The chronic care management software market is anticipated to grow at a significant CAGR of 15.5% during the forecasted period (2024-2031). Key factors that are contributing to the market growth are the growing digitalization of healthcare infrastructure, the rising implementation of electronic health records (EHRs), and health information exchange systems along with the high demand for telemedicine technologies. Furthermore, factors such as the launch of various initiatives to promote digital chronic care management from governments across the world, changing preferences of both healthcare payers and providers the growing geriatric population, initiatives to promote healthcare IT, and the need to reduce healthcare costs driving the growth of the Chronic Care Management Software Market.
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Future of Chronic Care Management Software
- The programs and initiatives launched by the different market players to improve the infrastructure of chronic care management software are boosting the market growth. For instance, in March 2024, Rimidi launched The Rimidi Care Network, a partnership program for remote monitoring clinical service providers. The company is a market-leading digital health company that supports healthcare providers in the delivery of remote patient monitoring and chronic disease management with EHR-integrated software, services, and connected devices.
- Global brands are supporting innovation and up-gradation in existing technologies is fueling the market growth for chronic care management software. For instance, in March 2023, Royal Philips announced the debut of Philips Virtual Care Management, a comprehensive portfolio of flexible solutions and services to help health systems, providers, payers, and employer groups more meaningfully motivate and deeply connect with patients from virtually sitting anywhere in the world. Philips Virtual Care Management will help reduce the cost of care through better management of chronic disease and also will reduce the pressure on hospital staff by decreasing emergency department visits.
- Investments and funding are accessible and encouraged in the chronic care management software market and due to that small start-ups are fetching big investments by showcasing the innovation in existing technology. For instance, in February 2024, a series B funding round led by Sands Capital, with new investments from Comcast Ventures, Acronym Venture Capital, Florida Opportunity Fund, HealthSnap, a Miami-based Remote Patient Monitoring (RPM) and Chronic Care Management (CCM) solution for healthcare providers received Series B financing totaling $25.0 million for Remote Patient Monitoring and Chronic Care Management Platform.
- By improving the techs and current software, new market entrants are making their place in the market and achieving different certifications propelling the market growth for chronic care management software. For instance, in November 2023, MiyaHealth, a Singapore-headquartered global SaaS HealthTech, announced that its GensuApp, a Chronic Disease Management Platform created in partnership with Bioton S.A., a Poland-based biotech company has secured ISO 13845:2016 certification and a CE Mark. Developed under MiyaHealth’s proprietary product suite MiyaPatient, GensuApp focuses on diabetes management for patients, and it will be rolled out in Poland in 2024.
The major companies serving the global chronic care management software market include Cognizant, Convey Health Solutions, EPIC Corporation Inc., Hinduja Global Solutions, Ltd., and Veradigm among others. The market players are considerably contributing to the market growth by adopting various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in July 2023, ResMed announced the acquisition of privately held Somnoware, a US leader in sleep and respiratory care diagnostics software. Expands ResMed’s sleep management software solution, will help sleep labs and physicians more efficiently guide patients into and through diagnosis to long-term treatment.
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