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Care Management Solutions Market Projected to Achieve a Valuation of US$ 52.7 Bn by 2032, North America to be Dominant Region | Marketresearch.biz

by GlobeNewswire
November 8, 2023
in Top News
Reading Time: 8 mins read

MarketResearch.biz reports, The care management solutions market is currently experiencing growth due to the rising need for quality elder care and the prevalence of chronic diseases. Initiatives to transfer risk from healthcare payers to providers aim to improve healthcare efficiency and cut unnecessary costs, driving the adoption of healthcare information technology services like care management.

New York, Nov. 08, 2023 (GLOBE NEWSWIRE) — In 2022, the care management solutions market had a valuation of USD 16.7 billion, and it is projected to experience substantial growth, reaching a market size of USD 52.7 billion by 2032. This growth is anticipated to be driven by a CAGR of 12.5% over the forecast period from 2023 to 2032.

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The increase occurrence of chronic diseases and rise in implementation of electronic medical records (EMR) are the main driving market factor.

The market for care management solutions is expected to grow significantly due to the rising global population and the burden of chronic diseases, which is driving up healthcare costs. For example, WHO reported that more than 18 million persons died from cardiovascular diseases with and average death rate of 32% globally. As per these death rates majority deaths which can account around 85% are due to the heart stroke.

The second leading cause for death is cancer. As per GLOBOCAN, cancer prevalence that has the global impact has assessed that more than 19.3 million have been perceived with cancer. The increasing prevalence of cardiovascular diseases, cancer, and other chronic illnesses is projected to boost the care management solutions market in the coming years.

Due to the high requirement to handle treatment providers and patients at the time of Covid-19 pandemic. For instance, as per the research conducted by the nursing open, the treatment providers for the patients are imperative for the accord, life care and mental care. They can also transfer the virus, necessitating comprehensive management surrounding quality control, risk screening, endemic investigation, dual card management and pre-examination of medical insurance coverage.

Nonetheless, the factors influencing the growth of the care management market currently include an increase in chronic conditions due to the aging population and a rising demand for patient-centric services from treatment providers. There are various opportunities that can further contribute to the advancement of IT solutions and big data capabilities within the care management solutions market.

Key Takeaways

  • Based on component, software segment holds a strong position in market share.
  • Disease management segment leads the market share and is projected to grow promptly during the forecasted period.
  • Based on the deployment type, On-premise care management solutions hold a strong position in the market share.
  • In the end user type, providers segment holds a strong position in the market share.
  • North America dominates the market segment due to the existence of major key player.

Driving Factors

Augmentation of Chronic Diseases in the Older Population

The main cause for the growth of care management solutions market is the high requirement for quality care for the elder population as well as the occurrences of chronic diseases among them. Change in lifestyle and constrained access towards the preventive care like cardio disease, cancer, heart stroke and respiratory associated diseases are often common.

New Initiatives to Less Chance of Risk from Healthcare Payers to Treatment Providers

Several new innovations are currently being implemented to shift the risk from healthcare payers to treatment providers. This is aimed at enhancing the efficiency of healthcare delivery and reducing unnecessary expenditures. These changes promote the adoption of new healthcare information technology services, such as care management services. Various payment methods, including bundled payments, doctor incentives, and consumer incentives, are being used to promote value-based care.

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Restraining Factors

Expenditure Constraints

It involves incurring substantial upfront expenses for healthcare organizations. This encompasses spending related to software procurement, customization, integration with existing systems, training, and ongoing maintenance. Smaller healthcare providers with limited budgets might face challenges in allocating resources for these investments. Some care management solutions may also come with subscription fees, which can further add to the costs.

The Return on Investment (ROI) for care management solutions may not be immediately evident, making it difficult for companies to justify the expenses. This can be a significant limiting factor, especially for financially constrained healthcare providers.

Growth Opportunity

Patient Engagement and Self-Administration Tools

Encouraging patients to actively participate in their own care is an essential component of effective care management. Services that are currently providing patient engagement tools, such as mobile applications, patient portals, and educational resources, are enhancing adherence to care plans and facilitating improved communication between patients and healthcare providers.

Integrating Social Determinants of Health (SDOH)

With the impact of social determinants on health outcomes, there is a growing emphasis on integrating SDOH information into care management strategies. Solutions that are currently integrating and analyzing data related to various factors such as housing, transportation access, and economic stability enable healthcare organizations to address the broader determinants of health and provide higher-quality care.

