Digital therapeutics, or DTx, is a rapidly growing field that is poised to revolutionise the way we deliver remote patient care. By utilising mobile apps and other digital technologies, DTx offers a convenient and cost-effective alternative to traditional in-person therapies, empowering patients to take control of their own health and wellness.
Covid-19 has driven industry digitalisation
One of the major drivers behind the DTx market is the increasing global demand for remote patient care following the Covid-19 pandemic. With many healthcare systems stretched to capacity, the ability to deliver treatment remotely became critical to ensuring patients received the care they needed. DTx will help to overcome ongoing staffing shortages in healthcare systems by offering a range of services, from telemedicine consultations to personalised care plans and remote monitoring, allowing patients to receive care from the comfort of their own homes. By providing individuals with the tools and resources they need to manage their own health and well-being, DTx also has the potential to empower patients and improve outcomes in a way that traditional methods of care may not be able to.
Increased regulation will drive DTx acceptance
Software mobile health apps are now classified as medical devices in Europe, requiring increased regulation and safety verification. These regulatory changes encourage consumer trust, uptake, and acceptance of these products as a legitimate form of medical care. In Germany, there is now a system in place for reimbursing patients who purchase DTx apps as a form of treatment. This could prove to be a valuable incentive for patient adoption of remote care. This DTx adoption trend is expected to continue, with GlobalData predicting the approval of 70 new Class II mobile health apps in 2023.
However, it is important to note that the success of DTx will depend on several factors, including the development of effective and user-friendly technologies, the availability of reliable and secure data systems, and the ability to demonstrate clinical effectiveness and cost-effectiveness. It will also be important to ensure that these technologies are accessible and affordable for all individuals, regardless of their location or socio-economic status.
Digital therapeutics will be a key theme for manufacturers in 2023
While the use of DTx is still in its early stages, it has the potential to revolutionise the way healthcare is delivered and received. The potential for DTx to improve patient outcomes and reduce healthcare costs has not gone unnoticed by investors. Venture financing in the field reached nearly $500 million in 2021. GlobalData’s TMT Predictions report for 2023 anticipates that digital therapeutics will be a key emerging healthtech theme for investment. Big Pharma has also taken notice, with many major pharmaceutical companies investing in DTx platforms to tap into this growing market. DTx offers the next significant form of remote treatment and will continue to grow in importance as we look to improve the delivery of healthcare in the digital age. As the field continues to evolve and mature, it will be interesting to see how DTx is integrated into the broader healthcare ecosystem and what impact it has on patient outcomes and the delivery of care. With significant investment from both the private and public sectors, and regulatory changes that are facilitating the adoption of DTx, it is likely that we will see even more innovative and effective digital therapeutics solutions emerge in the coming years.