Westford, USA, April 10, 2023 (GLOBE NEWSWIRE) -- SkyQuest projects that the Care Management Solutions market will attain a value of USD 13.53 billion by 2030, with a CAGR of 9.81% over the forecast (2022-2030). According to the Centers for Disease Control and Prevention, 90% of the USD 4.1 trillion in healthcare costs spent on people towards treating persons with chronic physical and mental health conditions. The healthcare system is facing a significant issue as a result of the rising expense of healthcare. There is a critical need to lower costs while still raising the standard of treatment due to rising healthcare costs. Risk stratification for patient care can be done using disease management software. This aids healthcare providers in reducing the healthcare costs. Government measures that encourage the deployment of HCIT solutions are anticipated to support industry growth by enhancing patient experience and lowering costs.
According to the SkyQuest's, the market for Care Management Solutions is anticipated to expand quickly as a result of the rising prevalence of chronic diseases and the ageing population. More than 54 million adults 65 and older live in the United States, accounting roughly 17.5% of the population, according to the United States Census Bureau's 2021 report. The number of older adults living in the United States is significant and increasing; it is predicted that by 2050, there will be 85.7 million adults in the country who are 65 or older, or about 20% of the country's total population. In addition, chronic diseases including cancer, cardiovascular disease, diabetes, and many others are becoming more and more prevalent.
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- Pages - 237
- Tables - 115
- Figures – 67
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Care Management Solutions are a broad category of sophisticated, integrated products and services that improve usage, case and illness management capabilities. These options cover the development of care plans, the intake of patients, the coordination of clinicians and patient care, the involvement of patients, analytics and reporting. They support the transformation of care management into an automated, data-driven process that provides more specialised and useful health information. They concurrently promote revenue development, streamline processes, boost effectiveness, enhance care costs and quality, and save time.
Prominent Players in Care Management Solutions Market
- Casenet LLC
- Cerner Corporation
- AthenaHealth
- Epic Systems Corporation
- Cognizant Technology Solutions
- Allscripts Healthcare Solutions
- Koninklijke Philips N.V.
- Allscripts Healthcare Solutions
- Axispoint Health
- EPIC Corporation Inc.
- Exl Healthcare
- Healthsmart Holdings Inc
- I2I Systems Inc.
- Medecision Inc.
- Phytel Inc. (IBM Corporation)
- Trizetto Corporation
- Zeomega Inc.
- Centene Corporation (Evolve)
- InfoMC
- Optum, Inc.
- Infosys Limited
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Web-based Segment Is Growing in the Care Management Solutions Market Due to the Accessibility and Security
The web-based segment took the lead with a market share of 40.2% in 2022. Nonetheless, it is estimated that over the forecast period, the cloud-based category will expand at the fastest rate. Cloud-based software is often more affordable, more flexible, and easy to scale up depending on the patient base than traditional delivery methods. The segment's higher expansion is caused by these factors. In order to improve accessibility, security, and storage capacity, healthcare providers are deploying cloud-based EHR more frequently, which is driving market expansion. Furthermore, it is projected that the need for cloud-based care management solutions would increase as the healthcare industry adopts cloud computing in the future years.
In 2022, the industry market was led by North America with a 53.3% revenue share. The industry's expansion is linked to healthcare providers' increasing adoption of patient care solutions that help them achieve their objectives of lower costs and higher quality care. Also, the region's industry is growing as a result of rising technical improvements and cloud-based software use. Also, the rise is being fueled by considerable government assistance. For instance, The American Medical Association developed Primary Care Management (PCM) services in 2020 to provide chronic care management for people with a single chronic illness or with several chronic diseases.
The Software Segment Has Been the Largest in the Care Management Solutions Market Due to The Use of Technology to Improve Healthcare Outcomes and Efficiency
The software segment has been the largest company and is anticipated to maintain that position for the duration of the forecast period with a share of more than 58.60%. The segment is also predicted to expand with the fastest rate. The software's affordability and user-friendliness may be credited for this. Software solutions are used to deliver a coordinated and efficient course of therapy. They aid medical practitioners with making correct diagnoses, monitoring a patient's vitals and medications, minimizing surgical errors and producing digital data for clinical research. The segment is growing as a result of rising demand for patient-centric software, increased spending by healthcare facilities on IT solutions and increased focus on software enhancement by major players.
In the Asia-Pacific region, the market for Care Management Solutions is expanding more quickly. The market is growing as a result of increasing investments and collaborations among industry players. Sing Health, a Singapore-based healthcare organization, collaborated with Allscripts to integrate the iPro Anaesthesia platform across all of its locations.
A comprehensive analysis of the major players in the Care Management Solutions market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Care Management Solutions Market
- In April 2022, Turning Point Digital Joint and Spine, a complete musculoskeletal (MSK) management platform was announced by Turning Point Healthcare Solutions. It deepens patient access and support, streamlines the overall condition risk with a single partner, and advances care management upstream.
- In February 2022, Teladoc Health, Inc. revealed the Chronic Care Complete, a revolutionary chronic condition management solution, to help people improve their health outcomes while treating a variety of chronic diseases. Members receive a single, complete experience from the solution in addition to connected health monitoring devices, access to health coaches, and, if necessary, help from doctors and mental health specialists.
Key Questions Answered in Care Management Solutions Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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