Tele Chronic Care Management Market Size (2024 – 2030)

The Global Tele Chronic Care Management Market was valued at USD 120.50 Million and is projected to reach a market size of 877.76 Million by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 32.8%.The market of tele chronic care management market is likely to be driven by rising smartphone prevalence in developed and emerging nations, the cost-effectiveness of digital health technology for providers and patients, and rising demand for integrated healthcare systems and patient-centric treatment.

INDUSTRY OVERVIEW

Chronic illness administration remains one of the most difficult tasks for healthcare practitioners. According to the National Center for Biotechnology Information's recent study on chronic illnesses, about half of the adult population in the United States suffers from chronic ailments, and nearly a third of the population has more than one chronic condition. Delays or inability to secure timely care for those diagnosed with chronic illnesses can result in major health hazards. Healthcare institutions and organizations are looking for improved ways to deliver safe chronic clinical services to their patients to avoid these consequences. Healthcare professionals may give chronic care management services to their patients from a distance with the use of smart tools, which is where telehealth comes in. As a result, in-person visits are being reduced.

Patients can get evidence-based treatment interventions using tele chronic care management methods. Tele chronic care management therapeutics are used to manage, prevent, or address medical conditions using software applications and equipment. To deliver medical care and health results, tele chronic care management software can be used alone or in conjunction with devices, drugs, or other therapies. Digital therapy solutions are designed and clinically validated, using advanced technologies and best practices. Tele chronic care management therapeutics are in high demand right now since it lowers healthcare expenses and improves patients' overall health.

Increased sales of smart devices such as smartphones and tablets, growing internet connectivity, and a rise in the number of healthcare apps are all contributing to the market's rise. Autism spectrum disorder (ASD), attention deficit hyperactivity disorder (ADHD), depression, schizophrenia, and bipolar disorders are just a few of the neurological conditions for which Tele chronic care management therapeutics are used. Furthermore, the rising incidence of chronic illnesses such as diabetes and obesity, as well as the growing need to reduce healthcare treatment costs, are driving market expansion.

Pharmaceutical businesses all around the world are investing in and establishing strategic alliances to extend their product portfolios and market reach. They're also concentrating on educating patients about various disorders and treatment options, as well as organising, monitoring, and self-managing their illnesses. Pharmaceutical businesses' endeavours are expected to propel the industry forward. However, a lack of awareness in developing nations and concerns regarding medical data privacy may hamper the growth of the digital therapeutics industry.

COVID-19 IMPACT ON TELE CHRONIC CARE MANAGEMENT MARKET

COVID-19 was the most important event impacting the economy and industry around the world. The pandemic has demanded an insightful change for the market players regarding the need for enhancing capacity, risk management, and supply chain and inventory control. The outbreak of COVID -19 has paced up the usage of digital platforms among businesses and enterprises. Organizations are adopting the digital workspace, to avoid business disruptions that have occurred due to deferred choices and delayed actions. The outbreak of Coronavirus is supposed to have a positive impact on the tele chronic care management therapeutics industry. The entire world is affected by the advent of coronavirus, which has put additional strain on hospitals and healthcare providers. However, for digital health platforms and services, this has created new avenues and commercial opportunities. During this time of turmoil, demand for virtual consultations is anticipated to skyrocket. In the fight against the COVID-19 epidemic, this has shown to be a potent weapon. Teleconsultation and remote monitoring services are becoming increasingly popular. One of the main reasons for the increased adoption of services is the strong focus on social distance between the patient and the providers.

MARKET DRIVERS: 

Active government initiatives for telehealth solutions are set to propel growth

Telehealth has proven to be effective in reducing distance barriers and assuring healthcare delivery in rural areas. The bulk of the population, particularly in developing nations, lives in rural regions where they do not have access to adequate healthcare. As a result, several governments are increasingly focused on delivering healthcare services in remote regions via virtual care platforms. Besides, numerous governments promote the use of electronic intensive care units (e-ICUs), which allow for healthcare monitoring via two-way cameras, high-speed internet, and electronic gadgets. As a result, the industry is growing thanks to strong government backing and the creation of favourable laws to stimulate the use of telehealth solutions.

