US Chronic Disease Management: New Business Models Create Growth Prospects
Future growth potential enhanced by the pandemic and growth opportunities in chronic disease management
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The prevalence of chronic diseases has continued to rise, and the expenses of managing them or treating the complications arising from poor management cost the US healthcare system hundreds of billions of dollars each year. Clearly, physicians alone cannot control this rising challenge, and to ensure behavioral change, several tools and approaches are necessary to support the care team, such as remote patient monitoring (RPM), digital therapeutics, and the right nudges for motivation at the right time.
Several market participants are now offering such solutions to providers, payers, and employers (and in some cases, directly to the patients) to help patients suffering from cardiovascular, diabetes, and chronic obstructive pulmonary disorder (COPD) manage their conditions better.
The market participants are categorized on the basis of the kind of solutions they offer—RPM and digital therapeutics solutions, on the tech-only solution side, and valued-added RPM, coaching platforms and digital care, on the ‘tech + human’ intervention solutions side. While the industry continues to debate the better approach, the segments will see significant growth, as all of these approaches are gunning to help chronically ill patients stay healthier longer, reduce frequency and cost of hospital admissions, or disease-related complications in the long run. These tech-enabled solutions also address one of the major challenges of the healthcare industry—shortage of resources. The solutions complement the services of doctors and healthcare professionals and empower a larger portion of the increasing patient population with tech-enabled tools.
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