The Global Care Management Solutions Market size is expected to reach $25.4 billion by 2028, rising at a market growth of 14.8% CAGR during the forecast period
NEW YORK, Dec. 21, 2022 /PRNewswire/ --
The Global Care Management Solutions Market size is expected to reach $25.4 billion by 2028, rising at a market growth of 14.8% CAGR during the forecast period.
Read the full report: https://www.reportlinker.com/p06374107/?utm_source=PRN
Patients who have diseases that are chronic or complex and need assistance managing their health may benefit from care management, which is a complete set of treatments and activities. The overall objective of care management is to enhance the condition of the patient. In addition to these goals, the model seeks to improve care coordination, lower the number of hospital visits, and increase patient participation.
The utilization of care management software can offer healthcare professionals substantial assistance in accomplishing these objectives. The management of comprehensive care requires the participation of a team. Patients, physicians, and other clinicians, as well as patients’ careers, need to collaborate in order to assist patients in managing the complexities of their healthcare demands.
The administrative tasks involved in care management, like scheduling appointments, scheduling tests, developing care plans, accessing and sharing reports, patient engagement, administering treatments, and so on, can be streamlined and digitized with the help of software solutions for care management.
In other words, a physician or group of physicians can utilize care management platforms to coordinate clinical activities. This can be done in order to improve the quality of medical care that is provided. Inadequacies in the provision of evidence-based care or a precipitating occasion like hospitalization can also point to the requirement for continuity of care.
Following the appropriate identification of the need for CM services, patients and caregivers should be engaged in shared decision-making to ascertain which CM services would be the most suitable to address clients’ modifiable risks and optimize their health. This should take place after the need for care management services has been appropriately identified.
COVID-19 Impact Analysis
The COVID-19 pandemic brings about a protracted decline in the healthcare industry. Regardless of the community, COVID-19 was a disaster for the world’s largest economies, especially the healthcare sector. Important parties are still making changes to their plans in response to the rapidly changing circumstances. The long-term implications of COVID-19 are anticipated to be significant in the healthcare sector. Until the crisis is resolved, countries and important stakeholders would need to focus on reform. In various nations, the rising COVID-19 prevalence has increased the necessity for precise diagnosis and treatment tools.
Market Growth Factors
Various Initiatives Are Being Taken To Shift Risk To Providers From Payers
A key element of the efficient delivery of primary care and care management is the alignment of care management with population requirements, which fosters supportive, trustworthy relationships between healthcare professionals and patients. Care management solutions are quickly transferring risk from the government’s control to that of healthcare providers, commercial payers, and others. All around the globe, a number of initiatives are now being implemented to transfer the risk from healthcare payers to providers.
Technical Advancements In The Healthcare Industry
The healthcare sector has to choose between pursuing cutting-edge technology’s competitive advantage and the attendant danger of unpredictability. A trade-off must be made between implementing enough technology advancements to deliver quality services at a lower cost and controlling the risks and uncertainties they entail. The increased use of big data and its enormous impact have undoubtedly pushed the healthcare industry toward patient-centric care.
Market Restraining Factors
Shortage Of Workforce
An effective IT infrastructure and IT support both inside the company and at the solution provider’s end are necessary for the use of care management solutions. For clinical operations to run smoothly and care management solutions to interface with servers and networks at optimal speeds, technical assistance is a constant requirement in healthcare organizations. The production of screen loads results from the poor server or network maintenance, which slows down the clinical process.
Component Outlook
Based on component, the care management solutions market is segmented into services and software. The services segment acquired a substantial revenue share in the care management solutions market in 2021. The rise of the service sector is being fueled by an increase in service providers as well as providers outsourcing care management. The care management services is emerging as the key means of health management.
Mode of Delivery Outlook
On the basis of mode of delivery, the care management solutions market is fragmented into web-based, cloud-based and on-premise. A helpful supplement in the treatment of patients with improperly managed diabetes may be web-based care management. A web-based software package created for payers that provides transparency into the delivery of care and identifies the optimum delivery methods. The market is being driven in this segment as a result of rising number of web based care management platform providers.
End-User Outlook
By end-user, the care management solutions market is divided into healthcare providers, healthcare payers and others. In 2021, the healthcare providers segment registered the highest revenue share in the care management solutions market. The segment’s growth is being fueled by growing patient demand for patient-centered care, higher healthcare quality, an expanding patient base, and an increase in the need for quicker services. Increased strategic activities by key competitors and the presence of well-developed hospitals are expected to fuel market expansion.
Regional Outlook
Region wise, the care management solutions market is analyzed across North America, Europe, Asia Pacific and LAMEA. In 2021, the North America region led the care management solutions market by generating the highest revenue share. The region’s expansion is linked to healthcare providers’ increasing embrace of patient care solutions that help them achieve their objectives of lower costs and higher quality care. Additionally, the regional market is growing as a result of rising technical improvements and cloud-based software use.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Oracle Corporation is the major forerunner in the Care Management Solutions Market. Companies such as IBM Corporation, Cognizant Technology Solutions Corporation and Koninklijke Philips N.V. are some of the key innovators in Care Management Solutions Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AllScripts Healthcare Solutions, Inc., Epic Systems Corporation, Cognizant Technology Solutions Corporation, ExlService Holdings, Inc., Koninklijke Philips N.V., Oracle Corporation (Cerner Corporation), Zeomega, Inc., Medecision, Inc. (Health Care Service Corporation), IBM Corporation, and Casenet, LLC (Zyter, Inc.)
