We have reached the digital age where healthcare no longer solely relies on outdated systems. Patients want to easily access their healthcare needs with the touch of a button for convenience, making the demand for digital therapeutics more important than ever. Can Medtech keep up with the market trends? And, what are the most profitable healthtech business models? Let's take a deeper dive and answer some of these questions but first, let's review what exactly digital therapeutics are and why they are essential.
What is Digital Therapeutics?
With the merge of software and healthcare on the rise, we are watching the transformation in the health industry take place right before our eyes. With new advancements in AI and other technological platforms, the health industry is able to reshape healthcare as we know it.
What are digital therapeutics? We’re not just talking about the online convenience of healthtech capabilities but the ability to actually use these products during the treatment of medical conditions and deliver clinical outcomes. Apps and wearables can track, analyze and collect data to provide better medical treatment solutions. DTx products help prevent and manage the disease as well as provide digital solutions for healthcare workers. Digital therapeutics play a vital role in the current healthcare transformation and provide an abundance of benefits for both industry leaders, health companies, and patients.
Benefits of digital therapeutic products:
- Provides personalized diagnostics
- Ability to identify and prevent disease
- Monitor and motivate patients
- Support different stages of a patient's health journey
- Accelerates recovery and provides educational tools
- Streamlines care, taking the burden off providers
- Increases patient engagement
- Improves the outcome
Digital Therapeutic Market Trends
Some say trends come and go, but one thing is for sure, these trends bring enough value to stick around in the healthtech industry for good. The integration of digital health solutions has become mainstream over the years, but some are reaching new heights more than others. We are seeing more and more patient-forward applications. Significant digital therapeutic trends include solutions that focus on prevention, treatment, and accessibility to care. This includes products such as remote monitoring tools, diagnostic toolkits, digital pharmacies, wellness coaches, and digital biomarkers. All of these trends are game-changers for healthcare professionals and patients around the globe; however, they would not be successful without adequate DTx product strategies.
Most Profitable Business Models for Digital Therapeutics
DTx products are the future of healthcare. And let’s just say the future looks pretty darn lucrative for MedTech companies implementing this groundbreaking technology. The companies who lead with their main focus being how to solve the problems in healthcare for both patients and practitioners instead of simply thinking of profit only will be the MedTech companies to come out on top. Of course, these companies will need to fully understand the complexities of the industry. This approach is a solid foundation for a successful digital therapeutics business model.
If you are a start-up or enterprise looking to break the mold with your digital products, there are a few questions to ask yourself. Do you have the capability to create the infrastructure needed to support your idea from beginning to end? Are you familiar with the compliances needed to adhere to complex regulations? The truth is, you need experts who are certified and experienced in implementing innovative DTx solutions. Companies like Star Consulting provide exceptional healthtech services that launch MedTech companies to extreme heights. They understand what it takes to take an idea from concept to reality, ultimately driving revenue and providing remarkable solutions for the future of healthcare.