. According to
Partnership to Fight Chronic Disease (PFCD), chronic diseases are the
leading cause of death and disability in the U.S, and account for
over 1.7 million deaths each year.
Further, rising incidence of diabetes and cardiovascular diseases are
some other factors likely to drive the growth of digital therapeutic
devices market in the forecast period. As per statistics of the World
Health Organization, in 2015, diabetes was related to 1.6 million
deaths globally. Another 2.2 million deaths were related to high
blood glucose in 2012.
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However, factors such as data security breach and the high cost of
digital therapeutic devices are some of the key challenges
restraining the growth of the digital therapeutic devices market.
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