The global chronic disease management market is experiencing significant growth, according to a report by The Business Research Company. The market is expected to reach $8.34 billion in 2023, with a compound annual growth rate (CAGR) of 21.0%, and is projected to reach $17.68 billion by 2027, with a CAGR of 20.7%.
One of the key drivers of this growth is the rise in the geriatric population worldwide. The elderly population, aged 65 and above, is at a higher risk of suffering from chronic illnesses, which requires increased medical care and long-term support. The World Health Organization (WHO) predicts that the proportion of the global population over 60 years old will nearly double from 12% to 22% between 2015 and 2050. This demographic shift is expected to fuel the demand for chronic disease management solutions.
The report also highlights the adoption of advanced technologies, particularly artificial intelligence (AI), in the treatment of chronic diseases. AI is enhancing early intervention and patient outcomes for conditions such as heart disease, cancer, and diabetes. For example, Biofourmis introduced Bioformis Care, an AI-driven virtual care and digital pharmaceutical service that offers high-quality remote care to chronic disease patients. This technology focuses on improving provider adherence to care recommendations and identifying clinical deterioration patterns for early intervention.
In terms of regional insights, North America emerged as the largest region in the chronic disease management market in 2022. However, the Asia-Pacific region is projected to be the fastest-growing region during the forecast period.
The global chronic disease management market is segmented by service (consulting service, implementation service, educational service), delivery mode (on-premise, cloud-based, web-based), disease type (cardiovascular diseases, diabetes, cancer, asthma, chronic obstructive pulmonary disorders), and end user (providers, payers).
Major players in the chronic disease management market include Allscripts Healthcare Solutions Inc., ScienceSoft USA Corporation, Siemens Healthcare Private Limited, and more.
Overall, the chronic disease management market is witnessing remarkable growth due to factors such as the increasing geriatric population and the adoption of advanced technologies like AI. As the demand for chronic disease management solutions continues to rise, the market is expected to expand significantly in the coming years.