The care management solutions market is anticipated to reach USD 11.8 Billion by 2030 at 10.80% CAGR during the forecast period 2022-2030.
Care management services allow the consolidation of all expenses, thus driving the care management solutions market growth. Care management comprises a set of activities aimed at improving patient care and assisting healthcare professionals in managing health conditions better. Care management solutions are deployed to enhance the experience of care, improve the health of populations and to reduce per capita costs of healthcare. With care management solutions, various processes can be automated such as adding patients to healthcare programs, sending reminders, scheduling appointments, assigning patients to care teams. In addition, care management solutions facilitate streamlining of processes of different healthcare departments.
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The global care management solutions market has been expanding on account of the high adoption of care management solutions among healthcare institutions. The upsurge in the global geriatric population is also a key market driver. With the growth in the geriatric population, the burden of chronic diseases on healthcare is rising which requires proper management of healthcare costs and quality of care. Augmenting need to curb towering healthcare costs is one of the prime factors driving the growth of the global care management solutions market. Healthcare spending invariably grows faster than GDP and care management is an effective solution to reduce healthcare costs. The rise in multiple chronic diseases among the global population has added fuel to the growth of the market. Multiple chronic conditions (MCC) has now become a major medical and healthcare challenge which will further increase the burden of chronic illnesses among the population. MCC patients suffer suboptimal health conditions and incur rising healthcare costs which necessitates an action-oriented framework to improve the quality of healthcare and life for individuals with MCC. The rise in multiple chronic diseases among the global population has added fuel to the growth of the market. The governments in numerous countries have endeavored to promote patient-centric healthcare and to promote healthcare IT which is furthering the growth of the market. However, lack of interoperability, high cost of deployment, lack of awareness and high incidences of healthcare data breaches are expected to constrain the growth of the global care management solutions market.
Segmentation
The global care management solutions market has been segmented based on component, application, delivery method, and end user. By component, the market has been segmented into software and services. By application, the market has been segmented into diseases management, case management, utilization management, EMR management, and others. By the delivery method, the market has been segmented into web, cloud, and on-premise. By end-user, the market has been segmented into payers, providers, and others.
Regional Analysis
Regionally, the global care management solution market has been segmented into North America, Europe, Asia Pacific, and the Middle East Africa. North America is a strong market for care management solutions driven by a robust economy, high healthcare expenditure and the presence of key players in the region. Europe is also a profitable market and is expected to exhibit high growth in the forthcoming years. Government initiatives to promote care coordination and quality of healthcare drives the Europe market for care management solutions. Asia Pacific is an emerging market and expected to exhibit substantial growth over the forecast period. Improving economy, high expenditure on healthcare sector and rise in geriatric population support the growth of the market in Asia Pacific.
Competitive Landscape
The notable players operating in the chronic care management companies include AthenaHealth, Epic Systems Corporation, Cerner Corporation, Koninklijke Philips N.V., Allscripts Healthcare Solutions, EXL Healthcare, Cognizant Technology Solutions, HealthSmart Holdings, Casenet LLC, and Medecision.
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