Digital therapeutics provide evidence-based therapeutic intrusions to patients that focus on treating diseases and its management using the high quality software. It has progressed in the last few years, harnessing technology to supplement or potentially replace traditional clinical therapy. Digital therapeutics often employ strategies rooted in cognitive behavioral therapy. Due to the digital nature of the methodology, data can be collected and analyzed as a progress report and a preventative measure.
Propeller Health and Canary Health, Inc. — Notable Market Players in Digital Therapeutics Market
The growth of the digital therapeutics market is attributed to the rise in the prevalence of chronic diseases and concerns regarding the need to reduce healthcare costs. However, cyber threats and risks in data security hampers the market growth.
Market leaders operating in the market have undertaken various organic and inorganic growth strategies. The digital therapeutics market majorly consists of players such as Propeller Health; OMADA Health; Mango Health; Pear Therapeutics, Inc.; Canary Health, Inc.; NOOM, INC.; 2Morrow, Inc.; Teladoc Health; Welldoc, Inc.; Happify Health; and FITBIT, Inc.
Several organic approaches, such as product launches and company expansion, have resulted in the growth of the market. Similarly, inorganic strategies, including mergers & acquisitions and collaborations, have helped the company strengthen its revenue, which allows it to hold a strong position in the market.
A few growth strategies adopted by the players operating in the digital therapeutics market are listed below:
|Month & Year||Description|
|Feb-2022||WellDoc and EHE Health, a national healthcare provider network and top innovator in preventive healthcare, partnered to launch Thrive Now by EHE Health, a digital health platform designed to help manage members’ overall health. Thrive Now will officially launch in April 2022 and is the third product innovation under EHE Health’s Pulse offering.|
|Nov-2021||Pear Therapeutics, Inc. received Breakthrough Device Designation from the US Food and Drug Administration (FDA) for its reSET-A PDT product candidate designed for the treatment of alcohol use disorder (AUD). reSET-A potentially expands Pear’s addiction franchise, including FDA-authorized products to treat substance use disorder (SUD) and opioid use disorder (OUD).|
|Nov-2021||Happify Health and Copado, a leading DevOps platform, partnered to accelerate the global distribution of Happify Health’s Intelligent Healing Platform. Happify Health partnered with the world’s top employers, such as pharma, biotech, and healthcare companies, to deliver AI-enabled digital health and digital therapeutic solutions that help their population live healthier.|
|Aug-2020||Propeller Health began distribution in Japan via a collaboration with Novartis to connect the Propeller digital health platform to Enerzair and Atectura Breezhaler, two new once-daily Novartis medications available outside the US, to treat uncontrolled asthma.|
|May-2020||Propeller Health received 510(k) clearance from the US Food and Drug Administration (FDA) to connect patients using the Symbicort Inhaler to its digital health platform. Propeller’s platform already connects to numerous inhalers used by asthma and COPD patients.|
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