Jersey City, NJ, Jan. 30, 2024 (GLOBE NEWSWIRE) -- “Transitional Care Management Services Market” in terms of revenue was estimated to be worth $232.20 million in 2023 and is poised to reach $805.21 million by 2031, growing at a CAGR of 17.02% from 2024 to 2031 according to a new report by InsightAce Analytic.
Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global transitional care management services market are:
- Improvement of healthcare facilities
- Rising Rates of Chronic Illnesses
- Increasing aging population
The following are the primary obstacles to the global transitional care management services market 's expansion:
- Shortage of qualified experts
- High initially cost
- Lack of awareness
Future expansion opportunities for the global transitional care management services market include:
- Increasing funding for R&D campaigns
- Increasing awareness
- Rising Number of Surgical Operations
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Market Analysis:
The market for transitional care management services will probably expand due to the rising number of patients with chronic conditions around the world. The need for transitional care management services has expanded globally, with a particular emphasis on elderly patient care. Furthermore impeding the industry's expansion has been the requirement for additional qualified personnel to oversee the transitional care management system.
List of Prominent Players in the Global Transitional Care Management Services Market:
- Humworld Inc.
- Rijuven Corp.
- PharMerica Corporation
- CareVitality
- ACT Health Solutions
- Medsie
- Wellsky
- Reliq Health Technologies
- Nextgen Healthcare
- Prohealth Select
- Well Living Initiative (WLI)
Transitional Care Management Services Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2023 | USD 232.20 Bn |
| Revenue forecast in 2031 | USD 805.21 Bn |
| Growth rate CAGR | CAGR of 17.02% from 2024 to 2031 |
| Quantitative units | Representation of revenue in US$ Bn, and CAGR from 2024 to 2031 |
| Historic Year | 2019 to 2023 |
| Forecast Year | 2024-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments covered | By Service, End-use |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Recent Developments:
- In January 2024, PharMerica, a major US pharmacy chain, and AME, an industry leader in educating consultants, pharmacists, nurses, and administrators of nursing homes, joined forces to increase access to education in the long-term care sector with the hope of bettering the quality of life for residents.
- In January 2023, Reliq Health Technologies, Inc. recently announced 35 SNFs in Florida. This upgrade expands Reliq's service offerings to include transitional healthcare management (TCM) for patients who have been discharged.
- In October 2023, WellSky, a leading health and community care technology company, introduced a new software solution named WellSky Enterprise Referral Manager. Home health, hospice, and other home-based care providers' referral, intake, and customer relationship management (CRM) procedures will be transformed by this program.
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Global Transitional Care Management Services Market Dynamics:
Market Drivers: Rising Rates of Chronic Illnesses
The market for transitional care management services is anticipated to expand in the future due to the increasing number of patients suffering from chronic conditions. Illnesses that last a year or more require ongoing medical treatment, make daily tasks difficult, or are considered chronic. Cardiovascular disease, cancer, chronic obstructive pulmonary disease, diabetes, and other non-communicable diseases are examples of chronic diseases. The goal of transitional care management (TCM) is to minimize the onset of chronic diseases by facilitating the smooth transfer of care from one setting to another. Patient education on self-management, preparation for release, and thorough follow-up are all components of transitional care management (TCM) therapies that can aid in the control and prevention of complications associated with chronic diseases.
Challenges: High Cost
Transitional care management (TCM) services are expensive, making them out of reach for many people and slowing the market's expansion. Reducing the cost of hospital stays is expected to address this limitation, though. Underdeveloped nations with inadequate healthcare infrastructure also face the challenge of a lack of knowledge about telehealth and transitional care. This is in addition to the transitional care management system requiring more competent individuals to oversee, which has slowed the sector's expansion.
North America is Expected to Grow with the Highest CAGR During the Forecast Period
The North America Global Transitional Care Management Services Market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. This is because of several factors, including an aging population, an increase in surgical procedures, the prevalence of various diseases, and the expansion of healthcare infrastructure in the area. Additionally, the market for transitional care management services in North America has been growing quickly due to the recent investment in healthcare infrastructure that has allowed for providing high-quality healthcare services to patients.
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Segmentation of Global Transitional Care Management Services Market-
By Service-
- Patient Transitional Care Management Services
- Interactive Contact (Direct Contact, Telephone, Electronic)
- Face-to-face Visit
- Non-face-to-face (Telehealth)
- Healthcare Transitional Care Management Services
- Physicians
- Non-Physician Practitioners
- Billing Transitional Care Management Services
- Documenting Transitional Care Management Services
- Others
By End User-
- Inpatient Settings
- Community Settings
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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