The increasing cost associated with the use of medical facilities is a major reason driving the market expansion

The increased frequency of chronic illnesses and the surge in the geriatric population are driving up healthcare expenses. According to research issued by the American Heart Association, cardiovascular disease (CVD) is the leading cause of mortality worldwide. CVD causes 17.3 million deaths per year, with that number estimated to rise to 23.6 million by 2030. Chronic disease's high prevalence and incidence rate are a big worry for healthcare systems all over the world. Furthermore, several countries face a similar situation. This has boosted the demand for technology-driven solutions that, on the one hand, can provide high-quality medical treatment while also lowering costs. Telehealth is quickly being implemented in all clinical settings because it successfully meets these needs.

MARKET RESTRAINTS:

Technological barriers pose a major hindrance to market growth

Despite the enormous potential of teleconsultation, technical and infrastructural hurdles are a major impediment to its growth in underdeveloped nations. Implementation of online healthcare systems necessitates the use of cutting-edge communications equipment, high-speed internet with ample bandwidth, and storage capacity to consolidate and transfer medical information, all of which are currently in short supply in many developing nations. High installation costs for essential systems, appliances, and equipment connected with real-time monitoring of health metrics are a major market constraint. Furthermore, expensive information and communication technology (ICT) installation costs, as well as a lack of knowledge to handle advanced equipment, are major roadblocks to the telehealth market's growth.

Reluctance and hesitancy among patients to adopt Tele chronic care management therapeutics are acting as a restraint for the market growth

Tele chronic care suppliers meet a significant difficulty in motivating individuals to utilise the technology and gaining their trust. While elderly and underprivileged groups have the highest illness vulnerability and incidence rates, due to low technological literacy, they are the least likely to utilize digital treatments. Additionally, the absence of adequate infrastructure in developing nations also inhibits the mass acceptance of digital therapeutics, which in turn is affecting the market growth.

TELE CHRONIC CARE MANAGEMENT MARKET REPORT COVERAGE:

This research report on the tele chronic care management market has been segmented and sub-segmented based on Type, By Application, By Modality, By End-Use and By Region.

TELE CHRONIC CARE MANAGEMENT MARKET - BY TYPE

• Products

• Services

Based on type, the Tele chronic Care Management market is segmented into Products and Services. During the projected period, the services sector is anticipated to dominate the market. The big elements credited for the segmental growth include substantial increases in the number of virtual consultations, increased start-up financing, and new payment regulations for teleconsultations. The product segment is also projected to contribute significantly to the market expansion over the forecast period. The growing demand for tablets and other communications devices, as well as the growing adoption of wearable patient monitoring devices, can be credited to the market's rise.

TELE CHRONIC CARE MANAGEMENT MARKET - BY APPLICATION

• Telemedicine

• Patient Monitoring

• Continuous Medical Education

• Others

Based on application, the Tele chronic Care Management market is segmented into Telemedicine, Patient Monitoring, and Continuous Medical Education among others. Among these, the Telemedicine segment captured significant market share in 2021 and is projected to continue with this dominance over the forecast period. The growing use of telemedicine software, as well as an increase in the number of doctors using virtual consultation applications like Practo and others, will help this market gain traction. Besides this, the patient monitoring market is likely to develop significantly in the coming years. The market is driven due to an increasing emphasis on continuous patient monitoring for elderly persons, improvements in healthcare information collection and unification, and the introduction of wearable remote monitoring gadgets. The American Telemedicine Association estimates that one million Americans utilize remote cardiac monitoring. This is projected to have a favorable influence on the patient monitoring industry. The benefit of tele-education in accessing remote places and teaching healthcare personnel to strengthen the quality-of-care delivery is expected to drive growth in the continuous medical education industry. During the period 2021-2028, the other category will benefit from the increased use of self-monitoring mobile applications and the increased emphasis on healthy lifestyle choices.

