Care management solutions market provides detail forecast to 2022, care management solutions market is expected to reach $15.70 billion by 2021 from $6.93 billion in 2016, at a CAGR of 17.8% during the forecast period.
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Care Management Solutions Market: Healthcare Institutions/Providers (Hospitals, Medical Groups, Physician Practices, Diagnostic Centers, Pharmacies, Ambulatory Centers, and Outpatient Clinics), Healthcare Insurance Companies/Payers, Healthcare IT Service Providers, Venture Capitalists, Government Bodies, Corporate Entities, Accountable Care Organizations
Allscripts Healthcare Solutions, Inc. (U.S.), TriZetto Corporation (U.S.), Phytel Inc. (U.S.), EXL Healthcare (U.S.), AxisPoint Health (U.S.), Wellcentive, Inc. (U.S.), Medecision, Inc. (U.S.), ZeOmega Inc. (U.S.), i2i Systems, Inc.
(U.S.), HealthSmart Holdings, Inc. (U.S.), Pegasystems Inc. (U.S.), Epic Corporation Inc. (U.S.), and Harmony Information Systems, Inc. (U.S.) are some of the key players in the care management solutions market worldwide.
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Major players in the market are focusing on strategies such as client acquisition; new product launches (including product enhancements); agreements, alliances, collaboration, and partnership; acquisition; and other strategies (expansion, certifications, investments, marketing and promotion, and accreditation), to establish a strong foothold in the global care management solutions market.
Care management solutions market is categorized into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is expected to account for the largest share of the market in 2016, followed by Europe, Asia-Pacific, and the Rest of the World (RoW).
However, the European region is expected to grow at the highest CAGR during the forecast period
Care Management solutions are gaining popularity across the globe; the use of health information technologies and online resources in healthcare boosts care quality by improving care access, efficiency, chronic disease management, and care coordination. Care management solutions offer various features that enhance collaboration between healthcare stakeholders to provide patient-centric care and increase patient compliance to interventions provided.
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On the other hand, emerging markets, the growth of consumer awareness and participation in the healthcare delivery process, technological advancements in HCIT solutions, and the rising adoption of cloud-based models offer growth opportunities for players in the market.
However, inadequate patient engagement, reluctance among providers to adopt care management solutions, the requirement of infrastructural investments, low internet usage, and the usage of HCIT solutions, data security concerns related to cloud-based solutions, and lack of interoperability are some of the factors expected to restrain the growth of this market.
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The software component segment is estimated to account for the largest share of the global care management solutions market in 2016. The software is a non-tangible component used as an application to run a system or to perform primary tasks, which include maintaining patient records, analyzing databases, and performing administrative tasks in any healthcare organization or hospital.
The large share of the North American market is attributed to the shift in the burden of risk from payers to providers in the U.S., Chronic Care Management Services (CCM) initiated by the CMS, patient-centered mandates, growing geriatric population, and need to curb healthcare costs in the U.S.; and Canada’s efforts to enhance healthcare delivery and quality, curb healthcare costs, and the rising burden of chronic diseases in Canada.
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