Digital Therapeutics (DTx) have emerged in the last few years in a broad range of interventions to prevent, detect, manage or treat diseases (mental health, cognition, obesity, diabetes, heart disease, respiratory and many others), sometimes in combination with pharmaceutical products or medical devices (e.g., blood pressure cuffs).
Importantly, in these times of social distancing, several trends have emerged in how companies are creating DTx to help people with chronic conditions to live healthier in numerous ways. All DTx products provide active therapies to patients in the comfort of their own homes, and many allow their users to understand and manage their condition themselves. Many companies provide unique services and discretion regarding mental health, sleep problems and depression.
Digital therapeutics industry is focusing on developing high quality of healthcare products using advanced technology. During the outbreak of Covid-19, FDA generated guidelines, stating permission for the distribution, supply and use of digital therapeutic devices for the treatment of various disorders. This created an opportunity and led to increase in demand for the therapeutic devices across the world. Due to incidence of the coronavirus, this created awareness and alertness regarding importance of health management using digital therapeutic products.
Digital therapeutics helps to deliver medical therapies or treatments directly to the patients using scientific reports, clinically evaluated software used to treat patients, their management and used for the prevention of chronic diseases or disorders. Digital therapeutics products have the same set of standards and regulations as that of traditional medicinal products and treatments. Digital therapeutics must follow some of the core values like product safety, patient centricity, privacy, quality, and ongoing clinical trials impact on the product.
Further, based on sales channel, in caregiver channel accounted for largest share of digital therapeutics market and providers segment is expected to grow with highest CAGR in coming years. Geographically, North America dominated the digital therapeutics market in year 2020 and it is expected to expand more during the forecast period. Presence of advanced technology, developed healthcare infrastructure, and rising chronic diseases surge the demand for digital therapeutics market.
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