Recent Strategies deployed in Care Management Solutions Market
Partnerships, Collaborations & Agreements
Oct-2022: Cognizant Technology Solutions Corporation announced a partnership with Centrica, a UK-based provider of Gas, Energy, Business Solutions, etc. This partnership would reduce operating costs and aims to accelerate digital transformation, infrastructure security, speed, and agility.
Apr-2022: Koninklijke Philips partnered with Prisma Health, a South Carolina-based not-for-profit health company. Through this partnership, Philips would enhance their patient care services by unlocking patient data and addressing data integration.
Apr-2022: Medecision partnered with Clearstep Health, a company driving the next generation of AI chat triage. The partnership integrated Medecision’s current and future health system and health plan customers with Clearstep’s Smart Care Routing for allowing an enhanced patient engagement experience. This partnership empowered the company to advance its virtual and digital care management capabilities by offering new and effective ways for patients.
Mar-2022: Cognizant Technology came into collaboration with Microsoft Corporation, an American multinational technology corporation. This collaboration aims to improve patient monitoring for enhancing medical care and provide a new digital health solution.
Mar-2022: IBM came into partnership with Genomics England, a setup owned by the United Kingdom Department of Health and Social Care to run the 100,000 Genomes Project. The partnership aimed to transform patient care. Additionally, IBM would support Genomics England’s objectives of allowing clinicians to deliver world-leading treatment and diagnosis services to NHS patients.
May-2021: Oracle Corporation announced a partnership with HealthPartners, a non-profit, integrated healthcare services and health insurance company. Under this partnership, Oracle would serve better quality and more affordable healthcare services to patients, members, partners, and colleagues.
Jan-2021: AllScripts Healthcare Solutions, Inc. partnered with US Orthopedic Alliance (USOA), a California-based organization providing orthopedic management services. This partnership would bring best-of-breed infrastructure to market for improving orthopedic practices with agility and enhancing EHR implementation in supporting clinical protocols and creating a value-based care analytics community.
Jan-2021: Koninklijke Philips N.V. took over Capsule Technologies, Inc., a clinical surveillance, patient monitoring, and medical device integration provider for hospitals. With this acquisition, Philips would enhance their medical device integration platform and strengthen its workflow in ICUs and care settings in the hospital.
Oct-2020: Zeomega, Inc. announced its partnership with Wellframe, a digital health management solutions provider for organizations and people. Following this partnership, ZeOmega and Wellframe would integrate their technologies to enhance the digital experience and improve transparency and compliance for risk-bearing health insurance organizations.
Jul-2020: AllScripts Healthcare Solutions, Inc. came into collaboration with Microsoft Corporation. Under this collaboration, Allscripts aims to deliver telehealth functionality, mobile options, and cloud solution tools to enhance the operational performance of organizations and the clinical outcomes of patients.
Feb-2020: AllScripts Healthcare Solutions, Inc. signed a partnership with Manorama Infosolutions, an Indian healthcare IT company enabling Patient Care & Proactive Analytics. Through this partnership, Allscripts would allow Manorama to integrate the Allscripts interoperability platform. This partnership contributes to reselling market strategy of Allscripts and marks the continued international growth of the company with the help of Manorama’s market reach in India.
Product Launches & Product Expansions
Oct-2021: AllScripts Healthcare Solutions, Inc. unveiled an artificial intelligence scheduling application named Allscripts Guided Scheduling. This application enhanced the efficiency of healthcare operations and improved patient care, resource utilization across organizations, and reduced schedule churn impact.
Oct-2021: ExlService Holdings, Inc. unveiled a new omnichannel Patient Engagement Platform. This product utilizes real-world patient data and analytics and delivers personalized care management programs for self-insured employers and health plans.
Feb-2021: Koninklijke Philips N.V. unveiled Medical Tablet, an advanced software-enabled portable monitoring kit. This kit expanded its remote patient management portfolio. This product embedded with IntelliVue XDS software would reinforce clinicians with care decision and clinical decision support applications.
Aug-2020: Zeomega, Inc. released solutions for Population Health Management named, Jiva Interoperability Solutions. The solution is a combination of Patient Access Final Rule and the ONC and CMS Interoperability with Patient Access, Payer-to-Payer Data Exchange requirements, Directory Provider with quick Healthcare Interoperability Resources (FHIR®) gateway, and built-in data mapping to offer health plan support.
May-2020: Casenet introduced TruCare 2020, an HTML5 Version of its population health management platform. This product would get exceptional client service and implementation, with enhanced system-to-system interoperability, usability, and insights.
Scope of the Study
Market Segments covered in the Report:
By End-use
• Healthcare Providers
• Healthcare Payers
• Others
By Component
• Software
• Services
By Mode of Delivery
• Web-based
• Cloud-based
• On-premise
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• AllScripts Healthcare Solutions, Inc.
• Epic Systems Corporation
• Cognizant Technology Solutions Corporation
• ExlService Holdings, Inc.
• Koninklijke Philips N.V.
• Oracle Corporation (Cerner Corporation)
• Zeomega, Inc.
• Medecision, Inc. (Health Care Service Corporation)
• IBM Corporation
• Casenet, LLC (Zyter, Inc.)
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• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
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