What is the market size of digital therapeutics?

The global digital therapeutics market size is expected to grow from $3.53 billion in 2020 to $4.20 billion in 2021 at a compound annual growth rate (CAGR) of 19\%.

What is digital Therapeutics market?

Based on applications, Treatment/Care related Applications are the largest share of the Digital Therapeutics Market, by applications in 2021. Based on application, the digital therapeutics market is segmented into preventive and treatment/care-related applications.

How are digital therapeutics reimbursed?

To be reimbursed by a payer, new DTx are reviewed by an internal committee, in which the FDA submission, clinical data, and health economic outcomes are considered. The goal of reviewing this data is to determine the effect of the DTx on health outcomes, and if this will ultimately save them money.

How are digital therapeutics regulated?

Digital therapeutics are regulated as medical devices. They are most frequently categorized by regulatory jurisdictions as a subset of Software as a Medical Device (SaMD), a framework developed by the International Medical Device Regulators Forum (IMDRF).

What is a digital health formulary?

Digital Formularies for Health Apps. Like prescription drug formularies, the PBM can also select products and negotiate prices to create digital health formularies. The formularies are updated as new apps become available and replace older tools, or as prices are renegotiated.

How do you get Somryst?

To get started, just set up an account and take a sleep questionnaire. If a licensed provider determines that Somryst is right for you, you’ll receive a text message explaining how eligible patients can use the Somryst Savings Card* to pay as little as $100. Just download the Somryst smartphone app to get started.

Do digital therapeutics need FDA approval?

About 35 to 40 digital therapeutics have been approved by the FDA since 2017, though the agency doesn’t have a specific definition for the products. 73\% of U.S. adults described digital health tools as convenient, while 60\% said they are safe and 56\% said they are accurate.