(PharmaNewsWire.Com, April 24, 2020 ) The growth of the digital therapeutics market is primarily driven by factors such as government initiatives for preventive healthcare, technological advancements in mobile healthcare, a significant increase in venture capital investments, and the benefits of digital therapeutics, such as the ability to induce behavioral change (an important challenge in healthcare), user-friendliness, patient convenience, and improved drug compliance.
The global digital therapeutics market is projected to reach USD 6.9 billion by 2025 from USD 2.1 billion in 2020, at a CAGR of 26.7% during the forecast period (2020–2025). Automated systems are considered to be one of the most efficient solutions to minimize these errors. In the past, the successful implementation of automated dispensing cabinets (ADCs) and automated dispensing machines (ADMs) in hospitals has led to a significant reduction in the number of dispensing and medication errors in hospitals.
DTx solutions can be bought or sold in two ways i.e. by business-to-consumer (B2C) and business-to-business (B2B) channels. Through the B2C channel, digital therapeutics providers sell products directly to users or their caregivers, whereas in the B2B channel, digital therapeutics providers sell their products to providers, payers, pharmaceutical companies, and employers. The B2B channel accounted for the largest share of the market in 2019.
Which application segment dominates the digital therapeutics market?
On the basis of application, the digital therapeutics market is segmented into preventive and treatment/care-related applications. The treatment/care-related applications segment held the largest share of this market in 2019. The large share of this segment is attributed to the growing incidences of chronic diseases, rising economic burden of treatment of these conditions, and increasing investment in digital therapeutics to encourage the development of cost-effective and scalable treatment platforms for these conditions.
B2B segment is expected to grow at the highest CAGR during the forecast period
Based on the sales channel, the digital therapeutics market is segmented into business-to-customer (B2C) and business-to-business (B2B). In 2019, the B2B segment accounted for the largest market share; it is also expected to grow at the highest CAGR of the digital therapeutics market. There is growing awareness among providers, payers, and employers about the benefits provided by digital therapeutics and the healthcare cost reductions achieved by their use.
Caregivers segment is expected to dominate the market
Based on the type of buyer, the B2C sales channel market is further segmented into patients and caregivers. The caregivers segment is expected to dominate the market and register the highest CAGR during the forecast period. The high growth of this segment is attributed to company initiatives for the development of products specifically for caregivers and the fact that digital therapeutics help caregivers in better managing their patients.
Which are the key players in the Pharmacy Automation Systems Market and how intense is the competition?
The prominent players in the Pharmacy Automation Systems Market are Becton, Dickinson, and Company (U.S.), Omnicell, Inc. (U.S.), Cerner Corporation (U.S.), Capsa Healthcare (U.S.), Parata Systems LLC (U.S), Baxter International, Inc. (U.S.), ScriptPro LLC (U.S.), KUKA AG (Germany), TCGRx Pharmacy Workflow Solutions (U.S.), RxSafe, LLC (U.S.), ARxIUM Inc. (U.S.) and Talyst Systems, LLC (U.S.).
Which geographical region is dominating the global DTX Market?
Geographically, the digital therapeutics market is segmented into North America, Europe, the Asia Pacific, and the RoW. In 2019, North America held the largest share of the market, followed by Europe. The market in North America is also expected to grow at the highest CAGR during the forecast period. Factors such as the influx of new startups, increasing investments in digital therapeutics, improvements in the reimbursement structure for digital therapeutics, and government initiatives to support technological advancements are driving market growth in this region.
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