The chronic disease management market reached $4 trillion in 2018 and Market Research Future (MRFR) expects it to register a healthy growth rate of 14.5% during the forecast period .
Growth boosters and deterrents
The chronic disease management market is primarily driven by the growing demand for innovative IT solutions and services that facilitate the efficient delivery of value-based medical care. The large-scale budgets allocated to healthcare, in addition to the growing need for value-based advanced healthcare and disease management in several healthcare settings, may drive the market growth in the coming years . However, the most crucial reason for the growth of the market includes the increasing burden of a number of chronic diseases, such as diabetes, asthma, heart disease, arthritis, to name a few- one.
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The substantial costs associated with hospitalization have increased the need for a shorter period of hospitalization as well as lower cost healthcare facilities, which has led to an increased demand for chronic disease management solutions. Escalating R&D spending to produce highly advanced treatment options and skyrocketing medical tourism in developing regions are seen as a lucrative opportunity by chronic disease management solutions companies. Moreover, the growing involvement of government agencies in various countries will also work in favor of the global industry in the coming period.
Competitively, product portfolio diversification remains one of the main focus areas for leading manufacturers to secure a higher position in the market. They also adopt strategies such as partnerships, acquisitions and mergers to gain an edge over their rivals. For example, in February 2021, Myriad Genetics Inc., a well-known provider of genetic testing as well as precision medicine, introduced its latest cardiovascular risk assessment software Vectra which predicts the risks of cardiovascular events in people with of rheumatoid arthritis. This test gathers data related to RA inflammation analyzed by Vectra Score coupled with three additional biomarkers, as well as conventional risk factors.
The Chronic Disease Management market has been extensively detailed in the MRFR report, and to present a better understanding, a few key segments have been considered, namely Solution, Delivery Mode, Application, and User final.
The solutions covered in the MRFR study include consulting solution, implementation solution, education solution and others.
The applications highlighted in the report are Cardiovascular Diseases, Safety Arthritis, Diabetes, Cancer and others.
According to the mode of delivery, the global market caters to cloud-based, web-based and on-premises solutions.
Payers, providers and others are the major end users in the global market.
The chronic disease management market has been regionally divided into Asia-Pacific/APAC, MEA or Middle East & Africa, Americas and Europe.
The Americas could very likely be the biggest winner in the global chronic disease management market in the coming years, considering the growing burden of various chronic diseases such as cancer and diabetes. Additionally, increased R&D spending by biotech and pharmaceutical companies, combined with overall growth in healthcare spending, may ensure that America retains its leadership throughout the review period.
Europe is expected to take second place in the global market, thanks to escalating health problems among people, especially among the growing elderly population. The ever-increasing healthcare expenditure also benefits the regional market to a large extent. The World Health Organization says cancer is the second leading cause of death in Europe. These figures highlight the high morbidity rate and the resulting increase in expenditure could further support the growth of the European market in the years to come.
Asia-Pacific could show the fastest growth over the next few years, mainly due to population explosion, unmet medical needs and rampant demand for technically innovative treatments. Moreover, the rapid growth of cancer cases in emerging countries like Japan, India and Hong Kong is expected to boost the demand for chronic disease management solutions in the coming years.
Allscripts Healthcare Solutions, Inc. (US), Harmony Information Systems, Inc. (US), Siemens Healthcare Private Limited (Germany), MINES & Associates Inc. (US), Pegasystems Inc. (US ), Koninklijke Philips NV (Netherlands), EXL Healthcare (New York), Infosys Limited (India), ScienceSoft USA Corporation (USA), TriZetto Corporation (USA), are some of the major vendors in the industry world.
Hoy Health has launched an advanced Remote Patient Monitoring or RPM program that provides real-time solutions when it comes to managing patients with hypertension. Hoy Health’s new RPM program offers all necessary software, chronic disease-related supplies and testing kits, as well as low-cost, remote home patient monitoring, eliminating the need to travel to the clinic or to the hospital.
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At Market Research Future (MRFR), we enable our clients to unravel the complexity of various industries through our Cooked Research Reports (CRR), Half-Cooked Research Reports (HCRR) and Advisory Services. The MRFR team has the overriding goal of providing our clients with the highest quality market research and intelligence services.
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