Chronic Disease Management Market Overview
According to the reports by MRFR on the chronic disease management market, it is likely to record a praiseworthy CAGR of 14.5% by 2027.
Chronic disease management comprises a predefined set of actions aimed mainly to offer superior healthcare and enhance patients’ quality of life. These solutions include a broad range of lifestyle counselling, multidisciplinary treatment, and suggestions for chronic diseases self-management model of chronic illness conditions to increase knowledge related to various diseases.
The Chronic disease management market has been witnessing praiseworthy growth over recent years. The primary aspect driving the market’s growth is the worldwide rise in the prevalence of chronic diseases such as musculoskeletal problems, diabetes, asthma, stroke, cancer, or COPD. Additionally, the market is expected to grow throughout 2021 to 2018 due to an increase in awareness of chronic kidney disease nutritional management and a rise in the number of people with chronic diseases. Furthermore, an increase in the geriatric population and increasing degrees of digitalization integration in healthcare facilities and systems are also projected to fuel the market growth over the review timeframe.
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The growth of the chronic disease management market is also likely to be propelled by the factors like a fast rise in healthcare IT solutions, better service provider offerings, rapid growth in the medical tourism sector, and increased demand for chronic disease management services worldwide. However, the growth of the chronic disease management market is anticipated to be restricted by Non-compliance and an absence of adherence amongst patients, and a shortage of technically trained workforce and experts.
Chronic Disease Management Market Segment Analysis
The global market for chronic disease management is divided into numerous segments based on application, end-users, and region. The market is projected to record a massive growth over the review timeframe.
The global market is divided into diabetes, cardiovascular disease, safety arthritis, cancer, and others based on application.
By end-users, the chronic diseases management market is split into payers, providers, and others.
The global market for chronic diseases management is studied mainly across five major regions, including North America, South America, the middle east & Africa, Asia-pacific, and Europe.
The North American region holds the leading position in the global market for chronic diseases management given the increased healthcare spending, increased R&D investment for biotech and pharma firms, and the increasing incidence of chronic diseases.
The European regional market for chronic disease management is likely to hold the second position globally given the rising aging population and increased healthcare costs. Additionally, elevated healthcare spending is also anticipated to fuelling market growth over the coming years.
The Asia-Pacific region was projected to record the highest CAGR over the review timeframe. The regional market’s growth is being driven by the desire for technologically improved therapies and expanding population in the region.
The Middle East and African region are expected to witness a sluggish growth rate over the coming years, given the lack of awareness, low per capita income, and lack of healthcare facilities. However, the market is expected to experience a growth in the review timeframe owing to the growing product demand and increased hospitalization.
Chronic Disease Management Market Competitive Analysis
The global market for chronic disease management has an intensely competitive landscape given the wide number of players spread worldwide. Hospitals across the globe are focusing more on delivering tailored solutions to grow their consumer base and product offering. The list of major players in the chronic disease management market includes companies such as Infosys Limited (India), Siemens Healthcare Private Limited (Germany), Allscripts Healthcare Solutions, Inc. (US), EXL Healthcare (New York), Koninklijke Philips NV (Netherlands), ScienceSoft USA Corporation (US), TriZetto Corporation (US), Pegasystems Inc. (US), MINES & Associates, Inc. (the US), Harmony Information Systems, Inc.(the US), and several others.
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In September 2021, CareHive, Austin, Texas-based start-up, is ready to launch a new course for healthcare delivery – ‘hybrid healthcare’- the connection of virtual providers and AI-powered technology. CareHive collaborates with healthcare employers, providers, and health plans to provide patients with receptive, evidence-based virtual engagement.
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