Care Management Solutions Market

Global Care Management Solutions Market Size (2023 to 2028)

The size of the global care management solutions market is estimated to grow to USD 25.59 billion by 2028 and USD 14.36 billion in 2023, growing at a CAGR of 12.24% during the forecast period.

MARKET DRIVERS:

The growing demand for patient-centric care is one of the key factors propelling the care management solutions market. The emphasis of patients on personalized care has significantly increased in recent times to meet their specific needs and this trend is further expected to fuel in the coming years. Patients are showing an increased interest in participating in their care and decision-making processes. Factors such as the rapid changes in the expectations of patients, increasing adoption of value-based care by the patients and technological advancements have contributed to this change in the patients. Due to this, healthcare facilities have invested considerable amounts in care management solutions for patient engagement and collaboration to offer more personalized care, resulting in market growth. Care management solutions significantly help healthcare providers to deliver patient-centric care to the patients by providing the required tools and resources. One of the surveys conducted by the Deloitte Centre for Health Solutions revealed that 71% of the consumers agreed that patient-centric care is essential and 57% of the consumers said that they are ready to switch their healthcare providers to access patient-centric care.

The growing patient population suffering from chronic diseases is another potential factor contributing to the care management solutions market growth. The patient population count of chronic diseases such as CVDs, cancer, diabetes and others has increased significantly in the last decade. WHO says an estimated 41 million people per year die from chronic diseases. The growing aging population worldwide, increasing adoption of unhealthy lifestyles by people and environmental factors are majorly resulting in the increasing prevalence of chronic diseases. Patients suffering from chronic diseases need long-term management and care. Care management solutions are personalized healthcare approaches that can deliver effective healthcare to chronic disease patients by offering tools and platforms for care coordination, patient monitoring, and data analytics. Care management solutions also help healthcare providers to deliver improved healthcare outcomes at a reduced cost. The demand for care management solutions by patients has increased considerably in the recent past and the trend is expected to fuel in the coming years and boost the market’s growth rate.

The growing number of initiatives by several governments to improve healthcare quality in their respective countries further fuels the growth rate of the care management solutions market. Delivering cost-effective yet quality healthcare to the public is one of the key objectives of any country and the governments of various countries worldwide invest significant amounts in achieving that. The governments of developed, developing and underdeveloped countries have been investing in the development of healthcare infrastructure and implementing numerous policies in the process of bringing the best possible healthcare to people. Care management solutions have the ability to meet these standards and comply with the regulations, which is playing a big role in the growing adoption of these solutions by healthcare providers and this trend is predicted to grow further in the coming years and contribute to the market’s growth rate.

In addition, the adoption of technological advancements such as AI, ML and big data analytics in care management solutions have improved the capabilities of these solutions tremendously and made it possible to deliver personalized care at a reduced cost, which has favored the market growth in the recent years and is expected to continue during the forecast period. The growing aging population worldwide is a favorable factor to the care management solutions market growth. The costs of healthcare are growing significantly worldwide and healthcare providers are on a continuous hunt to find cost-effective solutions to deliver quality healthcare at an affordable cost to the public. In such situations, care management solutions can provide improved patient care at a reduced cost. Furthermore, increasing adoption of value-based care models and electronic health records (EHR), rising awareness of the benefits associated with care coordination, rising emphasis on population health management and rising demand for remote patient monitoring fuel the growth rate of the care management solutions market.

MARKET RESTRAINTS:

High costs associated with the implementation and maintenance of care management solutions are one of the major factors hampering the market growth. The challenges associated with the integration of care management solutions with existing healthcare IT systems are another notable factor inhibiting the growth rate of the market. Care management solutions need access for the storage of sensitive patient information and the same has become a security concern to some patients, which is further resulting in the reduced adoption of care management solutions and diluting the overall market’s growth rate. The lack of favorable reimbursement policies in some countries for care management services and the scarcity of skilled professionals impedes the market growth.

Impact of COVID-19 on the global care management solutions market:

The COVID-19 pandemic has had a favorable impact on the care management solutions market and boosted the market’s growth rate. Due to the restrictions imposed by the governments of several countries to limit the spread of COVID-19 among the population such as lockdowns and social distancing, many patients did not prefer visiting healthcare facilities for their treatment needs and have adopted telehealth services instead, which has resulted in the increasing demand for care management solutions that support virtual consultations and remote monitoring of patients. During the COVID-19 pandemic, healthcare providers used care management solutions to treat COVID-19 patients in the form of tracking symptoms, monitoring vital signs, and coordinating care among multiple providers and resulting in the increased usage of care management solutions. Furthermore, the governments of various countries and many healthcare organizations have realized the importance of data analytics and interoperability in the healthcare system due to the COVID-19 pandemic. Care management solutions are compatible with electronic health records and other healthcare data sources to track patient care and outcomes, identify trends, and make informed decisions about patient care. Likewise, the COVID-19 pandemic has favored the growth of the care management solutions market.

REPORT COVERAGE:

This research report on the global care management solutions market has been segmented and sub-segmented based on component, application, end-user, and region.

