New York, March 13, 2024 (GLOBE NEWSWIRE) -- The global chronic disease management market size is projected to grow at a CAGR of over ~13% from 2023 to 2035. The market is expected to garner a revenue of USD 27 billion by the end of 2035, up from a revenue of ~USD 6 billion in the year 2022.The growth of the market is attributed to the unhealthy lifestyle habits that are leading to chronic disease prevalence across the world. Sedentary lifestyle habits such as lack of physical activity, being overweight, remote jobs, IT professions, and eating junk foods propel the market size in the coming years. It was reported that over 25% of adults in America are physically inactive.
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Additionally, the increasing consumption of tobacco among people in the form of cigars or other chewing powders is proliferating the market size. Further, there is a lack of awareness among people in rural areas regarding the diseases, damage, and death tobacco can cause. As per the World Health Organization data, around 1.3 billion population across the world consume tobacco products and 80% of them come from middle or low-income countries.
Soaring Chronic Obstructive Pulmonary Disease Incidence Across the Globe is Propagating the Growth of the Market
The widespread of chronic obstructive pulmonary disease (COPD) worldwide is estimated to fuel the market growth. COPD is a lung disorder caused when air passage becomes damaged for various reasons. COPD is the world’s 3rd largest disease with nearly 2.7 million deaths and over 10% of the population globally being affected by COPD.
Chronic Disease Management Market: Regional Overview
Rise in Medical Care Quality and the Existence of Sufficient Resources to Manage Chronic Diseases is Strengthening the Market Growth in the North America Region
The North America region market is predicted to register a significant market share of 47% by the end of 2035 on account of rising healthcare expenditure. The size of the chronic disease management market region is growing as a result of the presence of enough resources to treat chronic diseases and the provision of advanced training to healthcare professionals. As per the GOLD (Global Initiative for Chronic Obstructive Lung Disease) reports, over USD 30 billion was spent directly and USD 19 billion was spent indirectly to manage and stabilize COPD spread in the U.S.
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Surge in Healthcare Awareness Among Government and People is Mounting the Market Expansion in the Europe Region
The chronic disease management market from the Europe region is outlined to set a noteworthy market share of 29% by the end of 2035. The rising awareness of healthcare among people and government is surging the market trends. The early diagnosis and management of chronic diseases in the region are intensifying the market progress. European Union contributed over USD 54 billion for the preventive measures of healthcare in 2020 and nearly 0.5% of the country’s GDP is attributed to the preventive healthcare expenditure.
Chronic Disease Management, Segmentation by Disease Type
- Cancer
- Diabetes
- Cardiovascular Diseases
- Arthritis
- Asthma
- Chronic Obstructive Pulmonary Disorders
- Stroke
The chronic disease management from the cardiovascular diseases segment is reckoned to secure a market share of 30% during the forecast period. The rising incidence of cardiovascular problems among people owing to obesity, high blood pressure, and cholesterol levels is amplifying the market segment growth. The prevalence of cardiovascular disease caused nearly 21 million deaths in the year 2021 globally and more than half a billion population are affected by the disease.
Chronic Disease Management, Segmentation by Type
- Solutions
- Services
The chronic disease management market from the solutions segment is set to hold a noteworthy market share in the coming years owing to the rise in demand for cloud services in the healthcare sector. The development of technology in the healthcare industry to store data of patients in hospital facilities and research organizations is driving the market segment size. Also, the occurrence of information on chronic disease treatments allowing remote monitoring, and decreasing cost of care is fueling the market segment. Application of cloud technology in the healthcare is escalating the global expenditure value to more than USD 85 billion by the end of 2027.
Chronic Disease Management, Segmentation by Deployment Mode
- On-Premise
- Web-Based
- Cloud-Based
Chronic Disease Management, Segmentation by Service Type
- Consulting Service
- Implementation Service
- Educational Service
Chronic Disease Management, Segmentation by End-User
- Providers
- Payers
A few of the well-known industry leaders in the chronic disease management market that are profiled by Research Nester are WellSky Corporation, 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, and others.
Recent Development in the Market
- WellSky Corporation introduced novel predictive analytics to ease the work of hospitals, payers, and post-acute care providers to diagnose patients who need hospice care. The new analytics capabilities allow hospitals to discharge over 10 million patients per year.
- Biofourmis Inc. launched a chronic condition management service called Biofourmis Care which enables the management of lipids, diabetes, hypertension, heart failure, atrial fibrillation, and others. Also, the service provides care for each stage of the care continuum while remotely monitoring the patients after discharge.
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