Care Management Solution Market

Global Care Management Solution Market, By Component (Software, Services), By Deployment (On-Premise Solutions, Cloud-Based Solutions), By End User (Healthcare Payers, Healthcare Providers, Other End Users), By Application (Disease Management, Case Management, Utilization Management, Other Applications), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017-2027

  • Published Date: August 2021
  • Report ID: BWC2140
  • Available Format: PDF
  • Page: 200

Report Overview

The global care management solution market is flourishing due to factors such as the increasing preference for patient-centric care, as well as the need for more cost-effective healthcare. Aside from that, government initiatives to lower the burden on healthcare payers are also driving the global market.

The global care management solution market was worth USD 11.5 billion in 2020 and is further projected to reach USD 24.3 billion by the year 2027, growing at the CAGR of 11.4% in the forecast period. As patient-centric care continues to rise, along with healthcare expenditures, there is a growing demand for better cost-effective healthcare, thus fostering the growth of the global care management solution market.Furthermore, various government initiatives to lower the burden on healthcare payers are estimated to boost the market during the forecast period.

Care Management Solution Market

Source: BlueWeave Consulting

Global Care Management Solution Market- Overview

A care management solution is a wellness program that coordinates a set of activities along with the patient's long-term care. It helps to reduce overall medical costs. During this process, the patients' medical needs are easily and seamlessly aligned with the healthcare services provided by registered nurses who have specialized knowledge concerning disease management and lifestyle coaching.Care management solutions are becoming more and more popular among healthcare payers since they assist patients and caregivers in managing health conditions more effectively.

Global Care Management Solution Market Forecast and Trends

Growth Drivers

Benefits of Care Management Solution

The adoption of care management solutions offers several benefits for both patients and healthcare service providers, which fuels the growth of the global care management solution. It offers workflow automation which is an essential part of caregiving. Using automated care plans, healthcare providers can analyze both past and current health scenarios and treat them accordingly. In addition to developing customized treatments, care management solutions also offer data-driven solutions for improving health outcomes. These factors are driving the growth of the global care management solution market.

Growth Potential in The Emerging Economies

The rising healthcare expenditure, government initiatives, and developing IT infrastructure in emerging economies are some of the major growth factors for the global care management solution. Several countries, including India and China, are investing heavily in information technology (IT) and healthcare. These countries are now emerging as hubs for healthcare and IT. As a result of these developments, the global market is seeing immense opportunities because citizens are waking up to the benefits of the care management system due to digitization and increasing internet usage.

Restraints

Lack of Skilled Healthcare Professionals

Information technology and advanced technologies play a crucial role in the adoption of care management solutions. Unfortunately, the lack of sufficient IT infrastructure and healthcare providers well versed in this technology pose great threats to the growth of the global care management solution market. Furthermore, healthcare organizations need to maintain a proper server and operational workflow for providing proper and timely healthcare services. In emergency situations, any mismanagement can lead to severe consequences, negatively affecting the global market for care management solutions.

Impact of COVID-19 on Global Care Management Solution Market

The COVID-19 brought a tremendous amount of burden on the entire healthcare system. With the ever-increasingCOVID-19 cases, it was getting tiresome to manage patients suffering from coronavirus infection, as well as other medical conditions. In such a scenario, the global care management solution market emerged as a proficient solution for healthcare providers to integrate solutions to deliver healthcare services. Furthermore, as a result of the lockdown, hospital visits were also limited, which provided significant growth opportunities for health care management solutions globally.

Global Care Management Solution Market - By Component

Based on components, the global care management solution market is segmented into software and services. The software segment captures the largest market share and is expected to remain at its dominant position in the forecast period as well.Software solutions provide simple user interfaces that are easy to use, especially for geriatrics. It helps patients monitor, record, and share their vitals which proves to be effective in diagnosis and treatment. Furthermore, the affordability of the software also favors the growth of this segment.

