Digital self-management emerging as a new high growth HealthTech sub-sector in 2024
Exec Summary:
The global digital self-management market size is projected to reach $149.4 Billion by 2027, growing at a CAGR of 18.6% from 2022 to 2027.
The growth of the digital self-management market is being driven by a number of factors, including the increasing prevalence of chronic diseases, the rising demand for personalized healthcare, and the growing adoption of mobile health (mHealth) technologies.
Chronic diseases, such as diabetes, heart disease, and cancer, are on the rise globally. These diseases can be difficult to manage, and they often require patients to take medication and make lifestyle changes. Digital self-management tools can help patients track their health data, learn about their condition, and make informed decisions about their care.
The demand for personalized healthcare is also growing. Patients are increasingly looking for ways to take control of their own health, and they are willing to use technology to do so.
Digital self-management tools can provide patients with personalized information and support, which can help them to better manage their health.
The adoption of mHealth technologies is also driving the growth of the digital self-management market. mHealth technologies, such as mobile apps and wearable devices, allow patients to track their health data and communicate with their healthcare providers remotely. This can help patients to stay on top of their health and to avoid unnecessary doctor's visits.
North America is the leading market for digital self-management, followed by Europe and Asia Pacific. The growth of the market in these regions is being driven by the increasing prevalence of chronic diseases, the rising demand for personalized healthcare, and the growing adoption of mHealth technologies.
The digital self-management market is a rapidly growing market, and it is expected to continue to grow in the coming years. The growth of the market will be driven by the increasing prevalence of chronic diseases, the rising demand for personalized healthcare, and the growing adoption of mHealth technologies.
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What exactly is Digital self-management?
Digital self-management is a patient-centered approach to healthcare that uses technology to help people track their health data, connect with healthcare providers, and learn about their conditions. This can help people improve their health and well-being by empowering them to take control of their own care.
There are a number of different ways that digital self-management can be used in healthtech. Some of the most common methods include:
Wearable devices: Wearable devices, such as fitness trackers and smartwatches, can help people track their health data, such as their steps taken, heart rate, and sleep quality. This data can be used to identify health trends and make lifestyle changes to improve overall health.
Mental health apps: Mental health apps can provide people with access to therapy, support groups, and educational resources. These apps can be a helpful tool for people who are struggling with mental health challenges.
Telehealth: Telehealth services, such as video conferencing and phone calls, allow people to connect with healthcare providers remotely. This can be a convenient way to get care, especially for people who live in rural areas or who have difficulty getting to a doctor's office.
Digital therapeutics: Digital therapeutics are software-based interventions that are designed to treat or manage chronic diseases. These interventions can be delivered through a variety of channels, such as mobile apps, websites, and gaming platforms.
Self-management support programs: Self-management support programs provide people with education, coaching, and support to help them manage their chronic conditions. These programs can be offered by healthcare providers, community organizations, or online platforms.
Digital self-management is a growing field, and there are a number of new and innovative technologies being developed all the time. As technology continues to evolve, we can expect to see even more ways that digital self-management can be used to improve health and well-being.
Here are some of the benefits of digital self-management in healthtech:
Improved health outcomes: Digital self-management can help people improve their health outcomes by providing them with the tools and resources they need to make informed decisions about their health.
Reduced healthcare costs: Digital self-managed care can help to reduce healthcare costs by enabling people to manage their own health conditions more effectively.
Increased patient satisfaction: Digital self-managed care can help to increase patient satisfaction by giving patients more control over their own health.
Investment in the Digital Self-Management market
The investment in the digital self-management market is growing rapidly. In 2021, the global digital self-management market received a total of $12.9 billion in funding, up from $8.9 billion in 2020.
This growth is being driven by the increasing prevalence of chronic diseases, the rising demand for personalized healthcare, and the growing adoption of mobile health (mHealth) technologies.
Some of the leading investors in the digital self-management market include:
Google Ventures
Accel
Sequoia Capital
Kleiner Perkins
Lightspeed Venture Partners
These investors are attracted to the digital self-management market because of its large potential market size and the high growth rates that are being seen. They are also attracted to the fact that the market is still in its early stages, which means that there is a lot of opportunity for growth.
The investment in the digital self-management market is expected to continue to grow in the coming years. This growth will be driven by the increasing prevalence of chronic diseases, the rising demand for personalized healthcare, and the growing adoption of mobile health (mHealth) technologies.
Here are some of the key trends that are driving investment in the digital self-management market:
The increasing prevalence of chronic diseases: Chronic diseases are a major burden on healthcare systems around the world. These diseases are often complex and require long-term management, which can be difficult for patients to do on their own. Digital self-management tools can help patients to track their symptoms, manage their medications, and learn about their condition.
The rising demand for personalized healthcare: Patients are increasingly looking for ways to take control of their own healthcare and get the care that they need, when they need it. Digital self-management tools can help patients to track their health data, identify trends, and communicate with their healthcare providers.
