Market Research Future (MRFR), in its recently published study report asserts that the global care management solutions market size will grow exponentially by 2023, registering a fabulous CAGR throughout the forecast period (2017 – 2023). Care Management Solutions have become an essential part of healthcare offerings providing cost-effective patient care. Implementation of these solutions ensures reduction of costs and increased patient care quality.
The efficacy of these software solutions to allow the consolidation of all expenses which consequently saves the further cost of patient care acts as a major tailwind driving the market for care management solutions. Moreover, the increasing healthcare expenditures are escalating the market on the global platform, increasing the need to curtail cost without compromising the quality of care.
Additional factors helping the market to boost further are the growing use of big data and its significant impact that is pushing the healthcare sector toward patient-centric care. Also, factors such as the ever-increasing population, geriatric populaces, and increased occurrence of chronic diseases are impacting the market growth, positively, increasing the need for care management solutions.
Besides, the most effective workflow methods that these solutions provide result in creating lucrative opportunities for market players in the chronic disease market. Advancements in IT technology and increasing uptake of healthcare IT for the efficient management of large volumes of data are expected to increase the size of the market. Furthermore, factors such as the ability of care management solutions to integrate claims-based data sources and EHR -bases data at patient level is fostering the growth of the market, allowing the use of analytics that can support in clinical decision making.
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Global Care Management Solutions Market Segmentation
For ease of understanding, the MRFR analysis has been segmented into five key dynamics:
By Component, the care management solutions market is segmented into software and services
By Application Disease Management, the care management solutions market is segmented into Case Management, Utilization Management, and EMR Management among others.
By Delivery Method Web, the care management solutions market is segmented into Cloud, and On-premise
By End-user, the care management solutions market is segmented into Payers and Providers among others.
By Regions, the care management solutions market is segmented into North America, Europe, Asia Pacific, and the Rest-of-the-World.
Care Management Solutions Market Regional Analysis
The North American region, heading with its robust economy, high healthcare expenditure, and the presence of key players is estimated to retain its dominance over the global care management solutions market share. Americas has one of the best medical facilities around the world as well as higher rate of patients. Canada and the U.S. are technologically well-advanced countries; therefore, hold the largest market share in the care management solutions market in the region.
Furthermore, the increasing number of hospitals ambulatory centers and the presence of huge patient population alongside the well-developed technology drive the market growth in the region. Massive funding from public and private sectors are fostering the market growth, making the cost of these solutions affordable.
The care management solutions market in the European region accounts for the next largest market share, globally. Factors allowing the regional market to substantiate include strong government support, availability of funds, and the increasing demand for better management software & platforms. Western European region backed by the presence of well-developed economies such as the U.K., Germany, and France holds a significant share in the regional market.
Indeed, the resurging economy in the region is playing a vital role in the growth of the market, making the high cost of treatment affordable and increasing per capita income in this region. Additionally, governmental support that has been encouraging vendors to developed new and better solutions is in turn, fostering the growth in the regional market.
The Asia Pacific care management solutions market has emerged as a profitable market, globally. Factors such as the vast technological advancements, burgeoning healthcare IT sector, and rapidly improving healthcare infrastructure are impacting the regional market, positively. Moreover, the increasing number of patients suffering from chronic diseases alongside the rapidly surging economy in the region that is increasing per capita healthcare expenditure provide impetus to the growth of the market.
The Asia Pacific together accounts for over 41% of the global population, and most of the APAC countries are in the developing phase which leads to providing immense opportunities for the market players. Larger countries such as China and India backed by the densely populated area are considered as the biggest market for the care management solutions products in the region.
Global Care Management Solutions Market Competitive Analysis
The well-established care management solutions market appears to be highly competitive with the presence of a number of players. They invest substantially in order to develop next-generation healthcare IT solutions which are further intensifying the market competition.
Care Management Solutions Market Major Players:
Key players leading the global care management solutions market include Cerner Corporation, Casenet LLC, Medecision, AthenaHealth, EXL Healthcare, HealthSmart Holding, Cognizant Technology Solutions, Epic Systems Corporation, Koninklijke Philips N.V., and Allscripts Healthcare Solutions among others.
Industry, Innovation & Related News
Wellbox (the US), a technology-enabled healthcare services company creating and delivering chronic disease management solutions launched integrated revenue cycle management for chronic disease care management services. This expansion in services is expected to make Wellbox the first and only CCM services provider offering a complete end-to-end CCM and RCM service to its customers.
At the event, Wellbox also announced its partnership with eMDs’ Aria Health Services, a leading provider of general medical & surgical hospital services, and a wide range of healthcare programs & services across North America to expand its market-leading chronic disease care management (CCM) solution.
The expansion of CCM service platform includes fully integrated Revenue Cycle Management (RCM) services improving the customer and patient experience by integrating the associated billing process and eliminating the typical confusion and frustration related to traditional non-integrated CCM services.
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