Global Care Management Solution Market - By Deployment

Based on deployment, the global care management solution market is categorized into on-premise solutions and cloud-based solutions. The on-premise segment covers the largest market share. However, its share is expected to decline during the forecast period and is projected to take over by cloud-based solutions. The increasing penetration of medical technologies and smartphones, along with the rising demand for home care settings are some of the major factors propelling the growth of this segment. Furthermore, cloud-based solutions offer the convenience of remote data access and sharing, contributing to the overall increase in the market.

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. Because of advancements in healthcare infrastructure, North America dominates the market for cloud-based solutions. Furthermore, the growing awareness regarding management solutions and an increasing number of senior citizens who are under home-based care are contributing greatly to the growth of the global care management solution market in the region. The European market, on the other hand,is also gaining traction and is expected to grow at a substantial rate during the forecast period.

Regional Insights

Source: BlueWeave Consulting

 

Competitive Landscape

The leading players in the global care management solution market areZeomega Inc., Koninklijke Philips N.V., Allscripts Healthcare Solutions, VirtualHealth, Trizetto Corporation, Nextgen Healthcare, Inc., Axispoint Health, Health Catalyst LLC., Phytel Inc., Epic Corporation Inc., Cerner Corporation, Medecision Inc., Mediware Information Systems,Salesforce.Com, Inc., 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 players such as Philips. However, as the market is still growing, it has huge potential for new entrants as well. The leading players in the market have been adopting competitive strategies, such as partnerships, mergers and acquisitions, collaborations, and many others, to broaden the solutions and services they offer and strengthen their niches in different geographical locations.

Recent Development

  • In August 2021, Keystone Healthcare Partners, a US-based provider of Emergency Medicine, Hospital Medicine, and Telehealth clinical management services, announced its partnership with EmOpti, a Wisconsin-based company, and HealthTalk A.I., a Virginia-based company to deliver high-quality patient-centered care through innovative management solutions
  • In August 2021, Evolent Health Inc., a US-based healthcare delivery company, and WindRose Health Investors, a US-based capital market company, announced their definitive agreement for Evolent to acquire the latter’s portfolio company Vital Decisions.

Scope of the Report

Attributes

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Billion

Market Coverage

U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia

Product Service/Segmentation

By Component, By Deployment, By End-User, By Application, By Region

Key Players

Zeomega Inc., Koninklijke Philips N.V., Allscripts Healthcare Solutions, VirtualHealth, Trizetto Corporation, Nextgen Healthcare, Inc., Axispoint Health, Health Catalyst LLC., Phytel Inc., Epic Corporation Inc., Cerner Corporation, Medecision Inc., Mediware Information Systems, Salesforce.Com, Inc., EXL Healthcare, Athenahealth, Inc., I2I Systems Inc., Healthsmart Holdings Inc., Pegasystems Inc., and other prominent players.

 

By Component

  • Software
  • Services

By Deployment

  • On-Premise Solutions
  • Cloud-Based Solutions

By End-User

  • Healthcare Payers
  • Healthcare Providers
  • Other End-Users

By Application

  • Disease Management
  • Case Management
  • Utilization Management
  • Other Applications

By Region

  • North America
  • Europe
  • The Asia-Pacific
  • Latin America
  • The Middle East & Africa

 

FAQs:

 

1. What is the current size of the global care management solution market?

Answer: The global care management solution market reached USD 11.5 billion in 2020.

2. What are the major factors driving the growth of the global care management solution market?

Answer: The major factors driving the growth of the global care management solution market are the benefits of care management solution and immense growth potential in the emerging economies.

3. Who are the key players in the global care management solution market?

Answer: The key players 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., Epic Corporation Inc., Cerner Corporation, Medecision Inc., Mediware Information Systems,  Salesforce.Com, Inc., EXL Healthcare, Athenahealth, Inc., I2I Systems Inc., Healthsmart Holdings Inc., Pegasystems Inc., and other prominent players.

4. Which component segment accounted for the largest share in the global care management solution market?

Answer: The software segment accounted for the largest share in the global care management solution market.

5. Which region is at the highest growth rate in the global care management solution market?

Answer: North America has the largest share in the global care management solution market.