- Press Releases
- Care Management Solutions Market to Reach Valuation of USD 23.3 Billion by 2028 - The Implementation of Initiatives to Shift the Burden of Risk from Healthcare Payers to Providers, Government Initiatives and Regulations Promoting Patient-Centric Care, Initiatives to Promote Healthcare IT, an Aging Population, and the Need to Reduce Healthcare Costs are Driving the Growth of the Care Management Solutions Market
Care Management Solutions Market to Reach Valuation of USD 23.3 Billion by 2028 - The Implementation of Initiatives to Shift the Burden of Risk from Healthcare Payers to Providers, Government Initiatives and Regulations Promoting Patient-Centric Care, Initiatives to Promote Healthcare IT, an Aging Population, and the Need to Reduce Healthcare Costs are Driving the Growth of the Care Management Solutions Market
From the period of 2022 to 2028, the Global Care Management Solutions Market is expected to reach USD 23.3 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 11.1%.
The growing emphasis on patient-centered care, combined with the rising burden of healthcare expenses, necessitates the development of integrated care management solutions. Care management systems are increasingly being used by healthcare payers, government agencies, and employer groups to meet their healthcare management demands. With an aging population and an increase in the prevalence of chronic conditions such as cancer, diabetes, stroke, cardiovascular disease, and respiratory disease, care management systems provide effective workflow techniques that save time and money. This creates the profitable potential for chronic disease market participants. Many healthcare organizations prefer risk-based arrangements in which they are held accountable for providing healthcare tailored to a specific patient cohort. Some businesses with substantial experience in care management utilize commercial products that are unsuitable for scaling up. Some organizations charge a price for services and have limited resources. To function better while practicing effective care management, such firms require efficient care management systems. IT infrastructure advancements and big data capabilities are also driving market expansion. At the member/patient level, the capabilities are used to integrate claims-based and EMR-based data sources. This data improves deep analytics utilized for clinical decision support, program allocation, and planning in care management.
Key Highlights from the Report
- On the basis of Components, the market is categorized into Services and Software. In the forecast period, software accounted for the greatest proportion and is anticipated to maintain its dominance through the forecast period. The segment is also expected to increase at the fastest rate throughout the forecast period, owing to the ease of use and affordability of software. Software solutions ensure that care is coordinated and efficient. They allow clinicians to better diagnose patients, monitor vital signs and drugs, reduce surgical errors, and provide digital data for clinical research. One such example is the iPro Anesthesia platform.
- On the basis of Delivery Mode, the market is categorized into Cloud-based and On-premise. In the forecast period, the web-based sector held the biggest share, while cloud-based products are predicted to increase at the quickest rate throughout the projection period. Cloud-based solutions offer greater flexibility, are easy to scale up based on patient demand, and are less expensive than previous forms of delivery. These causes are largely to blame for the segment's strong growth until 2025. Healthcare practitioners are also increasingly using electronic health records to improve accessibility, security, and storage capacities. Cloud-based services also result in significant cost savings.
- Asia Pacific is the fastest regional segment in terms of growth. One of the high effect rendering factors is the improvement of healthcare facilities as a result of rapid economic development in emerging countries such as China, Japan, South Korea, and India. Rising interest and investment by key industry players, as well as continued collaborative initiatives, are also driving regional growth. The healthcare business is expanding at a rapid pace as a result of improved services, expanded coverage, and increased spending by both private and governmental entities. Factors such as increased health insurance coverage, the rise of telemedicine, and government programs such as e-health, along with incentives and tax breaks, will drive demand for Care Management Solutions in the region.
Initiatives to shift the risk burden from healthcare payers to providers are being implemented.
Various initiatives are being launched globally to shift the weight of risk from healthcare payers to providers. This trend encourages the use of healthcare information technology (HCIT) solutions (such as care management solutions) to improve healthcare delivery efficiency and eliminate unnecessary expenses. Alternative payment methods such as bundled payments, physician incentives, and customer incentives, among others, are also used to encourage value-based treatment. These payment schemes are intended to encourage healthcare professionals to accept responsibility for the treatment they give, resulting in a risk shift from payers to providers.
Emerging markets have tremendous potential for growth.
The implementation of government measures boosting the adoption of HCIT solutions, as well as rising government healthcare expenditure, are driving the growth of this market in Asia. Authorities in China are concentrating on revamping the country's healthcare management sector, which is now confronting issues such as underfunded rural health facilities, overburdened metropolis hospitals, and a nationwide doctor shortage. Government attempts to install HCIT solutions, an increase in government spending on healthcare systems, and the existence of qualified IT specialists all promote the expansion of the Asia Pacific Care Management Solutions Market.
North America dominated the market in the forecast period and is likely to continue to do so during the forecast period. In addition, because of developments in IT solutions and an increase in demand for inexpensive and scalable solutions to reduce healthcare costs, North America owns the biggest market share Technological developments increased acceptance of cloud-based solutions, and more knowledge regarding patient care management are important drivers of regional market growth. The rising use of Care Management Solutions by healthcare providers and payers to accomplish the healthcare goals of improved quality care and reduced healthcare costs can be ascribed to a substantial proportion of North America. Furthermore, because several large global players are headquartered in the United States, the country has emerged as a hub for innovation in the Care Management Solutions Market.
The Care Management Solutions is segmented as follows:
Browse market data Tables and Figures
Pages and in-depth TOC on "Care Management Solutions Market Size, Share & Trends Analysis Report by Component (Software, Services), by Delivery Mode (On-Premise, Cloud-Based), by Application (Disease Management, Case Management, Utilization Management, Others), by End User (Payers, Providers, Other), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)"
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
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