Chronic diseases are considered among the leading causes of deaths worldwide. Additionally, management of such conditions have a significant impact on healthcare economy; in fact, costs associated with their treatment have increased at a rapid pace in recent years. For instance, in the US, the current expenditure on chronic diseases is close to USD 3.3 trillion, which accounts for nearly 90% of the region’s total annual spending on healthcare. Similarly, more than 80% of the healthcare spending in Europe is dedicated to the treatment of such chronic diseases. This has prompted healthcare organizations across the world to look for innovative solutions besides conventional treatment / disease management options.
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Our estimates suggest that, in 2020, the market for digital therapeutics is likely to be worth USD 1.47 billion and this value is projected to be USD 8.86 billion by 2030, growing at an annualized rate of 19.7% in the given period.
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In fact, in an interview with the co-founder and chief executive officer of an industry player, she stated that “In future, I believe that several large companies will be built in this space, which will potentially create a multibillion dollar market for players involved in the development of digital therapeutics. As such, it is likely to become a big industry in the next few years.”
In terms of type of solution, standalone software solutions are likely to capture majority of the current and future market share. This can be primarily attributed to the fact that majority of the marketed / underdevelopment digital therapeutic are standalone software solutions. Further, digital therapeutic solutions having a combination of software application and personal coach, are likely to hold a momentous share in 2020 and 2030. Furthermore, the solutions that are a combination of software application and AI support are also anticipated to hold
significant market share, given the easy-to-use and other user-friendly features possessed by such solutions.
Notably, for type of therapy, curative therapies are likely to capture the major share of the current and future market (over 80%). This can be attributed to the fact that presently, a number of companies are focusing on development of digital therapeutics solutions that can be used to treat the disease. Moreover, several investors are on the lookout for investing in companies engaged in developing digital therapeutic solutions for disease treatment. Further, given the fact that over 90% of the solutions under development are curative, having the potential to treat previously incurable indications, the overall market share for these therapies is predicted to be over 90%, by 2030.
Additionally, in case of purpose of solution, medication replacement solutions are likely to capture majority of the current and future market share. This can be attributed to the fact that in case of mental illnesses, such as PTSD, ADHD and substance abuse, digital therapeutics may play the first line of defense. This is predominantly because pharmacological treatments have not proven to be as effective. The digital therapeutic solutions that help coping, counselling and incremental behavior change have been able to show progress where chemicals have not. Furthermore, digital therapeutics can play a significant role in replacing the medications to treat chronic pain by helping to follow through with physiotherapy, improve posture and fight mental triggers to pain. Additionally, in cases of morbid obesity, there is merit in using digital therapeutics as a substitute to bariatric procedures like stomach stapling and surgery. Further, these solutions not only provide better effects in most cases when compared to traditional medications, but also leave behind the side effects caused by latter.
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