Care Management Solutions Market - By Component:

• Software
• Services

Based on the component, the software segment is expected to dominate the global care management solutions market and most likely account for most of the share during the forecast period. The segmental growth is driven by the growing prevalence of chronic diseases and an increasing need for preventive care. In addition, factors such as the rising need for effective utilization of resources, reducing healthcare costs, and improving patient outcomes fuel the growth rate of the segment. The growing number of technological developments in software solutions for care management further promotes segmental growth.

The services segment accounted for a substantial share of the global care management solutions market in 2022 and is estimated to witness a notable CAGR during the forecast period owing to factors such as an increasing need for consultancy services to implement care management solutions and the need for customized solutions for healthcare providers. The rising adoption of telehealth solutions to provide remote healthcare services and improve patient outcomes further boost the growth rate of the segment.

Care Management Solutions Market - By Delivery Mode:

• On-premise
• Cloud-based

Based on the delivery, the cloud-based segment is estimated to register the most considerable share globally during the forecast period. The segmental growth is primarily boosted by the rising adoption of mobile devices and the increasing need for remote access to patient data. The cost-effectiveness and scalability offered by public cloud solutions are further contributing to the growth rate of the segment.

On the other hand, the on-premises segment had a substantial share of the global market in 2022 and is predicted to progress at a moderate CAGR during the forecast period. The segment's growth is majorly driven by the increasing demand for on-premise solutions in large healthcare organizations with complex IT infrastructure. However, factors such as the high maintenance cost, the need for skilled IT personnel, and the lack of flexibility offered by on-premise solutions are hampering segmental growth.

Care Management Solutions Market - By Application:

• Disease Management
• Case Management
• Utilization Management
• Other Applications

Based on the application, the disease management segment had the leading share of the global care management solutions market in 2022 and is expected to grow at a notable CAGR during the forecast period. The segmental growth is driven by the increasing demand for monitoring and managing chronic diseases, the rising demand for patient-centered care, the growing need to reduce healthcare costs, and technological advancements.

On the other hand, the case management segment is predicted to occupy a considerable share of the worldwide market during the forecast period owing to the rising emphasis on patient-centric care, the need to reduce healthcare costs, and the rising demand for value-based care. In addition, implementing healthcare reforms such as the Affordable Care Act propels segmental growth.

Care Management Solutions Market - By End Users:

• Payers
• Providers
• Other end-users

Based on the end-user, the healthcare providers segment is expected to be more lucrative and predicted to register a healthy growth rate during the forecast period.

On the other hand, healthcare payers are anticipated to occupy a substantial share of the worldwide market during the forecast period. Healthcare payers use statistical and clinical models. Extensive data analysis aids them in identifying members with specific chronic illnesses and developing the most appropriate patient care management plans. It also aids in the improvement of healthcare management programs' efficiency.

Care Management Solutions Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

The North American care management solutions market had the largest share of the worldwide market and is expected to dominate the global market during the forecast period. The growth of the North American market is attributed to the rising adoption of healthcare IT solutions in North American countries, the increasing number of initiatives by the North American countries to promote the adoption of patient-centric care by healthcare providers and the presence of many international market participants. In addition, the rising prevalence of chronic diseases, growing healthcare costs, and increasing need to improve healthcare outcomes further fuel the market’s growth rate in North America. The U.S. accounted for the largest share of the North American market in 2022, followed by Canada. The dominance of the U.S. in North America is primarily attributed to the presence of notable market participants such as Cerner Corporation, Allscripts Healthcare Solutions, and Epic Systems Corporation and the rapid adoption of healthcare IT solutions.

Europe is another promising regional market for care management solutions and is anticipated to register a notable CAGR during the forecast period. The growth of the European market is driven by the growing demand for integrated care management solutions, the rising geriatric population, and government initiatives to promote the use of digital health technologies. Factors such as the rising adoption of electronic health records (EHRs) and the need to reduce healthcare costs further contribute to the European care management solutions market growth. The UK, Germany and France held the leading share of the European care management solutions market in 2022 and the same trend is expected to repeat in the coming years.

The APAC care management solutions market is predicted to rise at the highest CAGR among all the regional markets worldwide during the forecast period. The growing healthcare expenditure and an increasing number of government initiatives to promote the adoption of healthcare IT solutions majorly drive the care management solutions market in APAC. In addition, the rising prevalence of chronic diseases such as diabetes and cardiovascular diseases and rapidly developing healthcare infrastructure in countries such as China and India further fuel the growth rate of the APAC market. China and India are estimated to hold the major share of the APAC market during the forecast period.

Latin America care management solutions market held a considerable share of the global market in 2022 and is expected to witness a healthy CAGR in the coming years due to the growing number of initiatives by the Latin American governments to improve healthcare infrastructure and promote patient-centric care and rising adoption of digital health technologies and the need to reduce healthcare costs.

The MEA care management solutions market is anticipated to grow at a steady CAGR in the worldwide market during the forecast period owing to factors such as rising healthcare expenditure and increasing need for advanced treatment options for the chronic disease patient population in the countries of MEA.

KEY MARKET PARTICIPANTS:

Companies playing a noteworthy role in the global care management solutions market profiled in this report are Allscripts Healthcare Solutions, Inc., Casenet, LLC, Epic Systems Corporation, Medecision Inc., Cognizant Technology Solutions, Cerner Corporation, Koninklijke Philips N.V, IBM, ZeOmega Inc., and EXL Service Holdings, Inc.