Digital Therapeutics Market 2020: Competitive Analysis By Key Players: Propeller Health, CANARY HEALTH, Noom, 2Morrow, Livongo Health, Proteus Digital Health, WellDoc, Fitbit, Omada Health, and MANGO HEALTH And Others

The global digital therapeutics market is expected to reach US$ 8,941.1 Mn by 2025 from US$ 1,993.2 Mn in 2017. The market is estimated to grow with a CAGR of 20.8% during the forecast period from 2018 to 2025.

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Market Insights

Rising prevalence of chronic diseases to boost market growth

Chronic diseases, including heart disease, stroke, diabetes, and obesity, are the leading causes of death in the world and account for most of the nation's health care costs. According to report of CDC, in 2018, approximately more than 9% of the population has diabetes, which is the leading cause of kidney failure, lower-limb amputations in US. Moreover, the data also suggests that 1.5 million Americans are diagnosed with diabetes every year in the US. Similar trends for high presence of diabetes are prevalent around other geographies of the globe that include Asia Pacific, Europe, Middle East and Africa. For instance, according to IDF Diabetes Atlas published by the International Diabetes Federation in 2017, south-east Asia is home to approximately one-fifth (19%) of the total diabetes population worldwide. According to the report of American College of Cardiology Foundation, in 2018, Coronary heart disease (CHD) was the leading cause of deaths attributable to cardiovascular disease (CVD) in the US, which is followed by stroke (16.8%), high BP (9.4%), heart failure (HF) (9.0%), and other CVDs (17.9%). By 2035, approximately 130 million adults in the US population are projected to have some form of CVD. Thus, increasing geriatric population and related chronic diseases are expected to propel the growth of global digital therapeutics market over the forecast years.

Rising Pressure on Healthcare Providers to Reduce Healthcare Costs

Digital therapeutics help in reducing the costs associated with chronic diseases, by helping an individual or an insurance provider to keep a track of one's health status as well as track it with the help of digital means. As per American Diabetes Association, the estimated costs of diagnosed diabetes have risen to $327 billion in 2017, including $237 billion in direct medical costs and $90 billion in reduced productivity. This cost can be managed efficiently by including digital therapeutics that are offered by providers to help manage diabetes, can help patients get assistance with disease management and overcome the logistical challenges uncovered by the investigators.

The major players operating in the digital therapeutics market include Propeller Health, CANARY HEALTH, Noom, Inc., 2Morrow Inc., Livongo Health, Proteus Digital Health, WellDoc, Inc., Fitbit, Inc., Omada Health, Inc., and MANGO HEALTH and among others.

The market players are focused towards bringing new and innovative program and product launches to sustain their position in the market. For instance, in November 2017, Fitbit, Inc. launched in Argentina with its Fitbit Versa, Fitbit Ionic and Fitbit Ionic adidas Edition smart watches and Fitbit Charge 3 fitness tracker devices. Additionally, in September 2018, Fitbit, Inc. launched Fitbit Care device that combines health coaching and virtual care through the new Fitbit Plus app.

Strategic Insights

Product launch/update and partnerships were observed as the most adopted strategy in global digital therapeutics industry. Few of the product approvals and partnerships made by the players in the market are listed below:

2017: In November, Propeller Health and Express Scripts entered into a partnership to provide Propeller's FDA-cleared digital solutions to Express Scripts to manage asthma or COPD.

2016: In November, Propeller Health received FDA approval for its Propeller platform for use with GSK's Ellipta inhaler.

2018: In April, Canary Health entered into a partnership with NMRHCA to offer the Better Choices, Better Health (BCBH) digital therapeutics program in New Mexico.

2016: In June, Canary Health partnered with Medtronic to expand their diabetes care offerings with Canary Health's self-management suite for pre-diabetes, diabetes and related comorbidities.

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