Healthcare


US Digital Therapeutics Market, Forecast to 2023

Many New Services Evolving from Digital Health and mHealth are Expected to Drive Growth, Reduce Healthcare Costs, and Improve Patient Outcomes
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Published: 25 May 2018

Digital therapeutics are about to become a true medical alternative that will utilize communications-based technologies, apps, and software to improve patient outcomes and help to lower the cost of healthcare. The overall digital therapeutics market is expected to grow at a compound annual growth rate of 30.7% from 2017 to 2023. This report emphasizes the importance of clearly defining the term "digital therapeutics." In many areas of the evolving healthcare market, an important facet of understanding opportunity and strategy is effective definition and scoping of new terminology and concepts. Frost & Sullivan reviews data that illustrate there is often an inconsistent definition of the term as well as the companies that are participating in this early market. The research reveals that there is a much smaller segment of the digital therapeutics market devoted to pure play participants that are developing true therapeutic solutions that will provide a medical-grade benefit to patients. The pure play market will require considerable research and development in partnership with pharmaceutical companies, and a US Food and Drug Administration certification for safety and efficacy after a clinical trial. Frost & Sullivan predicts that the digital therapeutics market will attract the interests of medical device companies, pharmaceutical industry participants, and investors. It is reasonable to foresee that several of the larger, established healthcare companies will carefully monitor progress in this space and make strategic moves as the smaller, new entrants demonstrate successful outcomes following randomized clinical trials.

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