Care Management Solutions Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030
Care Management Solutions Market: Snapshot
The care management solutions market has been anticipated to reach a valuation of US$ 21.6 billion and grow at a CAGR of 11.4% in the upcoming years from 2020 to 2030.
These revenue generation opportunities in the care management solutions market have been attributed to the increasing implementation of different initiatives in order to shift the risk burden from the healthcare payers to the healthcare providers. This paradigm shift is expected to stimulate the use of the HCIT (healthcare information technology) solutions in order to increase the effectiveness of healthcare services. Further, these solutions are also helpful to reduce unnecessary costs related to industry services.
The increasing count of government initiatives and regulations that are likely to promote patient-centric care have also been predicted to stimulate expansion opportunities in the care management solutions market.
In recent years, various initiatives have been taken for the promotion of healthcare IT. Furthermore, the growing requirement to reduce the costs of healthcare services and the increasing geriatric population has also been projected to work as revenue generators in the care management solutions market in the upcoming years.
The value-based care has also been promoted with the help of alternative payment models, for instance, consumer incentives, physician incentives, and bundled payments. These payment models have been designed in order to encourage healthcare providers to take accountability for the care that is delivered. These factors are likely to bolster expansion opportunities in the care management solutions market.
Care Management Solutions Market: Overview
The increasing geriatric population and rising chronic diseases require intensive care from health professionals. The care management solutions have implemented the initiatives while shifting the risk burden from healthcare payers to healthcare providers. It has further reduced healthcare costs. The government is also taking initiatives for the promotion of patient-centric healthcare treatment.
The integrated patients care, and centralized approach further boosts the growth in the care management solutions market. The solution also brings improvement in the quality of life with the early-stage diagnosis of expected complications. These factors decrease the healthcare expenditure and also ensure the smooth functioning of medical facilities without any stress on healthcare providers. The care management solutions are witnessing increased demand in clinical sectors and hospitals for the efficient management of patient’s reimbursement tasks, health records, and claim processes. All these eminent factors boost growth in the care management solutions market. With the increased COVID-19 cases, the accurate diagnosis and treatment of patients are possible through care management solutions.
Care Management Solutions Market: Key Trends
The growing burden on healthcare payers has given birth to the healthcare information technology solution (HCIT). This initiative helps in cost reduction and ensures effective healthcare solutions to the patients. There is a promotion in value-based care with alternative payment options such as consumer incentives, physician incentives, bundled payments, and many more. These payment models are specifically designed to promote accountability among healthcare providers.
For the effective functioning of care management solutions, strong IT support and IT infrastructure is required within the company and also with the solution providers. Further, there is a constant requirement of technical assistance for smooth server and network operation and optimum possible interfacing speed for easy operation of care management solutions. Inadequate server maintenance can generate loads on-screen that results in the reduced clinical workflow. The factor can adversely impact the growth in the care management solutions market.
Further, there is an increased risk for patient’s data security with digitization. So the confidentiality and data security breached can affect the demand in the care management solutions market. A restricted development environment and high deployment costs may restrict the growth opportunities in the care management solutions market.
Care Management Solutions Market: Competitive Dynamics and Key Developments
The care management solutions market has witnessed an increased patient-centric approach, rising count in partnerships and collaborations, and an extended ratio of mergers and acquisitions. For instance, Allscripts completed the HealthGrid Holding Company acquisition in May 2018. The acquired company is an enterprise patient engagement solutions developer.
Some of the prominent market players from the care management solutions market include:
Care Management Solutions Market: Regional Assessment
North America is expected to contribute with a major proportion in the care management solution market. The major reason for this market presence is a stronghold of service and software providers in the U.S. There is an increased demand for care management solutions from different end-users, for example, health insurance providers, hospitals and clinics, and others.
Further, rapid economic development and urbanization in the Asia Pacific region are expected to bolster the growth in the care management solution market. This growth is on the back of increased government initiatives and the rising geriatric population.
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