Chronic Disease Management Market Overview
According to the latest research reports, the chronic disease management market size is predicted to cross its 2018-value of USD 4 billion and it is predicted to register a CAGR of 14.5% during the forecast period.
Chronic Disease Management Market Dynamics
One of the key causes expected to drive the increase in demand for chronic disease treatment is the global rise in the prevalence of chronic diseases such as COPD, asthma, cancer, diabetes, stroke, and musculoskeletal issues. Additionally, the chronic kidney disease management market is expected to expand during the study period, owing to an increase in the number of people living with chronic diseases and a growing awareness of nutritional management of chronic renal disease. The incorporation of digital technology into developed countries’ healthcare systems raised awareness about the importance of chronic and life-threatening illnesses, and rising healthcare expenditures are expected to boost the global chronic illness management market over the forecast period.
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Similarly, increasing levels of digital integration in healthcare systems and facilities, as well as an ageing population, are likely to propel the chronic diseases management market forward. Additionally, improved service provider offerings have raised demand for chronic illness management services, which are expected to be significant growth drivers in the chronic disease management market. The rapid growth of medical tourism and healthcare IT solutions, which have fueled the development of chronic illness management services, are expected to present significant growth opportunities for the chronic disease management market over the review period.
The overwhelming bulk of finances and efforts have been devoted to containing the new coronavirus epidemic, which continues to spread despite the global lockdown. This issue is delaying treatment for patients with chronic illnesses. On the other hand, the COVID-19 epidemic has increased use of various digital platforms that aid individuals in obtaining improved access to medical treatment, which can benefit the care management sector by increasing demand for chronic disease management solutions.
Chronic Disease Management Market Segmental Analysis
Chronic disease management is categorized by solution, mode of delivery, application, end user, and geography.
The chronic disease management market is split by application into safety arthritis, cardiovascular disease, cancer, and diabetes.
The chronic disease management market is categorized by propulsion type into providers, payers, and others.
Chronic Disease Management Market Regional Overview
The chronic illness management market has been classified into four regions: the Americas, Europe, Asia-Pacific, and the Middle East and Africa.
The Americas are predicted to lead the global chronic disease management market, owing to the rising prevalence of chronic diseases, higher R&D investment by pharmaceutical and biotechnology companies, and increased healthcare spending.
Europe accounted for the second-largest chronic disease management market, owing to increased healthcare expenses and an ageing population. Additionally, rising healthcare spending is fueling market growth.
Asia-Pacific was predicted to be the fastest growing region for players in the chronic renal disease management industry. The market is expected to grow in the next years as a result of the growing population and increased demand for technologically advanced medicines. Cancer is frequent in developing countries and cities such as Japan, Hong Kong, and India, where market expansion is encouraged.
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Due to a lack of healthcare facilities, a low per capita income, and individuals in developing nations who are unaware of novel treatment options, the Middle East and Africa markets account for a minor percentage of the global chronic illness management market. However, the chronic disease management market is expected to grow in the Middle East due to higher hospitalization and rising product demand.
Chronic Disease Management Market Competitive Dynamics
The notable players of the market are TriZetto Corporation (US), Infosys Limited (India), Pegasystems Inc. (US), Siemens Healthcare Private Limited (Germany), MINES & Associates, Inc. (US), Allscripts Healthcare Solutions, Inc. (US), Koninklijke Philips NV (Netherlands), EXL Healthcare (New York), Harmony Information Systems, Inc.(US), ScienceSoft USA Corporation (US)
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