Global chronic disease management market to reach $1.1t by 2029

The economic burden of the condition is projected to cost the global economy $47t by 2030.

The global market for chronic disease management therapeutics and device technologies is projected to reach $1.1t by 2029 at a compound annual growth rate of 8.1%, said BCC Research.

The sector’s expansion is attributed to the rising prevalence of chronic diseases, an ageing global population, advancements in digital therapeutics, and increasing government initiatives and funding.

Meanwhile, the economic burden of chronic diseases is projected to cost the global economy $47t by 2030.

The pharmaceutical drugs and biologics segment is expected to dominate the market in the forecast period.