According to a 2018 report published by the Center for Managing Chronic Disease at the University of Michigan, more than 50% of the global population currently lives with some form of chronic disease.
In the US, the cost burden related to such long-term clinical conditions has been estimated to be approximately 86% of the USD 3.2 trillion that is spent by the country on healthcare, each year.
The Centers for Medicare & Medicaid Services (CMS) is part of the U.S. Department of Health and Human Services. CMS oversees many federal healthcare programs, including those that involve health information technology. These kind of chronic care cost projections explains why CMS is pushing so much money towards these challenges in an effort to reduce overall costs including new payment codes to incentivize adoption.
The Vitals360 is uniquely positioned to not only help reduce these overall costs through monitoring and using collected data to provide better care, but also financially reward Doctors and Health Networks that champion these solutions.
Furthermore, according to the industry report: Digital Health Market:Focus on Digital Therapeutic, Monitoring and Diagnostic Solution, 2018-2030:
- Chronic disorders, such as diabetes, heart disease, obesity, mental health problems and insomnia, are considered to be the leading causes of death and disability across the world.
- The market for digital therapeutics is expected to grow at a CAGR of 19.7% between 2018 and 2030.
- North America (primarily the US) and Europe currently capture the largest share (close to 75%) of the overall digital health solutions market.