/“Healthcare Revolutionizing: A competitive analysis of Digital Therapeutics in the technology age”
Abstract:
Treating medical conditions through the use of technology can be done through an innovative approach known as digital therapeutics. Overview of digital therapeutics is the aim of this research paper to provide, including features provided by its major competitors. The paper begins by digital therapeutics defination and discussing their importance in modern healthcare. It then analyzes growith potential and market size, with key players in the market.
Major digital providers are also involved in this paper, their business model, weaknesses and strengths and market share. It also examines digital therapeutics types, and benefits over that of a traditional therapies. Finally, clinical evidence of digital therapeutics is been discussed, including some results of clinical studies on their efficacy.
Keywords: Digital therapeutics, Healthcare technology, Competitive analysis.
Introduction
Evidence-based therapeutic interventions delivered through software that can help prevent, manage, or treat medical disorders is referred to as Digital therapeutics. To provide a more convenient and cost-effective approach to treating various medical conditions through the use of technology is what the aim of digital therapeutics is. Digital therapeutics are rapidly becoming a popular alternative to traditional medical treatments with the increasing use of smartphones and other digital devices .
The Importance in Modern Healthcare of Digital Therapeutics
Importance have increased in modern healthcare due to digital therapeutics because of several factors. More convenient and accessible approach to healthcare is what they offer firstly. Secondly, real-time data and feedback to patient can be provided by digital therapeutics, allowing them to make informed decisions about their treatment and monitor their condition. Finally, reducing the cost of healthcare by eliminating the need for physical visits to healthcare providers can also be done by digital therapeutics.
Digital Therapeutics Market Analysis
Still in its early stages is what digital therapeutics market are, due to the increasing demand for more personalized and convenient healthcare solutions but it is rapidly growing. The global digital therapeutics market was valued at $1.7 billion in 2019 and is expected to reach $9.4 billion by 2027 according to report by Grand View Research, CAGR of 23.8% growth. The market growth is driven by factors such as rising healthcare costs, increasing adoption of mobile health technologies and increasing prevalence of chronic diseases.
Digital Therapeutics Key Market Players
Highly fragmented is what the market of digital therapeutics are, in the market is operating with large number of players. In the market some of the major players include:
Omada Health: Omada Health is a digital health company that provides support to help individuals improve their health outcomes and personalized digital health coaching. Their programs include diabetes prevention, hypertension management and weight loss.
Pear Therapeutics: Developing software-based treatments for various medical conditions is what Pear Therapeutics the leading digital therapeutics is, including schizophrenia, insomnia and substance use disorders.
Proteus Digital Health: Developing and marketing digital health solutions is what Proteus Digital Health which is a digital health company does, including digital therapeutics and sensor-enabled pills, for various medical conditions such as diabetes and hypertension.
Propeller Health: Sensor-enabled inhalers is what a digital health company named Propeller Health does and to help individuals manage their asthma and COPD they have mobile apps.
Akili Interactive: Developing software-based treatments for various medical conditions such as autism, depression and ADHD is what Akili interactive does.
