Digital Therapeutics is among one of the most thriving industries in the recent years. According to a report by Juniper Research, the market for Digital Therapeutics will grow rapidly over the next 5 years, by over 1,000% to reach more than $32 billion in revenues in 2024. The Digital Therapeutics & Wellness: Disruption, Innovation Opportunities & Forecasts 2019-2024 report states that the biggest applications for DTx will be diabetes and weight loss, generating more than $19 billion in 2024.
Digital therapeutics is an emerging health discipline that uses technology to augment or even replace active drugs in disease treatment, product reimbursement and regulatory oversight. This means that there will be a significant need for new data sharing processes and payment models to integrate these products into the broader treatment arsenal and regulatory structure for drug and device approvals.
There are many apps that have transitioned the healthcare management system, making physicians and patients' lives much more easier (BlueStar, Welldoc, etc.). East Agile had the experience working with several healthcare providers, one of which is NeptunePPA™ - a multi-platform application for doctors to select the best value device for their patients.
We can clearly feel the strong emergence of this industry and how innovative it will become in the future.
For the next couple of years, this industry is expected to witness a lot more significant movements. These might include:
- Digital therapeutics and connected devices. According to a report from Rock Health, investors have poured a staggering $12.5 billion into digital health ventures in 2017 and 2018. These digital therapeutics and connected devices must be clinically validated by the FDA and designed to generate specific health outcomes. Some popular digital therapies that have been approved are Pear Therapeutics’ Reset mobile application for the treatment of substance abuse or Natural Cycles’ birth control app. Many other connected devices are expected to enter the market for the treatment of other conditions or diseases such as diabetes or central nervous system disorders.
- Digital drugs. Other than being treatments itself, digital therapeutics are also assisting people to get the maximum benefit conventional pharmaceutical therapies. The reality is that many people do not take their medicines as prescripted. Very often they will forget or stop taking pills abruptly. In the U.S, this has been linked with 125,000 deaths and is estimated to cost up to US$289 billion annually. A robot called Mabu, developed by Catalia Health in San Francisco, helps to nudge patients take their medications. It is not only a simple reminder system but it can also tailor conversations to individuals and improve patient care via daily check-ins using AI and psychological modelling. This robot is currently widely used for people with kidney disease, rheumatoid arthritis and congestive heart failure and will be adapted to other conditions. This technology is expected to create a very promising industry that can add value to existing medical treatment. We believe “beyond the pills” solutions would be a new trend to keep an eye on in digital therapeutics industry.
- 24/7 Virtual Care. The popularity of VR technology has also brought about important innovations in digital healthcare industry. In Econsultancy’s 2017 Digital Trends in Healthcare and Pharma report, 74% of participants stated that “optimizing the customer journey across multiple touchpoints” will be among the most important digital marketing strategies in the near future. This means people need a broader engagement with physicians from multiple touchpoints throughout the treatment processes. As a result, an up-to-date and 24/7 virtual care will sooner or later become a norm in digital healthcare industry. Personalization is a key attribute of this transition. Technologies like sensor or mobile apps will be the trends as they provide unique patient care designed to suit one’s specific needs.
- Remote patient monitoring. The Global Remote Patient Monitoring Market size was $703 million in 2015 and is expected to grow at a CAGR of 17.0% to reach $2,130 million by 2022. As defined by Allied Market Research, remote patient monitoring (RPM) is a technology used to collect medical and health-related data from individuals at one location and electronically transmit it to a healthcare provider at another location. The growing demand for Remote Patient Monitoring Devices originates from growing demand for portable systems, a rising number of geriatric population and favorable instant reimbursement. Rising disposable income, high presence of untapped market opportunities primarily in developing economies, advancement in technology, supportive government initiatives are some of the factors expected to significantly boost the Remote Patient Monitoring Devices Market in the future.
The transition is obvious and inevitable. Healthcare providers and patients should all be well-prepared for future innovations. As a software provider company, East Agile also equips the teams with cutting-edge knowledge and training appropriate for a diverse selection of projects. We are passionate about applying our expertise in data management and encryption to deliver an ultimate custom solutions to our clients and their patients.
If you want to cooperate with us to build an efficient healthcare systems, do not hesitate to contact us and we will get back to you with all the information you need.
1. "2018 Midyear Funding Review: Digital health déjà vu in yet ...." https://rockhealth.com/reports/2018-midyear-funding-review-digital-health-deja-vu-in-yet-another-record-breaking-half/. Accessed 18 Nov. 2019.
2. "Digital Therapeutics Alliance | Transforming Outcomes." https://dtxalliance.org/. Accessed 18 Nov. 2019.
3. "Remote Patient Monitoring Market - Allied Market Research." https://www.alliedmarketresearch.com/remote-patient-monitoring-market. Accessed 18 Nov. 2019.