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Report Scope

Report AttributeDetails
Market Value (2022)US$ 16.7 Billion
Market Size (2032)US$ 52.7 Billion
CAGR (from 2023 to 2032)12.5% from 2023 to 2032
Historic Period2016 to 2022
Base Year2022
Forecast Year2023 to 2032

Regional Analysis

North America dominates the market segment due to the presence of major key player, requisite for patient-focused support system for handling medical situations, compatible technical and healthcare organization as well as health-tech sentience among population. US care management solutions holds a strong position and Canada care management secures its position as the second largest market.

Segment Analysis

Software segment holds a strong position in market share based on the component type. The software offers help to many functions allied to care management solutions such as patient’s record and their history related to any specific diseases as well as insurance covered in the treatment procedure, e-prescriptions, diagnostic reports and others.

As per the application type, disease management segment leads the market share and is projected to grow promptly during the forecast period. These programs are envisioned to boost the health of the patients with chronic conditions and decrease the expenditures related with preventable complications by knowing and treating chronic conditions more rapidly and quickly, thereby slowing the advancement of those diseases.

On-premise care management solutions are currently maintaining a robust market position. These solutions offer a unique combination of real-time connected data and incorporate healthcare best practices, made possible by care management solutions. Treatment providers can enhance the effectiveness of a patient’s health management program by leveraging on-premise care management technologies and services.

The providers segment holds dominates in the market share and is projected to become one of the rising segment during the forecast period. In this segments the key players are the doctors, chiropractors, physical therapists, nurses, pharmacist, clinics and X-ray centres of treatment providers.

For more insights on the historical and Forecast market data from 2016 to 2032 – download a sample report at – https://marketresearch.biz/report/global-care-management-solutions-market/request-sample/

Segments Covered in the Report

By Component

  • Software
  • Services

By Application

  • Disease Management
  • Case Management
  • Utilization Management
  • EMR Management
  • Others

By Deployment

  • On-Premise Care Management
  • Cloud-Based Care Management

By End-User

  • Payers
  • Providers
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa

Don’t miss out on vital information – Purchase this report today https://marketresearch.biz/purchase-report/?report_id=41923

Competitive Landscape Analysis

The care management solutions market is very competitive with the key market players challenging to safeguard their market positions, partnerships and several major investments in R&D. The market is alienated with the up surging competition, new product launches, rise in collaboration partnerships and other tactical decision to get operational efficiency.

Key Market Players

  • Koninklijke Philips NV (Netherlands)
  • Oracle Corporation (US)
  • Medecision Inc (US)
  • ExlService Holdings, Inc (US)
  • Zyter, Inc. (US)
  • Athenahealth (US)
  • ZeOmega (US)
  • Epic Systems Corporation (US)
  • Cognizant (US)
  • Allscripts Healthcare, LLC (US)
  • Salesforce, Com (US)
  • Pegasystems (US)
  • IBM (US)
  • Casenet LLC (US)
  • ZeOmega (US)
  • Cerner Corporation (US)
  • Allscripts Healthcare Solutions (US)

Recent Developments

  • In October 2023, Prevounce Health, a leading provider of remote care management solutions, secured an extension of its Series A funding, totalling an impressive $7 million. This substantial infusion of capital is earmarked to bolster product development initiatives and facilitate the expansion of their team. The extension of funding underscores the robust investor confidence in the promising future of remote care solutions.
  • In October 2023, Axxess and OnePoint Patient Care made a significant announcement regarding the integration of Axxess Hospice with OnePoint Patient Care’s Pharmacy Benefit Management platform. This collaborative effort is poised to have far-reaching benefits, including the reduction of administrative burdens, heightened nurse satisfaction, enhanced retention rates, and ultimately, the delivery of improved patient outcomes.
  • In April 2023, Medecision, a leading provider of digital care management solutions and services, unveiled the Aerial Social Care Coordinator. This innovative solution is engineered to offer health plans and healthcare providers instantaneous access to crucial information regarding individuals’ social determinants of health barriers.
  • In March 2023, Philips introduced Virtual Care Management, offering solutions for remote patient engagement, reducing hospital visits, and managing chronic conditions effectively.

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MarketResearch.Biz (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. MarketResearch.Biz provides customization to suit any specific or unique requirement and tailor-made reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.

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