Chronic Disease Management Market Overview
The chronic disease management market is projected to expand at a CAGR of 14.5% during the forecast period, says Market Research Future (MRFR). The global growth in the incidence of chronic diseases is expected to be one of the key reasons driving up the need for chronic disease treatment. The rapid growth of the medical tourism industry and the rapid rise in healthcare IT solutions that have fueled the development of chronic illness management services are expected to present the chronic disease management market with significant potential opportunities.
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
The chronic illness management market is divided into segments based on solution, end-user, application, delivery channel, and region. The chronic disease management market is divided into three delivery modes: cloud-based, on-premises, and web-based. The chronic disease management market is divided into four applications: arthritis, cancer, cardiovascular disease, and diabetes. Payers and providers make up the chronic disease management market by end-user. The chronic disease management market is divided into three types of solutions: implementation, education, and consulting. Asia-Pacific, the Americas, the Middle East, Europe, and Africa are the regions that make up the chronic illness management market.
Chronic Disease Management Market Regional Analysis
Due to greater R&D expenditure by pharma and biotech companies, intensifying chronic disease incidence, and improved healthcare spending, the Americas are expected to lead the worldwide chronic illness management market due to expanding healthcare costs and an aging population. Furthermore, increased healthcare spending is propelling the industry forward. The Asia-Pacific area was anticipated to be the region with the fastest-growing chronic renal disease management businesses. The market is predicted to expand due to the expanding population and the need for technically savvy medicines.
Chronic Disease Management Market Competitive Analysis
Businesses in the market are expected to incorporate social impact aims shortly, ushering in a new planning phase in the industry. The market’s players are anticipated to seek supply chain revisions to encourage the market’s expansion into new sectors and demographics. The global market’s reaction to increased efficiency levels is projected to unleash fresh and dramatic transformations in the approaching future. In the next year, the increase in business interests is expected to put market competitors in a better position during the forecast period. During the projection timeframe, the market is expected to gain a lot from market signals while also examining its customer base to suit their wants better. Because of the government’s involvement in re-energizing the international market, the different regional markets will continue to grow steadily. The new growth endeavors are expected to boost the company’s future goal attainment trend and are thus regarded as critical to its expansion. In the coming years, digital aspects of business operations are expected to become more prominent.
Pegasystems Inc. (US), MINES & Associates, Inc. (US), TriZetto Corporation (US), Allscripts Healthcare Solutions, Inc. (US), Infosys Limited (India), EXL Healthcare (New York), Harmony Information Systems, Inc.(US), Koninklijke Philips NV (Netherlands), Siemens Healthcare Private Limited (Germany), and ScienceSoft USA Corporation (US) are some of the outstanding companies in the chronic illness management market.
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Chronic Disease Management Industry News
Phablecare, one of India’s top health-tech companies focused on chronic illness management, has announced the purchase of Fused Training, India’s first comprehensive Type-1 Diabetes health management start-up. Phablecare will strive to enhance its Type-1 diabetes vertical due to this acquisition. Fused Training, situated in Noida, is India’s first fitness platform for persons with the disease. The start-up has blended theoretical knowledge and practical experience in its approach to addressing Type-1 Diabetes, which is then personalized to the user’s unique demands and lifestyle. As a result of this new relationship, Phablecare consumers can now access Fused Training’s tried-and-true type-1 diabetes programs.
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