Digital Therapeutics Market Trends

Digital Therapeutics Market Drivers

Prevalence of Chronic Diseases

• The demand for therapeutics software and devices is increasing because of the management and treatment of chronic diseases globally. Furthermore, the incidences of chronic conditions, like type 1 diabetes & type 2 diabetes, cancers, Alzheimer’s diseases, obesity, and gastrointestinal disorders are also increasing. This is especially true in emerging economies, which is propelling the demand for this software during the forecast period.

Increasing Use of Smartphones

• With the increasing digitalization, healthcare has experienced many changes in the last few years. The advent of smart medical devices and a cloud-based data platform along with smartphones allows better treatment and health monitoring. With these digital therapeutics market players are emphasizing more on developing and launching innovative technologies embedded with applications for treating various chronic diseases with the help of these products.

Digital Therapeutics Market Restraints

Restrictions Related to Digital Therapeutics

• This market is an emerging field of software and device-driven based products that can be used to prevent, manage or treat medical conditions. But growing problems related to cybersecurity are becoming a huge concern, that is restricting the adoption of therapeutics. Furthermore, the absence of regulatory clarity, reimbursement difficulties, and disparities with access to technology, are also restricting its adoption in the market. Patients are becoming more aware and concerned about the risks and vulnerabilities of their medical data.

High Expense of Manufacturing

• The huge expenditure necessary for manufacturing these therapeutics is hampering the market growth. Many market players are making massive investment for integrating new and advanced therapeutics to accelerate the process, which is increasing the cost. Producing digital therapeutics also consists of various expenses connected to research, software development, clinical trials, and regulatory approvals. These expenses are restraining the growth of the market.