As per our research report, the Global Tele Chronic Care Management Market size is estimated to be growing at a CAGR of 32.8 % from 2023 to 2030.
In 2022, the global Tele Chronic Care Management Market was at a valuation of USD 90.74 billion. Projections indicate a substantial growth trajectory, with an expected market value of USD 877.78 billion by 2030, marked by a projected Compound Annual Growth Rate (CAGR) of 32.8% between 2023 and 2030. This remarkable expansion is underpinned by several key factors, including the widespread adoption of smartphones, the cost-effectiveness of digital health technologies, and the increasing demand for integrated healthcare systems.
The outbreak of COVID-19 has significantly impacted the global economy and industries across the board. It has forced market players to reassess their strategies, placing a heightened emphasis on enhancing capacity, risk management, and supply chain and inventory control. The pandemic has also accelerated the adoption of digital platforms among businesses and enterprises as a means to mitigate disruptions caused by delayed decisions and actions.
One sector experiencing a positive impact due to the pandemic is the telechronic care management therapeutics industry. With the entire world affected by the coronavirus, hospitals and healthcare providers are under immense strain. However, this challenging situation has presented new opportunities for digital health platforms and services. The demand for virtual consultations has surged, offering an effective tool in the fight against COVID-19. Teleconsultation and remote monitoring services have gained popularity, driven by the need for social distancing between patients and healthcare providers.
In May 2021, Veradigm partnered with Lash Group, a patient support services vendor. This collaboration aims to streamline the management of specialty drugs through the Veradigm AccelRx platform, benefiting Veradigm, Allscripts, and other EHR software providers. In December 2021, Teladoc joined forces with the National Labor Alliance to offer a comprehensive virtual care product and service package. This package includes specialty care, general medical services, expert medical services, mental health support, virtual primary care programs, and chronic disease management.
In January 2020, Crossroads Treatment Centers, a US-based organization, partnered with Pear Therapeutics to deploy the digital platform reSET-O. This platform assists patients dealing with drug misuse and addiction, demonstrating the industry's commitment to providing innovative solutions. In January 2019, the UnitedHealth Group acquired Vivify Health, to accelerate the remote patient monitoring segment. This acquisition underscores the increasing importance of remote patient monitoring in the healthcare landscape.
In May 2020, multinational health technology company Philips launched wearable Biosensors, specifically the BX100. This self-adhesive patch allows patients to maintain their mobility while continuously recording critical health metrics such as movement, heart rate, respiration rate, and temperature. Philips' innovation illustrates the industry's commitment to improving patient care through advanced technology, especially in the context of the ongoing pandemic.
The global telechronic care management market is currently experiencing a significant growth trajectory. This impressive growth can be attributed to the increasing adoption of telehealth and digital health technologies designed to effectively manage chronic illnesses. As healthcare systems and patients seek more efficient and cost-effective ways to address long-term health needs, telechronic care management solutions have emerged as a pivotal component, offering innovative approaches to enhance patient outcomes and reduce healthcare costs. This data underscores the industry's long-term growth prospects, indicating a sustained demand for telechronic care management solutions. The industry's growth is propelled by factors such as the aging population, the prevalence of chronic conditions, and the need for cost-effective healthcare. These trends reflect the enduring relevance of telechronic care management in the ever-evolving healthcare landscape.
In the context of the Tele Chronic Care Management market, the United States plays a significant role and holds a substantial share of the total market revenue in North America. This dominance underscores the growing preference for remote chronic care solutions within the country. The demand for these solutions is driven by the need for convenient and accessible healthcare, which is especially vital in addressing the challenges of managing chronic diseases. The Frost & Sullivan study predicts that the market in the United States will exhibit remarkable growth, increasing from USD 20.5 billion in 2022 to USD 90.1 billion by 2027. This exceptional growth trajectory reflects the industry's response to the evolving healthcare delivery models, which are increasingly focused on addressing the complex needs of chronic disease management.
Telechronic care management therapeutics have found application in the management of a wide range of chronic conditions, including neurological disorders like autism spectrum disorder (ASD), attention deficit hyperactivity disorder (ADHD), depression, schizophrenia, and bipolar disorders. Additionally, these solutions have demonstrated their effectiveness in managing prevalent chronic diseases such as diabetes and obesity. The versatility of these telechronic care management therapeutics makes them invaluable tools in addressing a wide spectrum of healthcare needs, catering to both neurological and metabolic conditions. This adaptability positions them as a vital component of modern healthcare, capable of enhancing patient care across a variety of conditions.
Products
Services
Telemedicine
Patient Monitoring
Continuous Medical Education
Others
Store-and-forward (Asynchronous)
Real-time (Synchronous)
Remote Patient Monitoring
Healthcare Facilities
Homecare
Other
North America
Europe
Asia Pacific
Middle East and Africa
South America
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