Literature Review
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Free, C., Phillips, G., Galli, L., Watson, L., Felix, L., Edwards, P., ... Haines, A. (2013). The effectiveness of mobile-health technologies to improve health care service delivery processes: A systematic review and meta-analysis. PLOS Medicine, 10(1), e1001363. https://doi.org/10.1371/journal.pmed.1001363
Harlow, J., & Duval, J. (2020). The digital transformation of healthcare. McKinsey & Company. https://www.mckinsey.com/industries/healthcare-systems-and-services/our-insights/the-digital-transformation-of-healthcare
Lippiett, K., & Richardson, S. (2019). Digital therapeutics: Exploring the potential of evidence-based digital interventions to enhance patient outcomes. Digital Health, 5, 1-10. https://doi.org/10.1177/2055207619869732
Mercer, K., Giangregorio, L., Schneider, E., Chilana, P., Li, M., & Grindrod, K. (2016). Acceptance of commercially available wearable activity trackers among adults aged over 50 and with chronic illness: A mixed-methods evaluation. JMIR mHealth and uHealth, 4(1), e7. https://doi.org/10.2196/mhealth.4517
Ruffolo, M., & Wong, K. (2019). Digital therapeutics: Emergence of a new industry segment. Deloitte Insights. https://www2.deloitte.com/us/en/insights/industry/health-care/digital-therapeutics.html
Sherrington, C., Michaleff, Z., Fairhall, N., Paul, S., Tiedemann, A., Whitney, J., & Cumming, R. (2017). Exercise to prevent falls in older adults: An updated systematic review and meta-analysis. British Journal of Sports Medicine, 51(24), 1750-1758. https://doi.org/10.1136/bjsports-2016-096547
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Competitive Analysis:
Company/Criteria
Pear Therapeutics
Akili Interactive
Click Therapeutics
Founding year
2013
2011
2012
Headquarters
MA, Boston
MA, Boston
NY, New York
Area of focus
Schizophrenia, multiple sclerosis, insomnia and substance use disorder.
Depression, cognitive impairment and ADHD
Depression, insomnia and smoking cessation
Number of products
3 FDA-cleared products, 1 in development
1 FDA-cleared product, several in development
2 FDA-cleared products, several in development
Method of delivery
Mobile app with sensor-based biometric monitoring
Game-based software on mobile or tablet
Mobile app with interactive cognitive exercises
Duration of treatment
3-12 months
4-8 weeks
6-12 weeks
Target market
Healthcare providers, payers, patients
Healthcare providers, patients
Healthcare providers, patients
Clinical trials completed
16
12
7
Partnerships
Novartis, Otsuka, Pfizer, Schizophrenia and Related Disorders Alliance of America
Shionogi, Jazz Pharmaceuticals
Sanofi, Boehringer Ingelheim
Raised funds
$390 million
$200 million
$48 million
Competitive Advantage
Mobile application features
- Uses sensor-based biometric monitoring to track medication adherence and symptom improvement - Offers personalized cognitive behavioral therapy - Provides a digital treatment platform for multiple conditions
Digital therapeutics for substance abuse disorder and opioid addiction.
FDA-cleared mobile application "reSET" for substance abuse disorder treatment.
Personalized treatment plans with 12-week modules.
Real-time progress tracking and self-assessments.
Integration with healthcare providers for remote monitoring and support.
- Uses a game-based approach to engage and motivate patients - Targets cognitive function, which is underserved by traditional therapeutics - Offers scalable and cost-effective therapy
Digital therapeutics for cognitive disorders and ADHD
FDA-cleared mobile application "EndeavorRx" for ADHD treatment.
Game-based therapy with adaptive challenges.
Personalized treatment plans based on cognitive and emotional profiles.
Real-time progress tracking and data analysis.
Integration with healthcare providers for remote monitoring and support.
- Provides interactive, evidence-based exercises for a range of conditions - Offers 24/7 support and personalized progress tracking - Leverages machine learning to personalize treatment plans
Digital therapeutics for mental health disorders and addiction.
FDA-cleared mobile application "reSET-O" for opioid addiction treatment.
Cognitive and behavioral therapy programs for depression, anxiety, and insomnia.
Personalized treatment plans with self-guided modules.
Real-time progress tracking and self-assessments.
Conclusion
Offering a range of benefits to individuals and healthcare providers is what Digital therapeutics are. They provide remote monitoring, analytics tools and personalized treatment that can help improve health outcomes.In the market there might be several digital therapeutics providers, but each one of them has its own weaknesses and strengths. Companies such as Livongo, Pear Therapeutics, Akili Therapeutics, Akili Interactive, MyoKardia, Propeller Health and Omada Health are leading the way in the delivery of digital therapeutics programs and development for the same, and are likely to shape the healthcare future.
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