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HEALTHCARE & PHARMACEUTICAL

Chronic Disease Management Market Analysis by Type (Solutions, and Services); by Deployment Mode (On-Premise, Web-Based, and Cloud-Based); by Disease Type (Cancer, Diabetes, Cardiovascular Diseases, Arthritis, Asthma, Chronic Obstructive Pulmonary Disorders (COPD), Stroke, and Others); by Service Type (Consulting Service, Implementation Service, Educational Services, and Others); and by End-User (Providers, Payers, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • 15th March, 2022: The latest Philips Capsule Surveillance Solution has received 510 (k) market clearance from the U.S. Food and Drug Administration (FDA) and can now be put for widespread deployment in the USA.

  • 10th February, 2021: Latest version of GuidingCare platform has been released by Altruista Health which includes innovations and enhancements for improving health outcomes and also making it cost effective.

Global Chronic Disease Management Market Size, Forecast, and Trend Highlights Over 2022 - 2031

Chronic Disease Management Market Forecast

The global chronic disease management market is estimated to garner a revenue of ~USD 15 Billion by the end of 2031 by growing at a CAGR of ~13% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 5 Billion in the year 2021. The growth of the market is primarily attributed to the worldwide growing prevalence of various types of chronic diseases that is increasing death rate and long term intensive care. For instance, by the end of 2020, the prevalence of chronic diseases was increased approximately 59% across the globe.

Chronic Disease Management Market Growth

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Chronic diseases are clinical conditions that develop over time. It is considered as the most expensive and prevalent health-care problem in the world. In such scenario, chronic disease management works as an aid to enhances the quality of care for patients in a variety of ways. Chronic disease management (CDM) is a kind of long-term support and care that gives people who have a chronic disease the medical care, knowledge, skills, and assets they need to better manage their condition on a daily basis. It is primarily the result of integration of various software and services. Chronic disease management is a type of digital healthcare that helps healthcare providers to offer educational resources to their patients. Therefore, the swift digital transformation of healthcare is fueling the growth of the market. For instance, in 2022, 44 million patients in the United States are anticipated to use remote monitoring technologies, denotes a 16% upsurge from 2021.

Global Chronic Disease Management Market: Growth Drivers and Challenges

Growth Drivers

  • Increasing Geriatric Population -  Despite weak immune system aging brings several other health issues that require an intensive care and health monitoring of old people. So an increase in geriatric population is fueling the demand of chronic disease management. According to the data provided by the World Health Organization (WHO), the population of people aged 60 and up has increased from 1 billion in 2020 to 1.4 billion.

  • Growing Use of Big Data in Healthcare - Big data in healthcare is overpowering not only as a result of its quantity, but also owing to its diverse array (clinical and financial). Understanding the trends and patterns in data allows healthcare systems to improve patient care while lowering healthcare costs. For instance, the volume of healthcare data increased around 2,320 exabytes in 2020.

  • Worldwide Upsurge in Chronic Obstructive Pulmonary Disease (COPD) - Chronic obstructive pulmonary disease (COPD) is a long term disease that occurs when lungs and air route become damaged. The upsurge in COPD is also leading the increasing demand for chronic disease management. As per the data provided by the World Health Organization, globally, 3.23 million people died from chronic obstructive pulmonary disease (COPD) in 2019.

  • Rise in Musculoskeletal Diseases - Musculoskeletal ailments are the main cause of disability worldwide. For instance, worldwide, 1.71 billion people have been suffering from musculoskeletal conditions.

  • Increasing Per Capita Income - Based on data provided by the World Bank, worldwide annual per capita income increased by 4.8% in 2021 compared to 1.5% in 2019.

Challenges

  • Lack of Trained Workforce with Cross-Functional Skills
  • High Cost Associated with Chronic Diseases Treatment
  • High Initial Investments

The global chronic disease management market is segmented and analyzed for demand and supply by type into solutions, and services, out of which solutions segment is anticipated to hold the highest share over the forecast period on the back of increased awareness regarding the use of cloud-based healthcare solutions, and growing trend of on-demand healthcare solutions. For instance, in the United States, approximately 48% of consumers are going online to research about doctors, whereas around 79% consumers book medical appointments via online.

Major Macro-Economic Indicators Impacting the Market Growth

Chronic Disease Management Market Growth Drivers

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Global Chronic Disease Management Market Regional Synopsis

Regionally, the global chronic disease management market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2031 backed by the increasing geriatric population, growing prevalence of chronic diseases i.e. heart disease, cardiovascular disease, and cancer, and an upsurge in technological advancements in the region. According to the data released by the Centers for disease Control and Prevention, in the United States, heart disease resulted in the deaths of about 697,000 people in 2020, representing 1 in 5 deaths.

Chronic Disease Management Market Regional Synopsis

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The global chronic disease management market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global chronic disease management market includes the following segments:

By Type

  • Solutions
  • Services

By Deployment Mode

  • On-Premise
  • Web-Based
  • Cloud-Based

By Disease Type

  • Cancer
  • Diabetes
  • Cardiovascular Diseases
  • Arthritis
  • Asthma
  • Chronic Obstructive Pulmonary Disorders (COPD)
  • Stroke
  • Others

 

 

By Service Type

  • Consulting Service
  • Implementation Service
  • Educational Service
  • Others

By End-User

  • Providers
  • Payers
  • Others

Top Featured Companies Dominating the Global Chronic Disease Management Market

  • WellSky Corporation
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Cedar Gate Technologies
  • Pegasystems Inc.
  • Koninklijke Philips N.V
  • Altruista Health
  • Cognizant TriZetto Software Group Inc
  • Infosys Limited
  • Hinduja Global Solutions Ltd.
  • Epic Systems Corporation
  • NXGN Management

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