Given the rising incidence of chronic clinical conditions and growing pipeline of modern medicines t
Chronic diseases are considered among the leading causes of deaths worldwide. Additionally, management of such conditions have a significant impact on healthcare economy; in fact, costs associated with their treatment have increased at a rapid pace in recent years. For instance, in the US, the current expenditure on chronic diseases is close to USD 3.3 trillion, which accounts for nearly 90% of the region’s total annual spending on healthcare. Similarly, more than 80% of the healthcare spending in Europe is dedicated to the treatment of such chronic diseases. This has prompted healthcare organizations across the world to look for innovative solutions besides conventional treatment / disease management options.
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Our estimates suggest that, in 2020, the market for digital therapeutics is likely to be worth USD 1.47 billion and this value is projected to be USD 8.86 billion by 2030, growing at an annualized rate of 19.7% in the given period.
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In fact, in an interview with the co-founder and chief executive officer of an industry player, she stated that “In future, I believe that several large companies will be built in this space, which will potentially create a multibillion dollar market for players involved in the development of digital therapeutics. As such, it is likely to become a big industry in the next few years.”