Care Management Solutions Market
Number of pages: 100 | Report Format: PDF | Published date: 07 March, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market size value in 2022 |
US$ 12.61 billion |
|
Revenue forecast in 2031 |
US$ 37.58 billion |
|
Growth Rate |
CAGR of 12.9% from 2023 to 2031 |
|
Base year for estimation |
2022 |
|
Forecast Period |
2023-2031 |
|
Historical Year |
2021 |
|
Segments covered |
Component, Application, Mode of Delivery, End-user, and Region |
|
Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
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.
Market Fundamentals
Care management solutions refer to a set of healthcare services and strategies designed 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.
[9768678]
Market Dynamics
With the rising prevalence of chronic diseases such as diabetes, heart disease, and cancer, there is a growing need for care management solutions 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 amputation of lower limbs. 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 growth of the global care management solution market. Moreover, market participants are integrating cutting-edge technology 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 growth 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 acclimated to 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 growth. Additionally, data privacy, security, and high investments required for supporting infrastructure are some restraints impeding the overall care management solutions market growth.
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
[8657578]
Based on the component, the global care management solutions market is bifurcated into software, and services.
The software segment dominated the market with the top revenue share in 2022, attributed to the affordability and ease to 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 reduce 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, electronic health records (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 for 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 growth 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 dominated 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 key in the care management solutions market, as they are the largest takers of these solutions. Healthcare providers use care management solutions to improve patient outcomes by providing 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 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 market players, fast adoption of technology, and rising 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 growth. For instance, in April 2022, TurningPoint Healthcare Solutions introduced TurningPoint Digital Joint and Spine, a comprehensive musculoskeletal management platform that improves upstream care management and patient access and support and enables risk-bearing entities such as employers and health plans to streamline complete condition risk with a single partner. TurningPoint integrates complete clinical and operational risk management across the whole patient experience to enhance the safety, quality, and cost of treatment. Additionally, in the future, TurningPoint will launch TurningPoint Digital expansions to include other complicated specialties, proving its commitment to changing value-based care delivery.
Competitive Landscape
The prominent players operating in the global care management solutionsmarket are:
Strategic Developments
The estimated market size of the global care management solutions market in 2031 is US$ 37.58 billion.
The revenue CAGR of the care management solutions market during the forecast period will be 12.9% from 2023 to 2031.
The rising 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 the factors driving the market growth.
Data privacy, security, and high investments required for supporting infrastructure restrict global market 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., among others.
*Insights on financial performance are subject to the availability of information in the public domain
Using the fundamental research and knowledge services capabilities of GRG Health, Growth Plus Reports may now be tailored based on client needs.
GRG Health's unique GrowthMIX strategy and comprehensive research methodology enable us to provide unique and valuable insights to our clients while uncovering trends that would not be discovered using traditional techniques.
Snehal Deshmukh
Principle Consultant
Speak to analyst