Digital Therapeutics Market to Witness Exponential Growth amid COVID-19 Outbreak
In the months since, the COVID-19 crisis has debilitated national healthcare systems and the global economy. Weaknesses in healthcare systems have become clearer than ever, while startups and capital providers have struggled to operate while wide swaths of the market effectively shut down.
Digital Therapeutics i.e. evidence-based therapeutic interventions delivered to patients digitally utilizing high quality software programs in order to prevent, manage or treat a broad spectrum of physical, mental & behavioral conditions, can play an important role in helping address the evolving coronavirus (COVID-19) outbreak. In fact, the U.S. Centers for Disease Control (CDC) calls for the increased use of telehealth to evaluate, triage and care for patients in the fight against pandemic outbreaks.
Michael Kratsios, U.S. Chief Technology Officer said, “The Trump Administration recognizes the power of telemedicine and digital health solutions in keeping Americans healthy and safe during this unprecedented time, making it a priority to expand access for patients and doctors alike. We thank our nation’s technology leaders for continued action as part of this truly whole-of-America response to the pandemic.”
Emerging World of Physical & Mental Health Treatment by Digital Therapeutics
Digital-health company Welldoc, has BlueStar an app that helps people to log their blood glucose, medications, activity, diet, blood pressure and weight, either manually or through Bluetooth-enabled gadgets and the data can be shared with the patient’s care team. They showed they could lower A1c by two full points in patients with high enough A1cs. This is a greater effect than drugs typically manage. Digital delivery of behavioural therapy is not limited to diabetes, or even physical health. More frequently digital therapeutics market is emerging that tackle mental health. The most common application is digital delivery of cognitive behavioural therapy (CBT) for depression and anxiety disorders, but the area is diversifying rapidly. Pear Therapeutics in Boston partnered with Sandoz, a division of Swiss pharmaceutical company Novartis, to develop an app called reSET that delivers CBT for substance-abuse disorder. Pear also has plans to develop a product for schizophrenia, and is collaborating with the University of Virginia in Charlottesville to develop a treatment for insomnia and depression, called Somryst. London and San Francisco-based digital-health company Big Health. Its Sleepio system is an online self-care programme based on CBT for insomnia, which has been shown to improve both insomnia symptoms and mental well-being
How Could Digital Therapeutics Products Address The COVID-19 Concerns?
Patients with chronic diseases are facing new challenges in the midst of the COVID-19 pandemic. These individuals still need to manage their conditions, but no longer have as much flexibility in seeing their healthcare providers, picking up and managing their medications, exercising, and eating well-balanced meals, among many other things. The current burden of COVID-19 exacerbates how patients are able to self manage their conditions due to physical distancing, isolation, and complications in accessing healthcare services.
Patients with anxiety, depression, cognitive impairments, and other mental health conditions are also facing new challenges in the midst of the COVID-19 pandemic. With an increased focus on social distancing, people are facing long periods of quarantine, social isolation, and uncertainty. These conditions are often significantly impacted by stress, and children and adults will likely not receive the stimulation they normally would for long periods of time. Healthcare systems do not currently have the capacity to provide evidence-based therapies to all of the individuals dealing with mental health conditions and disorders. This represents a high degree of unmet medical need.
Healthcare systems are searching for ways to reduce unnecessary clinic visits and hospitalizations for non-acute conditions. If the environmental conditions necessitated by COVID-19 push patients with mental health and chronic disorders into uncontrolled states, these individuals are more likely to require immediate care, thus delivering an additional strain on the healthcare system. Additionally, for patients over the age of 70, this presents an increased likelihood of them being exposed to the virus, infecting others, or demonstrating worse clinical outcomes.
Global Digital Therapeutics Market Landscape
Global digital therapeutics market is set to triple in size over the next seven years, blossoming into a USD 10 billion opportunity — and Goldstein Market Intelligence predicts consumer adoption of the digital treatments will grow more than 12-fold by 2028, which is poised to expand the DTx market at a CAGR of 20.12%.
North America Digital Therapeutics market is expected to witness the fastest growth and acquire the lion share of the global DTx Market owing to the fact that digital therapeutics empower patients, payers and healthcare providers with intelligent and accessible tools for addressing a wide range of conditions through high quality, safe, and effective data-driven interventions.
Based on the sales channel, in 2018, the B2B segment accounted for the lion tshare. However, in the past few years there has been this resurgence in certain pockets where direct-to-consumer seems to be taking off a bit.
This article was originally published on talkmarkets.com by Goldstein Market intelligence. View source : https://talkmarkets.com/content/healthcare/digital-therapeutics-market-to-witness-exponential-growth-amid-covid-19-outbreak?post=257369