Emerging Technologies Revolutionize Chronic Disease Management: Insights into Bio-Wearables, Digital Therapeutics, and AI-Driven Solutions
BOSTON, Jan. 10, 2025 /PRNewswire/ -- According to the latest study from BCC Research, "Chronic Disease Management: Therapeutics, Device Technologies, and Global Markets," is projected to grow from $726.3 billion in 2024 to $1.1 trillion by 2029, at a compound annual growth rate (CAGR) of 8.1% from 2024 through 2029.
The report on the global market for chronic disease management spotlights trends from 2023, estimates for 2024, and projections through 2029. It evaluates the market potential for various therapeutics and advanced device technologies, covering pharmaceuticals, biologics, traditional and wearable medical devices, and digital therapeutics. The report also examines market drivers, restraints, opportunities, and the competitive landscape.
One advance in chronic disease management is biowearable technology, as exemplified by Abbott's FreeStyle Libre. This device allows real-time tracking of biomarkers, such as glucose levels, via smartphone, reducing the frequency of clinic visits and enabling personalized, proactive care. This highlights the growing importance of digital therapeutics and wearable devices in improving patient outcomes and aligns with current market trends in chronic disease management.
The factors driving the global market for chronic disease management therapeutics and device technologies include:
Aging Population and Healthcare Demand: The aging global population increases the need for healthcare services, especially for chronic conditions such as diabetes and arthritis.
Rise in Chronic Diseases: The prevalence of chronic diseases is rising, due to poor diet, lack of exercise, and stress, particularly in urbanized developing countries.
Technological Advances: Biotechnology and medical devices, such as wearables and telehealth, improve chronic disease management and care efficiency.
Government Support: Government policies, funding, and public health campaigns support chronic disease management, ensuring safety and faster market entry for new treatments.
Request a sample copy of the report on the global market for chronic disease management therapeutics and device technologies.
Report Synopsis
Report Metric | Details |
Base year considered | 2023 |
Forecast period considered | 2024-2029 |
Base year market size | $675.0 billion |
Market size forecast | $1.1 trillion |
Growth rate | CAGR of 8.1% from 2024 to 2029 |
Segments covered | Product Type, Application, End User |
Regions covered | North America, Europe, Asia-Pacific, and the Rest of the World (RoW) |
Countries covered | United States, Canada, Mexico, Germany, France, Italy, Spain, U.K., Japan, China, India, Australia, and South Korea |
Market drivers | • Aging population worldwide • Growing prevalence of chronic diseases • Technological advances in therapeutics and medical devices • Government initiatives and funding |
Interesting Facts:
- AI-driven devices such as GI Genius use machine learning to detect lesions in real-time during procedures. This helps with early disease detection, diagnosis, and personalized treatment.
- Chronic diseases are projected to cost the global economy $47 trillion by 2030, with the U.S. alone facing a $42 trillion burden.
The report addresses the following questions:
1. What is the projected size and growth rate of the market?
- The global market for chronic disease management therapeutics and device technologies was $675.0 billion in 2023. The market is expected to grow at a compound annual growth rate (CAGR) of 8.1%, reaching about $1.1 trillion by 2029.
2. What are the factors driving the growth of the market?
- Increase prevalence of chronic diseases.
- An aging population.
- Digital therapeutics and other emerging technologies.
- Government initiatives and funding.
3.Which segment will dominate the market in 2029?
- The pharmaceutical drugs and biologics segment will dominate the market in 2029.
4.Which region has the highest share of the market?
- North America holds the highest share.
Market leaders include:
ABBOTT
- AMGEN INC.
- ASTRAZENECA
- BOSTON SCIENTIFIC CORP.
- BRISTOL-MYERS SQUIBB CO.
- F. HOFFMANN-LA ROCHE LTD.
- GSK PLC.
- JOHNSON & JOHNSON
- MEDTRONIC
- PFIZER INC.
Related reports include:
Medical Devices: Technologies and Global Markets: This report provides an overview of the medical device technology market, including market trends and projections through 2029. It covers key players, innovative technologies, market dynamics, and regional opportunities, with detailed analyses for major countries. The market is segmented by device type, end user, and region, excluding dental device technologies. Data from 2023 is used as the base year, with forecasts for 2024 and 2029.
Wearable Medical Devices: Technologies and Global Markets: This report provides an overview of the global market for wearable medical devices, segmented by product, application, and sales channel. It includes market trends and projections through 2029, with 2023 as the base year. The report covers leading companies, technologies, applications, market dynamics, and regional opportunities.
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