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The Global Care Management Solution Market size is estimated to grow at a CAGR of 13.88% between 2022 and 2027. The market size is forecast to increase by USD 10,655.57 million. The growth of the market depends on several factors, including the increasing adoption of EHRs, the presence of favorable government initiatives, and the rising geriatric population.
This care management solution market report extensively covers market segmentation by application (chronic care management, disease management, and utilization management), deployment (cloud-based and on-premise), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing adoption of EHRs are notably driving the market growth, although factors such as the concerns about security of patient data and cyberattacks may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing adoption of EHRs is the key factor driving the growth of the global care management solutions market. EHRs are a digital collection of medical information of patients. It can reduce the number of medical errors and improve the accuracy and clarity of medical records. Several hospitals are focusing on the implementation of EHRs to reduce the risk of data replication and auto-update their database. For example, in May 2019, Carle Richland Memorial Hospital in the US invested USD 10 million to implement Epic EHR and phone systems to improve clinical efficiency, patient safety, quality of care, and patient satisfaction. In September 2021, Researchers at Massachusetts Institute of Technology (MIT) and the Beth Israel Deaconess Medical Center combined machine learning and human-computer interaction to create a better EHR. They developed MedKnowts, a system that unifies the processes of looking up medical records and documenting patient information into a single, interactive interface.
In several countries such as US, UK, government organizations promote the use of EHRs. For instance, in August 2018, the Government of India issued guidelines to introduce a uniform standards-based system for the creation of EHRs. For instance, in March 2023, India launched national tele-mental health program for its digital health mission. The presence of such government initiatives and guidelines is increasing the use of EHRs. The increasing use of EHRs is expected to drive the growth of the global care management solution market during the forecast period.
Increasing adoption of advanced technologies in healthcare is the primary trend in the global care management solutions market growth. The need to improve efficiency and reduce cost is encouraging healthcare service providers to invest in upgrading their legacy IT systems and integrating new technologies. Nowadays, AI is emerging in healthcare, and its acceptance is increasing within hospitals and healthcare systems. With the help of AI, healthcare professionals can get efficient diagnosis charts and insights quickly. AI-enabled medical equipment offers a quick analysis, which helps save time and offers good-quality treatment.
One of the used cases of AI in healthcare is emotion recognition, wherein the solution is designed to capture, interpret, and respond to human emotions and moods. For instance, IBM Watson for Health is an AI-based platform solution that helps healthcare organizations apply cognitive technology to generate health data. It can review and store medical information. Moreover, with the help of new technologies, healthcare organizations can offer good-quality products and treatments. Therefore, various hospitals and healthcare systems are adopting new technologies. This is expected to boost the growth of the market in focus during the forecast period.
Concerns about the security of patient data and cyberattacks are major challenges impeding the growth of the global care management solutions market. Cybersecurity is a significant threat to the healthcare industry. The advent of new technologies has intensified the threat of cyberattacks. This is a major challenge for all technology-driven industries, especially the healthcare industry, as it involves patients' personal and sensitive data. Several healthcare organizations are reluctant to adopt digital technologies owing to concerns about such threats. The interconnected nature of modern healthcare systems creates security risks, and the availability of a large volume of data makes the healthcare industry a target for cybercriminals and hackers. Healthcare data can be gathered for personal use or sold to third parties.
Nowadays, some hospitals use cloud solutions, which are associated with security concerns. In April 2019, Metrocare Services, a US-based mental healthcare service provider, announced that there was a data breach in January 2019, which exposed employee information such as names, dates of birth, health insurance information, and social security numbers. Reports of cyberattacks on data centers have raised concerns over privacy owing to the lack of control of information, which might lead to the potential dissemination, deletion, or corruption of data by unauthorized users. Hence, hospitals and healthcare institutions are wary about the adoption of healthcare software solutions, which is expected to impact the growth of the global care management solution market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Care Management Solution Market Customer Landscape
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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Factors such as the rising investments in healthcare and the introduction of various government policies are increasing the adoption of digital health technologies, which, in turn, is expected to drive the growth of the market in this region. Governments in the region are undertaking initiatives to increase the adoption of digital health in hospitals. Therefore, such initiatives are resulting in rapid advances and innovations in healthcare technologies, products, devices, and software solutions. The imposition of new regulations and supporting legislation by governments and regulatory authorities in the region is expected to increase the adoption of digital health solutions, such as EHR, electronic medical record (EMR), and other care management solutions.
The COVID-19 pandemic increased the requirement for care management solutions in the region's healthcare system in 2020. For example, many clinical trial sponsors adopted this software to enable continuity in data collection during the pandemic. Likewise, various mobile-based medical applications and software functions supported public health surveillance, enabled patient records distribution, and streamlined communication between patients and care providers. The vendors in the region are strengthening their partnerships with major IT industry players to obtain care management solutions. For instance, in July 2020, Allscripts and Microsoft Corp. (Microsoft) announced an extension of their long-standing strategic alliance to enable the expanded development and delivery of cloud-based health IT solutions. This helped to sustain the demand for the care management solution market amidst the outbreak. Moreover, the ease of maintaining data in care management solutions is expected to further increase the growth of the regional care management solution market during the forecast period.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AssureCare LLC: The company offers care management solutions such as Predictive modeling, Workflow automation, Social determinants of health content, Assessments and Care Plan library.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The care management solution market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Care Management Solution Market Scope |
|
Report Coverage |
Details |
Page number |
153 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.88% |
Market growth 2023-2027 |
USD 10,655.57 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
13.12 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 41% |
Key countries |
US, Canada, UK, China, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
AssureCare LLC, athenahealth Inc., Cognizant Technology Solutions Corp., Constellation Software Inc., Epic Systems Corp., ExlService Holdings Inc., HealthEdge Software Inc., HealthSmart Holdings Inc., i2i Systems Inc., InfoMC Inc., International Business Machines Corp., InterSystems Corp., Koninklijke Philips NV, Medecision Inc., Oracle Corp., OSP, Pegasystems Inc., Veradigm LLC, ZeOmega Inc., and Zyter Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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