Market Challenges: High costs involved

The high costs involved can hamper the US complex and chronic condition management market growth. Managing chronic and complex conditions require expensive treatments, frequent hospital visits, various diagnostic tests and prolonged therapy sessions. This continuous treatment process becomes very costly for individuals with conditions such as cancer, diabetes, heart diseases, respiratory illnesses, and other. As per recent data, healthcare costs in the US have been consistently increasing over the past few years. For instance, personal healthcare expenditure per capita was US$ 11,582 in 2020, according to the data from the Centers for Medicare and Medicaid Services. This high expenditure becomes a financial burden for many people and discourages them from seeking medical help on a regular basis. This becomes a bigger challenge for the underprivileged population without adequate health insurance coverage.

In 2020, as per the US Census Bureau, around 28 million Americans were uninsured. Managing chronic illnesses requires continuous engagement with healthcare, which becomes very difficult for those without financial support. High deductibles of many insurance plans as well as limited coverage for certain services compels people to delay or avoid care. This gaps in access to affordable treatment can negatively impact the conditions in the long run. Furthermore, health insurers also show restraint in covering expensive chronic illness treatments due to the increased costs. These try to limit payouts and shift more costs to individuals through higher premiums or narrower coverage.

Market Opportunities: mHealth and telehealth solutions

Telehealth and mHealth solutions hold tremendous potential in managing complex and chronic conditions in the U.S. With the prevalence of smartphones and wearable devices, mobile technologies are increasingly becoming an integral part of healthcare. This allows patients to be remotely monitored and empowered to better manage their conditions from the comfort of their home.

Chronic diseases like diabetes, heart disease and respiratory conditions require long-term treatment adherence and lifestyle changes. Mobile apps can help patients track vital signs, medication intake, dietary habits and patterns that may trigger flare-ups. Physiological data collected through Bluetooth-enabled devices and synced with health records provides clinicians deeper insights to perform remote surveillance. This is invaluable for the nearly 50% of Americans living with more than one chronic illness. The current pandemic has further highlighted the need for virtual care options that minimize physical visits while facilitating continuity of care. According to the Digital Health Society, 42% of Americans used some form of wearable device in 2021 for fitness tracking or health monitoring. This user base will grow rapidly as functionalities expand to include EKGs, fall detection, blood oxygen monitoring and more. The evidence clearly shows telehealth and mHealth play a pivotal role in managing the growing burden of chronic diseases in the US population in a cost-effective manner.