Care Management Solution Market Forecasts to 2028 – Global Analysis By Component (Services, Software), Delivery Mode (Cloud-based and Web-based, On-premises), Application (Case Management, Disease Management, Utilization Management, Chronic Care Managemen

Care Management Solution Market Forecasts to 2028 – Global Analysis By Component (Services, Software), Delivery Mode (Cloud-based and Web-based, On-premises), Application (Case Management, Disease Management, Utilization Management, Chronic Care Management, Other Applications), End User (Healthcare Providers, Healthcare Payers, Other End Users and Geography

According to Stratistics MRC, the Global Care Management Solution Market is accounted for $14.29 billion in 2022 and is expected to reach $30.39 billion by 2028 growing at a CAGR of 13.39% during the forecast period. Care management refers to a range of initiatives designed to improve patient care and reduce the need for medical services by assisting patients and carers in effectively managing their health problems.

According to WHO, chronic diseases kill 41 million people each year, accounting for 71% of all deaths worldwide. Developing countries will bear 60% of the global burden of chronic diseases. The majority of NCD deaths (17.9 million per year) are caused by cardiovascular diseases, followed by cancers (9.3 million), respiratory diseases (4.1 million), and diabetes (1.5 million). Global economic growth in 2017 increased to 3.74%, up from 3.27% the previous year.

Market Dynamics

Driver:

Implementation of initiatives

Internationally, a variety of initiatives are being executed to move the trouble of risk bear by healthcare payers to providers. This move encourages the agreement of healthcare information technology (HCIT) solutions to boost the competence of healthcare supplied and decrease needless expenses. Value based care is as well endorsed during choice payment models like bundled payments, physician incentives, as well as consumer incentives, along with others. This model of payment is considered to cheer healthcare providers to recognize the responsibility of care delivered, consequently most important to the move of risk from payers to providers.

Restraint

Shortage of skilled professionals

An effective IT infrastructure and IT support both inside the company and at the solution provider's end are necessary for the implementation of care management systems. There is a constant need for technological support in a healthcare organisation to maintain the server or network for the smooth functioning of clinical work streams and the best possible interoperability speed of care management systems. When the server or network's security is inadequate, screen loads develop that slowly down the actual clinical stream.

Opportunity

Emerging countries offer high-growth potential

A number of features like the performance of government initiatives opinionated the adoption of HCIT solutions and rising government healthcare expenditure, are boosting the growth of this market. Technological advancements are in concert an input role as authorities are concentrating on reforming the country’s healthcare management division, which is at present face challenges like underfunded rural health centres, overburdened city hospitals, along with a nationwide lack of doctors. The Indian government commenced the Digital India campaign to make sure that government services are completed obtainable to citizens by electronic means by recovering IT infrastructure also getting better internet connectivity in the country.

Threat

Data breaches and loss of confidentiality

The digitalization of medical or patient data has increased data obligations and hazards as well as the likelihood of data breaches. This may be mostly due to a lack of internal controls over patient information, adherence to ineffective or outdated rules and processes, and insufficient staff training. The acceptance of HCIT solutions in the short-term waiting phase are engaged to solve current concerns may be influenced by the likelihood of privacy and security breaches related to digitalization. As a result, this can unhelpfully drive the market to grow.

Covid-19 Impact

Owed to the COVID-19 deadly disease, healthcare facilities all over the world have been snowed under by the huge number of patients visiting them every day. The increasing prevalence of COVID-19 boosts the demand for exact diagnosis plus treatment devices in numerous countries. In this consider, care management solutions have confirmed to be very helpful, as they permit healthcare providers to flawlessly integrate solutions to healthcare payer solutions. As well, owing to lockdowns in addition to movement restrictions, the command for electronic data transfer plus claims management improved considerably in a number of countries in the preliminary months of the pandemic.

The software segment is expected to be the largest during the forecast period

The software segment is estimated to have a lucrative growth. Based on the component, the market is classified into Services and Software. The software segment is projected to control the global care management solutions market and most liable explanation for the majority of the share during the forecast period. Synchronized and well-organized care is facilitated through software solutions. They permit doctors to precisely diagnose patients, follow vital signs and medicines, diminish surgical mistakes, as well as make available digital records for clinical research. Furthermore, owing to the simplicity of use and manage to pay for software, this category is anticipated to boost rapidly all over the forecast period.

The healthcare payers segment is expected to have the highest CAGR during the forecast period

The healthcare payers segment is anticipated to witness the fastest CAGR growth during the forecast period. Based on the end-user, the market is segmented into Healthcare Providers, Healthcare Payers and Other end users. The segment growth is credited to the mounting patient population base, increasing patient centre care, getting better healthcare services, and growing need for faster services. Healthcare payers utilize statistical as well as clinical models. Widespread data analyses aid them in detecting members with detailed chronic illnesses and developing the mainly suitable patient care management plans. It also assists in the development of healthcare management programs' efficiency.

Region with highest share:

North America is anticipated to hold the highest share during the forecast period owing to the improved implementation of care management solutions by healthcare providers and payers to assemble the healthcare goals of enhanced quality care and inferior healthcare costs. The rising healthcare costs have produced a serious need to save costs while increasing treatment quality. To achieve these ambitions, healthcare professionals rely on care management technologies. The completeness, all surrounding character, and investigative abilities of an optimal solution are all features to think about.

Region with highest CAGR

Asia Pacific care management solutions market is one of the fastest-growing CAGR during the forecast period due to getting better healthcare infrastructure, fast economic improvement region. The Asia Pacific regional expansion is boosted by increased interest and investment from most important industry players and uninterrupted collaborative initiatives. The compassionate government funds in addition to recovering the healthcare sector and raising consciousness about patient care management are main contributors to the regional market's growth. Increasing interest along with investments by well-known industry players and incomplete collaborative efforts are accountable for regional growth.

Key players in the market

Some of the key players profiled in the Care Management Solution Market include Cognizant, Allscripts Healthcare Solutions, Inc., EXL Service Holdings Inc., Philips, Wipro Limited, Epic Systems Corporation, TCS Healthcare Technologies, IBM Corporation, Medecision , Cerner Corporation, Jiva Interoperability solutions , Koninklijke Philips N.V., Pegasystems Inc and ZeOmega.

Key Developments

In January 2021, Philips acquired Capsule Technologies, Inc. Capsule’s platform captures streaming clinical data and transforms it into actionable information for patient care management to enhance patient outcomes, improve collaboration between care teams, streamline clinical workflows and increase productivity

In August 2020, Jiva Interoperability solutions for population health management launched ZeOmega. It is a set of services and connectivity tools designed to help organisations comply with the CMS and OMS interoperability and patient access final rule’s requirements for provider directory, patient access, and payer-to-payer data exchange.

Components Covered:
• Services
• Software

Delivery Modes Covered:
• Cloud-based and Web-based
• On-premises

Applications Covered:
• Case Management
• Disease Management
• Utilization Management
• Chronic Care Management
• Other Applications

End Users Covered:
• Healthcare Providers
• Healthcare Payers
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements