The Meteoric Rise of Digital Therapeutic, Monitoring and Diagnostic Solutions
Chronic disorders, such as diabetes, heart disease, obesity, mental health problems and insomnia, are considered to be the leading causes of death and disability across the world. According to a 2018 report published by the Center for Managing Chronic Disease at the University of Michigan, more than 50% of the global population currently lives with some form of chronic disease. Digital healthcare, a relatively new concept, is believed to possess the potential to address the rising concerns related to this growing socio-economic burden. Driven by the demand for self-management approaches, personalized healthcare solutions and customized treatment regimens made available in the home-care setting, digital health companies are presently engaged in developing several innovative solutions for therapeutic, surveillance and diagnostic use.
With the goal to manage rising monetary burden on healthcare systems worldwide, over 100 digital health companies, with innovative solutions, have surfaced recently
150+ digital solutions are being evaluated across various stages of development for diverse chronic diseases; most developers are based in North America
Case-in-point: Metabolic disorders, being targeted by close to 30% of digital therapeutics, has emerged as the key focus area
More than 50% of digital therapeutics are software applications, which are offered either as standalone solutions or in combination with a personal coach and / or a device
Foreseeing the future potential, a total investment of close to USD 2.8 billion has been made into this domain since 2011
70+ stakeholders have entered into collaborations with research institutes and big pharmaceutical companies to establish new standards for digital solutions
In the quest for an effective go-to-market strategy, players have focused on highlighting key features of their solutions across a range of marketing / distribution platforms
With the opportunity spread across different therapeutic areas and distribution channels, the market for digital health solutions is anticipated to grow at a CAGR of over 15.4%
Standalone software solutions are anticipated to lead the pack in the short-midterm; companies based in Asia-Pacific are expected to gradually gain a higher market share
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