Rise in Technological Advancements
There has been a rise in the use of technology for therapeutics toward medical conditions. The consumers in developed markets are increasingly aware of the advanced products for treatment of medical conditions. Particularly, due to rise in disposable incomes, which enables them to adopt these products. The preference is also, therefore, shifted toward the advanced services in the medical field including the growing demand for innovations in therapeutic devices. Example, C2 CryoBalloon Ablation System developed by C2 Therapeutics uses cryosurgical tool in general surgery, mild devices developed by Vertos Medical is a safe, minimally invasive treatments for lumbar spinal stenosis, which does not require anesthesia, implants or stiches.
Along with this factor, the increased focus toward preventive healthcare by the government is also one of the major driving factors. The government is taking initiatives and launching programs for higher adoption rate of these devices, shifting from traditional healthcare practices. The companies are also increasingly rising on venture investments in this domain, which drives this market, such as USD 20 million investment by Pear Therapeutics on substance abuse issues. The rising prevalence of chronic diseases, such as diabetes (1.6 million deaths in 2015) and cardiovascular diseases (an estimated 17.7 million deaths each year) drive the growth of the digital therapeutic devices market.
Concerns Related to Privacy of Patients’ Data
Factors, such as patient’s data privacy concerns associated with digital therapeutic devices, hinder the growth of this market. When the information is transferred to the connected devices and sensors, it reaches into the Internet of Things territory. Since healthcare involves huge data related to patients and companies, cybersecurity is a major issue with increasing levels of connectivity between hospital chains, providers, and payers. As the information is continuously being monitored by doctors, such as the use of Bluetooth-enabled blood pressure cuffs and weight scales, the privacy concerns further rise. Other factors hindering the growth of this market include high cost of manufacturing and installation and resistance of public to traditional healthcare providers. All these factors impede the growth of the digital therapeutics devices market.
North America to Dominate the Market
The digital therapeutics devices market is segmented by product type, application, end user, and geography. By geography, it is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
North America is expected to dominate the market, owing to the early adoption of new technologies and rising investment through funding in this region. The funding is associated with rising investment from government, venture capitalists, mergers, and acquisitions. Example: Recent approval of Abilify MyCite in the United States has attracted investments from several large healthcare companies, such as Novartis AG, Medtronic Inc., and Otsuka Pharmaceuticals, among others. In addition, Asia-Pacific is expected to show a high growth rate due to large population size, increasing penetration of smartphones, and rising government initiatives.
Key Developments in the Market
- January 2018: Voluntis and WellDoc announced a commercial agreement to develop holistic digital diabetes management solution for healthcare system, patients, and providers
- September 2017: Pear Therapeutics' reSET system granted a de novo clearance by the FDA for the treatment of substance abuse.
Reasons to Purchase this Report
- Current and future of digital therapeutics devices market outlook in the developed and emerging markets
- Analysis of various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3 months analyst support, along with the Market Estimate sheet (in excel)
1.1 Market Definition
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Market Overview
5.1 Current Market Scenario
5.2 Porter's Five Forces Analysis
5.2.1 Bargaining Power of Suppliers
5.2.2 Bargaining Power of Consumers
5.2.3 Threat of New Entrants
5.2.4 Threat of Substitute Product and Services
5.2.5 Competitive Rivalry within the Industry
6. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
6.1 Market Drivers
6.1.1 Rising Incidences of Chronic Diseases
6.1.2 Rise in Technological Adavancements
6.1.3 Increasing Focus Toward Preventive Healthcare by Government
6.1.4 Rise in Venture Capital Investments
6.2 Market Restraints
6.2.1 High Cost of Manufacturing and Installation
6.2.2 Data Privacy Concerns
6.2.3 Resistance from Traditional Healthcare Providers
6.4 Key Challenges
7. Market Segmentation
7.1 By Product
7.1.1 Pain Management Devices
7.1.2 Rehabilitation Devices
7.1.3 Respiratory Therapy Devices
7.1.4 Insulin Pumps
7.2 By Application
184.108.40.206 Smoking Cessation
220.127.116.11 Cardiovascular Diseases
18.104.22.168 Central Nervous System Disease
22.214.171.124 Musculoskeletal Diseases
126.96.36.199 Respiratory Diseases
7.3 By End User
7.3.3 Pharmaceutical Companies
7.4 By Geography
7.4.1 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest Of Europe
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
7.4.4 Middle East & Africa
126.96.36.199 South Africa
188.8.131.52 Rest of the Middle East & Africa
7.4.5 South America
184.108.40.206 Rest of South America
8. Competitive Landscape
8.1 Mergers & Acquisition Analysis
8.2 Agreements, Collaborations, and Partnerships
8.3 New Products Launches
9. Key Players
9.1 BioTelemetry Inc.
9.2 Canary Health
9.3 Livongo Health
9.4 Nanobiosym, Inc.
9.5 Pear Therapeutics, Inc.
9.6 Propeller Health
9.7 Proteus Digital Health
9.8 Twine Health, Inc.
9.9 WellDoc Inc.
9.10 Zest Health
10. Future of the Market