NEW YORK, April 16, 2024 /PRNewswire/ — The global chronic disease management market size is estimated to grow by USD 4610.51 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 11.09% during the forecast period. The chronic disease management market is experiencing significant growth due to technological advancements, particularly AI. This technology enables early intervention and improved patient outcomes for conditions like diabetes, heart disease, and cancer. In February 2022, Biofourmis introduced Biofourmis Care, an AI-driven virtual care service for chronic disease patients. Keywords: Chronic diseases, Patients, Healthcare professionals, Healthcare services, Quality of life, Digital technologies, Telehealth industry, Cardiovascular diseases, Cancer, Diabetes, Musculoskeletal disorders, Geriatric population, Software systems, Care delivery, Patient devices, Smartphones, Tablets, Diagnosis, Treatment, Mobile apps, Caregivers, Clinics, Hospitals, Therapies, Screenings, Check-ups, Monitoring, Coordinating treatment.
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Innovation Sparks Market Growth:
The Chronic Disease Management Market is experiencing significant growth due to technological advancements, particularly the adoption of digital technologies and AI. Patients suffering from chronic diseases such as cardiovascular diseases, cancer, diabetes, and musculoskeletal disorders can benefit from these innovations. Healthcare professionals are leveraging software systems, patient devices, smartphones, and tablets to deliver high-quality medical services, including diagnosis, treatment, and monitoring. Telehealth services, a key component of the telehealth industry, enable care delivery to remote areas and improve quality of life for patients. AI-driven virtual care, like Biofourmis Care, coordinates treatment and facilitates early intervention for conditions like heart disease, hypertension, chronic respiratory disease, asthma, stroke, and tobacco use. Biomarkers and screenings are essential for diagnosing and managing chronic diseases. Geriatric population, who are more susceptible to chronic diseases and death, can also benefit from these advancements. Digital technologies are revolutionizing care delivery, improving patient outcomes, and enhancing the overall healthcare experience.
Addressing Challenges:
In the Chronic Disease Management Market, software systems play a crucial role in care delivery through patient devices, such as smartphones and tablets. These technologies facilitate diagnosis and treatment via mobile apps, enabling real-time monitoring and coordinating therapy for various conditions, including heart disease, hypertension, chronic respiratory diseases like asthma, stroke, and tobacco use. Biomarkers are essential data points for disease management, which must be handled with utmost care due to privacy concerns. Regulations, such as Australia’s Privacy Principles and France’s Data Protection Act, ensure the confidentiality of personal medical information. Caregivers, clinics, hospitals, ambulatory care centers, home healthcare agencies, and nursing homes must adhere to these rules when dealing with sensitive patient data. Conditions like arthritis, cardiovascular disease, and obesity, among others, require continuous monitoring and screening, making technology-driven solutions essential for effective care management. Consulting services further enhance the overall care experience by providing expert advice and guidance.
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Analyst Review
In the Chronic Disease Management Market, healthcare professionals collaborate with patients and caregivers to deliver effective healthcare services for managing conditions such as heart disease, hypertension, chronic respiratory disease (including asthma), stroke, tobacco use, physical inactivity, unhealthy diet, and obesity. Digital technologies play a crucial role in this sector through telehealth services like mobile apps, which facilitate monitoring, coordinating treatment, therapies, screenings, and check-ups. The telehealth industry enhances the quality of life for patients by enabling remote access to medical services, reducing the need for frequent clinic or hospital visits. By leveraging digital technologies, chronic disease management becomes more efficient, personalized, and convenient for all involved parties.
Market Overview
The Chronic Disease Management market encompasses a range of technologies and services designed to improve the quality of care for patients suffering from long-term conditions. These technologies and services include telehealth, mobile health applications, patient portals, and electronic health records. The market is driven by the increasing prevalence of chronic diseases such as diabetes, heart disease, and cancer. Healthcare providers and payers are turning to these solutions to reduce healthcare costs, improve patient outcomes, and enhance the patient experience. The use of artificial intelligence and machine learning in chronic disease management is also gaining traction, enabling early detection and personalized treatment plans. The market is expected to grow significantly in the coming years due to the increasing adoption of these technologies and the rising burden of chronic diseases.
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Key Companies:
Chronic Disease Management Market is fragmented ; the companies are competing with competitors and are trying to get greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major companies have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products. Chronic Disease Management Market report includes information on the product launches, sustainability, and prospects of leading vendors including ALLSCRIPTS HEALTHCARE SOLUTIONS INC., Cedar Gate Technologies, cliexa Inc., Cognizant Technology Solutions Corp., Epic Systems Corp., ExlService Holdings Inc., Health Care Service Corp., Health Catalyst Inc., HealthEdge Software Inc., Hinduja Global Solutions Ltd., Infosys Ltd., Koninklijke Philips NV, MINES and Associates Inc., NextGen Healthcare Inc., Pegasystems Inc., ScienceSoft USA Corp., Vivify Health Inc., WellSky Corp., ZeOmega Inc., Zyter Inc.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
