Singapore Digital Therapeutics Market Analysis

Singapore Digital Therapeutics Market Analysis


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Singapore Digital Therapeutics Market is at around $7 Mn in 2023 and is projected to reach $38.98 Mn in 2030, exhibiting a CAGR of 27.8 % during the forecast period. The market is being driven by rising chronic disease burden, healthcare infrastructure, and government initiatives and support. The market is dominated by key players like BioMind Labs, DoctorOnCall, FitBit Health Solutions, Omada Health Inc., 2Morrow Inc., Livongo Health Inc., WellDoc, Propeller Health, Canary Health, and Noom Inc.

ID: IN10SGDH006 CATEGORY: Digital Health GEOGRAPHY: Singapore AUTHOR: Aneri Parekh

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Singapore Digital Therapeutics Market Executive Summary

Singapore Digital Therapeutics Market is at around $7 Mn in 2023 and is projected to reach $38.98 Mn in 2030, exhibiting a CAGR of 27.8 % during the forecast period.

The growing field of digital therapeutics in Singapore is the application of digital technology, like software and mobile apps, to the delivery of evidence-based therapeutic interventions. These interventions, which frequently support conventional healthcare methods, are intended to prevent, manage, or treat a variety of medical conditions. Singapore's digital therapeutics market is anticipating expansion and innovation in enhancing patient outcomes, with an emphasis on utilizing technology to provide individualized and effective healthcare solutions.

The growing use of digital health solutions is fueling the robust expansion of the Singapore digital therapeutics market. Growing awareness among healthcare professionals and consumers, government funding for healthcare innovation, and the prevalence of chronic diseases on the rise are all important considerations. The market is seeing an increase in the number of digital therapeutic products designed to treat different medical issues.

The remarkable expansion of the digital therapy sector is demonstrated by the $6.2 Bn in revenue it generated globally in 2023. The dramatic transformation brought about by current technology and cost-effective manufacturing procedures is responsible for this company's exceptional rise. This illustrates how the use of digital medications in the healthcare industry is expanding. New developments are expected to support the industry's ongoing success as the market trend indicates that more changes might be in store.

With its focus on neurological and mental health disorders, BioMind Labs is a growing player in the rapidly expanding Singaporean digital therapeutics market, exhibiting considerable potential. It creates and offers clinically validated digital therapy packages for ailments like depression, anxiety, ADHD, and cognitive decline. It received money from renowned investors like Monk's Hill Ventures and Y Combinator and was highlighted in Forbes 30 Under 30 Asia (2021).

Singapore digital therapeutics market

Market Dynamics

Market Growth Drivers:

Government Initiatives and Support: The development of the digital therapeutics industry is greatly aided by government efforts and assistance.

Infrastructure for Healthcare: The adoption of digital health technologies is facilitated by sophisticated healthcare facilities, strong telecommunication networks, and a mature healthcare ecosystem.

Growing Burden of Chronic Diseases: There is a growing need for practical and scalable solutions due to the rising incidence of chronic illnesses like diabetes, heart disease, and mental health issues. People with chronic diseases can benefit from individualized and ongoing treatment, which digital therapies can deliver.

Market Restraints:

Cost of Implementation: For healthcare practitioners, particularly in settings with limited resources, the upfront setup costs and continuing expenditures linked with integrating digital therapeutics solutions can be a major obstacle.

Issues with Interoperability: The smooth integration of digital treatments into the larger healthcare ecosystem may be hampered by a lack of compatibility with current healthcare systems and electronic health records (EHRs).

Technological Obstacles: Widespread adoption of digital treatments may be hampered by limited access to technology, such as smartphones and internet connectivity, particularly in some demographic groups or geographic locations.

Healthcare Policies and Regulatory Landscape

In Singapore, the statutory board under the Ministry of Health is the Health Sciences Authority (HSA). It is the responsibility of this multidisciplinary institution to safeguard and improve public health and safety by utilizing expertise in science, medicine, and pharmacy. As part of the HSA's technical evaluation of the application, the drug's effectiveness, safety, and quality will be evaluated. It can take up to 180 working days to complete the screening process. Following international standards, the HSA upholds stringent requirements for efficacy, safety, and quality (ICH). This might result in demanding and time-consuming standards for pre-clinical and clinical trials, especially for new medications.

Competitive Landscape

Key Players:

  • BioMind Labs
  • DoctorOnCall
  • FitBit Health Solutions
  • Omada Health Inc.
  • 2Morrow Inc.
  • Livongo Health Inc.
  • WellDoc
  • Propeller Health
  • Canary Health
  • Noom Inc.

1. Executive Summary
1.1 Digital Health Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Digital Health Policy in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Singapore Digital Therapeutics Market Segmentation

By Solution

  • Software
  • Services

By Deployment

  • Cloud-based
  • On-premises

By Application

  • Therapy
  • Diabetes
  • Obesity
  • CNS
  • Respiratory
  • CVD

By End-use

  • Diagnostic Centres
  • Healthcare Players
  • Healthcare Research Centres
  • Hospitals & Clinics
  • Nursing Care Centres
  • Others

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

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Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

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Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

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The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 29 May 2024
Updated by: Dr. Purav Gandhi

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