Global Care Management Solution Market is Expected to Witness Vigorous Growth: Projected to Grow at a CAGR of 11.4% in the Forecast Period
Published | 18 August 2021
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global care management solution market was worth USD 11.5 billion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 11.4%, earning revenue of around USD 24.3 billion by the end of 2027. The global care management solution market is flourishing at a high rate because of the increasing prevalence of chronic diseases and the growing preference for patient-centric care. Furthermore, high healthcare expenditures are driving the need for a more cost-effective and high-quality healthcare system, which in turn is propelling the market growth. However, lack of sufficient IT infrastructure in developing and low-income countries, as well as a shortage of skilled professions, may act as a hindrance for the growth of the global care management solution market.
Increasing Prevalence of Chronic Diseases and Growing Demand for Home Care Settings Powering the Global Care Management Solution Market
Growing chronic disease rates, especially among older adults, and rising costs of hospitalization are propelling the demand for home care treatment.Care management solutions streamline and improve patient care and reduce the demand for high-cost medical services. Healthcare systems that utilize care management software available can enhance the coordination of the care, eliminate the chances of duplication, and help healthcare service providers, as well as patients, manage their medical conditions more effectively. Such factors are contributing to the growth of the global care management solutions market.
The Flourishing Demand for Disease Management Is Projected To Fuel The Global Care Management Solution Market Growth
The global care management solution market is categorized into disease management, case management, utilization management, and other applications, based on application. The disease management segment accounts for the largest market share and is projected to have the highest CAGR in the forecast period as well. Disease management helps patients to manage their chronic medical conditions regularly with the help of expert healthcare professionals, which further helps in preventing complications. Additionally, it helps healthcare in controlling costs as it manages outpatients' and inpatients' costs efficiently.
Global Care Management Solution Market - By End-User
Based on end-users, the global care management solution market is segmented into healthcare payers, healthcare providers, and other end-users. The healthcare providers enjoy the largest market share due to the growing prevalence of chronic diseases and other medical conditions, as well as an improved and more accessible healthcare system. Furthermore, the healthcare payers’ segment is also growing at a substantial rate because of the increasing awareness towards management programs for patients, and their long-term benefits. The management solution providers curate the programs which cater the chronic conditions and their specific needs.
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Global Care Management Solution Market - Regional Insights
Geographically, the global care management solution market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, North America dominates the market. The Asia-Pacific region is also showing lucrative growth in the care management solution market and is estimated to witness the highest CAGR during the forecast period. The economic development in countries like China, India, South Korea, Japan, etc., is driving the growth of the healthcare infrastructure and the adoption of advanced medical technologies.Factors such as these are favoring the market and are fueling market growth in the Asia Pacific.
Impact of COVID-19 on Global Care Management Solution Market
The global care management solution market flourished significantly during the COVID-19 outbreak and the pandemic period. The adoption of care management solutions proved to be very efficient for the COVID-19 affected patients as well as for patients with chronic diseases in home care settings. The care management solutions offered an automated assessment of the patients with the need to get into their close contact which ensures the safety of the healthcare professionals. It also proved to be beneficial in remote patient monitoring and treatment, which flourished the overall market growth.
The leadingplayers in the global care management solution market are Zeomega Inc., Koninklijke Philips N.V., Allscripts Healthcare Solutions, Virtualhealth, Trizetto Corporation, Nextgen Healthcare, Inc., Axispoint Health, Health Catalyst LLC., Phytel Inc., Medecision, Inc., Mediware Information Systems, Epic Corporation Inc., Cerner Corporation,Salesforce.Com, EXL Healthcare, Athenahealth, Inc., I2I Systems Inc., Healthsmart Holdings Inc., Pegasystems Inc., and other prominent players.
The market is consolidated with the presence of leading market players, such as Philips. Nevertheless, because the market is still growing, there is huge potential for new entrants.As a competitive strategy, the companies engage in partnerships, mergers, acquisitions, and collaborations to grow their business offerings and reach customers in different parts of the world.
Don’t miss the business opportunity of the global care management solution market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global care management solution market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global care management solution market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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