The growing adoption of mobile health (mHealth) technologies: mHealth technologies allow patients to access healthcare services from anywhere, at any time. This is particularly beneficial for patients who live in rural areas or who have difficulty getting to a doctor's office.
As these trends continue to grow, the investment in the digital self-management market is expected to continue to grow as well.
Examples of Digital self-management in the NHS
Supported self-management is part of the NHS Long Term Plan’s commitment to make personalised care the norm.
"We use the term ‘supported self-management’ to mean the ways that health and care services encourage, support and empower people to manage their ongoing physical and mental health conditions themselves.
Our vision is for everyone in England living with an ongoing health condition or conditions to be empowered to live well with their conditions."
1) Diabetes
"For those people living with a diagnosis of type 1 or type 2 diabetes the NHS will enhance its support offer. We will support people who are newly diagnosed to manage their own health by further expanding provision of structured education and digital self-management support tools, including expanding access to HeLP Diabetes an online self-management tool for those with type 2 diabetes.
2) Pulmonary rehabilitation - COPD
"To increase access to pulmonary rehabilitation, a population-management approach will be used in primary care to find eligible patients from existing COPD registers who have not previously been referred to rehabilitation.
New models of providing rehabilitation to those with mild COPD, including digital tools, will be offered to provide support to a wider group of patients with rehabilitation and self-management support. We will increase the number of patients with COPD who are referred to pulmonary rehabilitation where this is appropriate through the use of the COPD discharge bundle."
3) Chronic joint pain - Osteoarthritis
"We will expand the number of physiotherapists working in primary care networks, enabling people to see the right professional first time, without needing a GP referral. We will also expand access to support such as the online version of ESCAPE-pain (Enabling Self-management and Coping with Arthritic Pain through Exercise), a digital version of the well-established, face-to-face group programme."
4) Digital MSK - Musculoskeletal
Common musculoskeletal (MSK) conditions often do not need specific or specialist treatment and may resolve if people follow simple, evidence-based advice.
Digital technology can provide immediate day-to-day support while connecting people to their local MSK pathway and support services across an integrated care system (ICS). By using technology, people can access trusted, evidence-based advice in a consistent and standardised way.
Summary of Self-management:
Self-management refers to the ability of individuals, patients, and carers to manage their own health and well-being. It is a key aspect of health and social care, and it can be supported through a variety of interventions, including education, training, and support groups.
In the context of health and social care, self-management can be defined as the ability of individuals, patients, and carers to:
Understand their health condition and how to manage it. This includes understanding the symptoms, causes, and treatments of their condition, as well as how to prevent complications.
Set and achieve health goals. This could involve making lifestyle changes, such as eating a healthy diet, exercising regularly, and quitting smoking.
Cope with the emotional and practical challenges of their health condition. This could involve managing stress, anxiety, and depression, as well as accessing support services.
Communicate effectively with healthcare professionals. This includes being able to ask questions, understand information, and make informed decisions about their care.
Self-management is an important part of health and social care because it can help people to:
Improve their health outcomes. Studies have shown that self-management can help people to reduce their symptoms, improve their quality of life, and live longer.
Reduce their healthcare costs. Self-management can help people to manage their conditions more effectively, which can lead to lower healthcare costs.
Increase their satisfaction with their care. People who are able to self-manage their conditions often feel more in control of their health and more satisfied with their care.
There are a number of different ways to support self-management in health and social care. These include:
Education and training. People need to be given the information and skills they need to manage their own health. This can be done through a variety of methods, such as leaflets, websites, and courses.
Support groups. Support groups can provide people with a forum to share experiences, learn from each other, and get support from others who understand what they are going through.
Technology. Technology can be used to support self-management in a number of ways, such as providing people with access to information and resources, tracking their progress, and connecting them with other people.
The role of healthcare professionals. Healthcare professionals play an important role in supporting self-management. They can provide information and advice, offer support and encouragement, and help people to develop self-management plans.
Self-management is an important part of health and social care. By supporting people to self-manage their conditions, we can help them to improve their health outcomes, reduce their healthcare costs, and increase their satisfaction with their care.
Mergers, Acquisitions, Growth and Strategy for Healthcare Technology companies in EMEA
Healthcare Technology Thought Leadership from Nelson Advisors – Market Insights, Analysis & Predictions. Visit https://www.healthcare.digital
HealthTech Corporate Development - Buy Side, Sell Side, Growth & Strategy services for Founders, Owners and Investors. Email lloyd@nelsonadvisors.co.uk
HealthTech M&A Newsletter from Nelson Advisors - HealthTech, Health IT, Digital Health Insights and Analysis. Subscribe Today! https://lnkd.in/e5hTp_xb
HealthTech Corporate Development and M&A - Buy Side, Sell Side, Growth & Strategy services for companies in Europe, Middle East and Africa. Visit www.nelsonadvisors.co.uk
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