Number of pages: 100 | Report Format: PDF | Published date: March 07, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global care management solutions market was valued at US$ 12.61 billion in 2022 and is expected to register a revenue CAGR of 12.9% to reach US$ 37.58 billion by 2031.
Care Management Solutions Market Fundamentals
Care management solutions refer to healthcare services and strategies to improve patient outcomes and reduce healthcare costs. These solutions aim to provide coordinated, patient-centered care to individuals with complex medical needs or chronic conditions. Care management solutions can include various services, such as care coordination, disease management, medication management, health coaching, patient education, and healthcare analytics. Care managers, nurses, or other healthcare professionals work with patients and their families to develop personalized care plans and ensure patients receive the necessary services and resources to manage their conditions. Care management solutions aim to improve the quality of care, enhance patient satisfaction, and reduce healthcare costs by preventing hospital admissions and readmissions, promoting wellness, and providing timely interventions when necessary.
Care Management Solutions Market Dynamics
With the rising prevalence of chronic diseases, such as diabetes, heart disease, and cancer, the need for care management solutions is rising to help patients manage their conditions and prevent complications. For instance, according to the September 2022 factsheet of the WHO, diabetes is a leading cause of blindness, renal failure, heart attacks, stroke, and lower limbs amputation. Diabetes cases increased from 108 million in 1980 to 422 million in 2014. Prevalence has risen faster in low- and middle-income nations than in high-income ones. Healthcare reform initiatives, such as the Affordable Care Act (ACA) in the United States, promote the adoption of value-based care models that prioritize prevention and coordination of care, which are key features of care management solutions. Additionally, electronic health records (EHRs), telehealth, and mobile health (mHealth) apps are making it simpler to coordinate treatment and provide remote monitoring and assistance, leading to the revenue growth of the global care management solutions market. Moreover, market participants are integrating cutting-edge technologies, such as big data analytics, the Internet of Things, and artificial intelligence. The advent and adoption of such technologies in healthcare are assisting in the development of the global care management solutions market.
However, one of the biggest challenges to adopting care management solutions is resistance to change among healthcare providers and patients, who may be inclined toward traditional fee-for-service models and hesitant to embrace new care delivery models. Adopting care management solutions can also face technical challenges, such as interoperability issues between different health IT systems and difficulties in integrating various data sources, which can hamper the market revenue growth. Data privacy, security, and high investments required for supporting infrastructure are some restraints impeding the overall care management solutions market revenue growth.
Care Management Solutions Market Ecosystem
The global care management solutions market is analyzed from five perspectives: component, application, mode of delivery, end-user, and region.
Care Management Solutions Market by Component
Based on the component, the global care management solutions market is segmented into software and services.
The software segment dominated the market with the top revenue share in 2022, attributed to the affordability and ease of use of the software. The software segment is an important component of the care management solutions market. It covers a wide range of applications and platforms that support care coordination and patient engagement. Population health management care coordination software helps healthcare providers manage care plans, track patient progress, and communicate with other team members. Care management solutions software allows healthcare providers to share patient data across different departments and organizations, enabling better care coordination and improved outcomes.
Care management solutions software can help healthcare organizations decrease costs by preventing hospitalizations and readmissions and reducing the need for unnecessary tests and procedures. Some key software solutions in the care management solutions market include population health management platforms, patient engagement tools, EHRs, and care coordination platforms. EHRs are digital versions of a patient’s medical record that allow healthcare providers to store, manage, and share patient information. EHRs are a foundational technology for care management solutions, as they provide a comprehensive view of a patient’s medical history and allow for better care coordination. These parameters contribute to the growth of the software segment.
Care Management Solutions Market by Application
Based on the application, the global care management solutions market is segmented into disease management, utilization management, case management, and others.
The disease management segment dominated the market with the largest revenue share in 2022, attributed to its rising prevalence of chronic diseases across the globe. Disease management solutions can help healthcare providers manage these conditions and improve patient outcomes. It helps healthcare providers identify patients at high risk of complications and develop targeted interventions to prevent hospitalizations and other adverse events. Disease management solutions can improve patient satisfaction by providing patients with convenient access to their medical information, enabling remote monitoring, and empowering them to manage their health conditions actively. Disease management solutions can help healthcare providers better coordinate care across different organizations and care settings, leading to more efficient and effective care delivery. These advantages contribute to the development of the disease management segment.
Care Management Solutions Market by Mode of Delivery
Based on the mode of delivery, the global care management solutions market is segmented into web-based, cloud-based, and on-premise.
The web-based segment dominates the market, attributed to its cost-effectiveness and easy accessibility. Web-based solutions allow healthcare providers and patients to access care management solutions from anywhere, anytime, improving access to care and increasing patient engagement. They can be more cost-effective than traditional software solutions. They do not require hardware or software installations and can be easily updated and maintained. Additionally, web-based solutions can be easily deployed across different healthcare organizations and customized to meet the specific needs of different patient populations. They can provide improved data security and be hosted on secure cloud platforms with advanced encryption and access controls. These factors contribute to the growth of the web-based segment.
Care Management Solutions Market by End-user
Based on the end-user, the global care management solutions market is segmented into healthcare providers, healthcare payers, and others.
The healthcare providers segment is critical in the care management solutions market, as they are the largest users of these solutions. Healthcare providers use care management solutions to improve patient outcomes by delivering coordinated care, identifying high-risk patients, and developing targeted interventions. Care management solutions can help healthcare providers reduce costs by preventing hospitalizations and readmissions, improving care coordination, and reducing the need for unnecessary tests and procedures. Many healthcare providers must adopt care management solutions to meet regulatory requirements and quality measures, such as the Medicare Access and CHIP Reauthorization Act (MACRA) and the Merit-based Incentive Payment System (MIPS). Care management solutions can improve patient satisfaction by providing patients with convenient access to their medical information, enabling remote monitoring, and empowering them to manage their health conditions actively. These factors contribute to the revenue growth of the healthcare providers segment.
Care Management Solutions Market by Region
Geographically, the global care management solutions market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America dominated the global care management solutions market with the largest revenue share in 2022, attributed to the presence of key players, fast adoption of technology, and the prevalence of chronic disorders. Additionally, companies across the region are continuously working on launching new and improved care management solutions, which are also helping the region’s development.
Care Management Solutions Market Competitive Landscape
The prominent players operating in the global care management solutions market are:
Care Management Solutions Market Strategic Developments
The global care management solutions market is expected to reach US$ 37.58 billion by 2031.
The care management solutions market is expected to register a revenue CAGR of 12.9% during the forecast period from 2023 to 2031.
The rise in the prevalence of chronic diseases, the adoption of value-based care models that prioritize prevention and coordination of care across the nations, and technological advancements are driving market revenue growth.
The issues related to data privacy and security and the high investments required for supporting infrastructure restrict global market revenue growth from its full potential.
Some prominent players in the global care management solutions market are Cerner Corporation (Oracle), Evolve Health (Centene Corporation), Infosys Limited, Optum, Inc., EXL Service Holdings, Inc., and ZeOmega Inc.
*Insights on financial performance are subject to the availability of information in the public domain