Yahoo Finance The Global Chronic Disease Management Market size is expected to reach $9.9 billion by 2028, rising at a market growth of 11.7% CAGR during the forecast period
The treatment of chronic diseases is managed by an integrated care strategy that involves patient education, screenings, checkups, monitoring, and coordination of care. While lowering healthcare expenses, it can raise life quality.
New York, Oct. 03, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Chronic Disease Management Market Size, Share & Industry Trends Analysis Report By Type, By End User, By Disease Type, By Regional Outlook and Forecast, 2022 - 2028" - https://www.reportlinker.com/p06321910/?utm_source=GNW
An ailment that lasts for a year or longer, necessitates continuing medical care, and/or restricts a person’s everyday activities is often referred to as a chronic disease.
Heart disease, chronic respiratory diseases, high blood pressure, diabetes, stroke, asthma, and cancer are a few of the most prevalent chronic illnesses. Metabolic and behavioural risk factors are the two primary risks linked to chronic disease. In contrast to the metabolic risk factors, which include obesity, hyperglycemia, and high blood pressure, the behavioural risk factor includes the use of tobacco, inactivity, unhealthy eating, and problematic alcohol use.
The increase in the elderly population and the rise in the prevalence of numerous chronic diseases, such as cancer and others, are the main drivers of the chronic disease management market’s expansion. For example, as per the NCBI, 43 percent of all diseases and 60 percent of deaths worldwide are caused by chronic conditions. Additionally, non-communicable diseases impact people of all ages, geographical areas, and nations, according to the WHO (NCDs).
Additionally, the growth of the Chronic Disease Management Market is driven by the rise in acceptance of chronic disease management as a result of the incorporation of IT solutions. To help people effectively manage their disease, a variety of initiatives have been developed by healthcare professionals, organizations, and payers. Such initiatives, in contrast to conventional patient education, place a stronger emphasis on problem-solving as well as social coping strategies in order to increase self-efficacy in the field of care management.
COVID-19 Impact Analysis
The market for managing chronic diseases continues to benefit from COVID-19’s overall effects. The rising incidence of COVID-19 has increased the requirement for precise diagnostic and therapeutic tools in a number of nations. The ability of healthcare providers to easily connect solutions like patient management, EHR, and care management with healthcare payer solutions like claim management & payment management has shown to be quite beneficial in this regard. Additionally, the disease’s quick global spread has led to lockdowns and other limitations, which has raised the demand for electronic data transfer & claim administration. In the upcoming years, it is anticipated that this will enhance the popularity of chronic disease management.
Market Growth Factors
Rising Cases Of Various Chronic Diseases
During the forecast period, the incidence of chronic diseases like diabetes, cancer, high blood pressure, and others would increase, boosting the market’s growth rate. Given that older people are more likely to be obese and have diabetes, chronic diseases are a significant source of worry for them. Numerous patients undergoing chronic disease management face socioeconomic obstacles that make it challenging for them to routinely obtain and pay for healthcare treatments. If these patients lack the necessary funds, they may postpone or forego necessary therapy.
Growing Number Of Geriatric Population
Because life expectancy has increased over time, there are steadily more people in their 60s and older. As per the United Nations Database on World Population Ageing 2020, that there will be 1.5 billion elderly people worldwide by 2050, up from 727 million in 2020. The danger of developing chronic diseases is higher in the elderly, which drives up demand for the chronic disease management market. Since older population are more prone to various disease, particularly chronic ones, companies are majorly aiming at the introduction of advanced and improved solutions in the market.
Market Restraining Factors
Lack Of Proper Communication In Chronic Care Management
Delivering high-quality patient care depends on effective communication, which is also the cornerstone of provider-patient interactions. Providers are better able to offer the proper treatment when patients feel understood and heard. Long after the appointment has ended, the same patients are more willing to follow the recommended treatment strategies. The pandemic caused a profound change in patient expectations and behaviour.
Disease Type Outlook
Based on disease type, the chronic disease management market is segmented into Cardiovascular diseases, Diabetes, Cancer, Asthma, Chronic obstructive pulmonary disorders, and Others. The cancer segment witnessed a promising revenue share in the chronic disease management market in 2021. It is owing to the growing cases of various types of cancers among individuals. Typically, cancer types are called for the organs or tissues in which they first appear.
Type Outlook
On the basis of type, the chronic disease management market is bifurcated into Solutions and Services. The solutions segment acquired the highest revenue share in the chronic disease management market in 2021. The expansion of the chronic illness management system and the market are driven by the increased awareness of the utilization of cloud-based and on-premise solutions in healthcare.
End-User Outlook
By end-user, the chronic disease management market is classified into Healthcare Providers, Healthcare Payers and Others. Healthcare Payers segment procured a significant revenue share in the chronic disease management market in 2021. The market is expanding as a result of the increase in geriatric population and the incidence of chronic diseases. Organizations that determine service prices, process claims, collect payments, and pay provider claims include payers in the health care sector like Medicare, health plan providers, and Medicaid.
Regional Outlook
Region-wise, the chronic disease management market is analyzed across North America, Europe, Asia Pacific and LAMEA. North America emerged the leading region in the chronic disease management market with the highest revenue share in 2021. This is explained by an increase in chronic disease occurrences, the presence of important figures, and improvements in healthcare in the area. For instance, six out of ten Americans have at least one chronic illness, such as diabetes, cancer, heart disease, or a stroke, all of which are major contributors to this country’s rising healthcare expenses and are major causes of mortality and disability.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; ExlService Holdings, Inc. is the major forerunner in the Chronic Disease Management Market. Companies such as Health Catalyst, Inc., AllScripts Healthcare Solutions, Inc. and Koninklijke Philips N.V. are some of the key innovators in Chronic Disease Management Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Infosys Limited, ExlService Holdings, Inc., Health Catalyst, Inc., AllScripts Healthcare Solutions, Inc., Koninklijke Philips N.V., Cognizant Technology Solutions Corporation, Casenet, LLC, Cedar Gate Technologies, Clinical Excellence, Inc., and Altruista Health, Inc.