TELE CHRONIC CARE MANAGEMENT MARKET - BY MODALITY

• Store-and-forward (Asynchronous)

• Real-time (Synchronous)

• Remote Patient Monitoring

Based on Modality, the Tele chronic Care Management market is segmented into Store-and-forward (Asynchronous), Real-time (Synchronous), and Remote Patient Monitoring. Due to the increased demand for e-visits and the lower cost of e-visits compared to the face-to-face consultation process, the real-time category is expected to develop significantly throughout the projection period. The remote Patient Monitoring segment is also set to grow significantly. Strategic partnerships, technical advances, and new products are expected to drive the remote patient monitoring market.

TELE CHRONIC CARE MANAGEMENT MARKET - BY END-USER

• Healthcare Facilities

• Homecare

• Other

Based on end-user, the Tele chronic Care Management market is segmented into Healthcare Facilities and Homecare. In 2020, the healthcare facilities category led the market. The key drivers of the segment's dominance are increased telemedicine implementation to relieve the workload of healthcare professionals and government-funded programs. The increased frequency of chronic illnesses and the steady move toward home care services are projected to drive the homecare segment forward. The other segments are set to be driven by the usage of video or audio-conferencing platforms to communicate and exchange knowledge about the newest breakthroughs in the medical area.

TELE CHRONIC CARE MANAGEMENT MARKET - BY REGION

• North America

• Europe

• The Asia Pacific

• Latin America

• The Middle East 

• Africa

Based on region, the Tele chronic Care Management market is grouped into North America, Europe, Asia Pacific, Latin America, The Middle East, and Africa. The North American region emerged as the market leader and accounted for over UD 63 billion of the global revenue in 2021. The market in this area is likely to be driven by a rising inclination for teleconsultation, the strategic existence of important companies, and favorable health reimbursement insurance policies. The market is likely to be driven by an increase in the frequency of chronic illnesses and the elderly population in the area.

During the forecast period, the Asia Pacific region is likely to increase at the quickest rate. This rapid expansion can be ascribed to rising demand for better healthcare, increased smartphone adoption, and enhanced internet connectivity. The economic development and rising investment in the healthcare sector in the Asia Pacific regions such as Japan, India, Australia, South Korea, and Singapore have led to the huge adoption of technologically advanced healthcare systems to cater to the large population. Increased government expenditure on healthcare is predicted to boost demand for personal care devices and related services, which would eventually fuel and accelerate the market development.

TELE CHRONIC CARE MANAGEMENT MARKET - BY COMPANIES

Some of the prominent players operating in the Tele chronic Care Management market are:

1. American Well

2. MDLIVE Inc. 

3. Teladoc Health Inc.

4. Doctor on Demand Inc.

5. Dictum Health Inc.

6. Grand Rounds Inc.

7. Others

The global Tele chronic Care Management market is experiencing tremendous growth due to the high rate of investments from both public and private sectors for the development of tele therapeutics products. The market players are undergoing growth strategies like product innovation and a greater number of companies investing and launching new automation solutions in the market, strategic partnerships, acquisitions, and R&D activities to capture the market space. to increase their market share.

NOTABLE HAPPENING IN TELE CHRONIC CARE MANAGEMENT MARKET

• COLLABORATION- In May 2021 – Veradigm entered into a partnership with Lash Group, a vendor of patient support services. This partnership will allow specialty drugs to be managed via the Veradigm AccelRx platform, which streamlines the specialty registration process for Veradigm, Allscripts, and other EHR software providers.

• COLLABORATION- In December 2021, Teladoc has collaborated with the National Labor Alliance to provide its comprehensive virtual care product and service package. Specialty care, general medical, expert medical services, mental health, virtual primary care programs, and chronic disease management were among the products and services that are offered in the package.

• PRODUCT LAUNCH- In January 2020, US-based Crossroads Treatment Centers partnered with Pear Therapeutics to deploy the company's digital platform reSET-O to assist patients suffering from drug misuse and addiction.

• ACQUISITION- In January 2019, Vivify Health was acquired by the UnitedHealth Group. Through this acquisition, the UnitedHealth Group aims to pace up the remote patient monitoring segment.

• PRODUCT LAUNCH- Philips, a multinational health technology company, announced wearable Biosensors in May 2020. (BX100). This self-adhesive patch allows patients to move about freely while recording their movement, heart rate, respiration rate, and temperature.