Recent strategies deployed in Chronic Disease Management Market
Product Launches and Product Expansions:
May-2022: Koninklijke Philips introduced various new innovative additions to its prevailing healthcare solutions portfolio. These additions involve ultra-low contrast percutaneous coronary intervention (ULC-PCI), EchoNavigator 2.0, Dynamic Coronary Roadmap Software, iFR Co-registration, and IVUS Co-registration. ULC-PCI would assist interventionists to perform percutaneous coronary intervention with more confidence and clarity and at a much more decreased cost, EchoNavigator 4.0 would help in complicated heart disease treatment like heart valve repair or therapy.
Oct-2021: EXL launched a new omnichannel Patient Engagement Platform. This platform utilizes real-world patient information and powerful analytics to boost highly customized care management programs for health plans and self-insured employers.
Aug-2021: Casenet unveiled the TruCare care management solution integrated with clinical solutions for telehealth and remote patient monitoring (RPM) on the ZyterHealth platform. This integration of clinical data and care management data on the ZyterHealth platform would complement the objectives of value-based care programs by delivering providers and payers a more holistic view of both the medical issues and social problems affecting the patient’s healthcare experience.
Nov-2020: Royal Philips launched a non-invasive Philips Ventilator BiPAP A40 EFL. The new device would assist pulmonologists to identify COPD patients with expiratory flow limitation (EFL) and treat them with targeted therapy to reduce symptoms and provide better comfort during sleep.
Sep-2020: Casenet introduced Zyter Home Health and Remote Patient Monitoring (RPM). This product is a complete, ready-to-implement solution that would expand healthcare and monitoring beyond the conventional environment, which would make it simpler for patients to participate in their own care and actively handle their conditions.
Jun-2020: Health Catalyst released comprehensive quality measures solution that would integrate its Data Operating System with the application of a scalable measure. This solution is developed to enhance provider quality measurement. To offer customers one comprehensive quality performance system by integrating comprehensive data from DOS with complete measures, visualizations, and workflows into one product.
Acquisitions and Mergers:
Dec-2021: Royal Philips acquired Vesper Medical, a medical technology company. This acquisition aimed to enable Philips to expand its diagnostic as well as therapeutic device portfolio with an improved venous stent portfolio to cure deep venous disease.
Nov-2021: Royal Philips took over Cardiologs, a France-based medical technology company. This acquisition aimed to complement Philips’ prevailing portfolio of cardiac care solutions. This involves real-time patient monitoring, telehealth, therapeutic devices, and informatics for the hospital.
Oct-2021: Altruista Health acquired Wellframe, a digital health management company. This acquisition aimed to boost HealthEdge’s portfolio of SaaS solutions over payer workflow operations and would mark HealthEdge’s entry into member engagement.
Jan-2021: Cedar Gate Technologies took over Enli Health Intelligence, a provider of population health management technology solutions. This acquisition aimed to expand Cedar Gate’s enterprise value-based care platform with the cohort, population, and patient management technologies, incorporating risk & quality measures, gaps in care identification, and patient outreach opportunities, for better results and sustainable financial outcomes.
Dec-2020: Philips took over BioTelemetry, a leading provider of remote cardiac diagnostics and monitoring. This acquisition aimed to strengthen Philips’s offering of remote care products. Along with that, the acquisition would complement Philips’ cardiac care portfolio, and its strategy to transform the delivery of care along the health continuum with combined solutions.
Partnerships, Collaborations and Agreements:
Aug-2022: Health Catalyst joined hands with LifePoint Health, an American company that provides healthcare services. This collaboration aimed to improve patient care and enhance results across the health system’s network. In this collaboration, LifePoint Health would deploy Health Catalyst’s suite of patient care solutions, involving a range of data collection and analytics platforms.
Mar-2022: Cognizant, the parent company of TriZetto Software Group collaborated with Microsoft, an American multinational technology corporation. This collaboration aimed to improve remote patient monitoring for improved medical care. Using data analytics, safe cloud technology, and interoperability products, this collaboration would deliver a unique, scalable solution that would focus to connect providers & patients and improve the timeliness, quality, and personalization of healthcare.
Approvals and Trials:
Mar-2022: Royal Philips got approval for the Philips Capsule Surveillance solution from the U.S. Food & Drug Administration (FDA). This FDA clearance of the new release of clinical surveillance solution would allow more integrated viewing options under EMR and HIT tools via the safe web-based customer interface.
Nov-2021: Royal Philips got 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its new Liver Fat Quantification tools. This release of ultrasound systems EPIQ Elite and Affiniti would bring the cost and accessibility benefits of sonography to the diagnosis of early-stage liver disease.
Scope of the Study
Market Segments covered in the Report:
By Type
• Solutions
• Services
By End User
• Healthcare Providers
• Healthcare Payers
• Others
By Disease Type
• Diabetes
• Cardiovascular diseases
• Asthma
• Chronic obstructive pulmonary disorders
• Cancer
• Others
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Infosys Limited
• ExlService Holdings, Inc.
• Health Catalyst, Inc.
• AllScripts Healthcare Solutions, Inc.
• Koninklijke Philips N.V.
• Cognizant Technology Solutions Corporation
• Casenet, LLC
• Cedar Gate Technologies
• Clinical Excellence, Inc.
• Altruista Health, Inc.
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