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The Global Care Management Solution Market size is estimated to increase by USD 14.13 billion and grow at a CAGR of 15.7% between 2023 and 2028. Market expansion hinges on various factors such as the escalating integration of Electronic Health Records (EHRs), supportive governmental policies, and the burgeoning elderly demographic. However, the market encounters hurdles. These include apprehensions regarding patient data security and vulnerability to cyberattacks. Additionally, there exists a demand for substantial capital investment (CAPEX) alongside intricate integration processes. Moreover, underdeveloped regions grapple with inadequate access to quality healthcare services, further impeding market growth. Overcoming these challenges necessitates innovative solutions and collaborative efforts within the healthcare industry. Consequently, stakeholders must prioritize robust cybersecurity measures, streamline integration processes, and advocate for equitable healthcare access. Through concerted actions, the market can strive towards inclusivity, efficiency, and sustainability, ensuring advancements benefit populations globally.
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The market is rapidly evolving to meet the demands of modern healthcare, with a strong emphasis on patient-centric care and integrated health solutions. As healthcare expenditure continues to rise globally, healthcare payers and governments are seeking innovative approaches to optimize spending while improving outcomes. Addressing the growing burden of chronic diseases, providers are turning to advanced risk stratification techniques to tailor interventions effectively. Initiatives spearheaded by key players like Medecision, Epic Systems, and Health Catalyst drive transformative change in healthcare IT and cost management. In emerging countries, initiatives like the Digital India campaign are reshaping the healthcare system, offering opportunities for companies like ZeOmega and Ergomed plc to expand their pipeline of solutions. Through comprehensive analysis tools, such as those provided by Medecision, the industry is poised to make significant strides in improving patient outcomes and optimizing healthcare delivery.
Increasing adoption of EHRs is the key factor driving the growth of the global 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 the 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 the US, the 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 a 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 market during the forecast period.
Increasing adoption of advanced technologies in healthcare is the primary trend in the global 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. 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 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 forecasting 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 market growth and forecasting strategies.
Market Customer Landscape
Companies 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 companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The chronic care management segment is estimated to witness significant growth during the forecast period. Owing to the absence of physical activity and improper diet, people worldwide are experiencing adverse health effects like stroke, diabetes, which lead to major medical problems. These medical problems are more prevalent in the geriatric population than in the younger population. The geriatric population is increasing significantly across the world.
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The chronic care management segment was the largest segment and valued at USD 3.01 billion in 2018. Moreover, the prevalence of diseases, such as lung disease, cancer, and stroke, is high among the aging population. There is a direct relationship between aging and susceptibility to infections as the immune system deteriorates. With the growing chronic illness many patients face organ failure and become bed-ridden this leads to increasing demand for chronic care management. Increasing prevalence of chronic diseases and rising adoption of care management for elderly are expected to boost the growth of the market in focus during forecast period.
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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. The care management solution market in North America is expected to grow, owing to the rise in spending on healthcare. For instance, in 2021, US healthcare spending increased by 9.6% as compared to 2020. This was primarily due to the high spending on major federal healthcare programs, such as Medicare, Medicaid, and the Childrens Health Insurance Program (CHIP), and health insurance exchange subsidies created under the Affordable Care Act. 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 focus.
Moreover, the 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. These factors are expected to drive the growth of the market in the region during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
1. Medical Practice Management Software (MPMS) Market: Medical Practice Management Software (MPMS) Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, China, Germany, France, Japan - Size and Forecast
2. Healthcare Revenue Cycle Management (RCM) Software Market: Healthcare Revenue Cycle Management (RCM) Software Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, Canada, Germany, UK, Japan - Size and Forecast
3. eHealth Software and Services Market: eHealth Software and Services Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Canada, Germany, UK, China - Size and Forecast
The market is experiencing rapid growth driven by the demand for patient-centric care, integrated health solutions, and value-based care models. Healthcare payers and employer groups are increasingly investing in these solutions to optimize healthcare expenditure and improve patient outcomes. Risk stratification and predictive analysis play pivotal roles in identifying high-risk patients and implementing targeted interventions, reducing hospitalizations and ER visits while enhancing health status and quality of life. Digital systems, including patient-centric software and cloud-based EHR, facilitate data aggregation and big data analysis, enabling accurate diagnosis and personalized care delivery. Incentive programs incentivize patient engagement, while healthcare providers and employers leverage web-based platforms to enhance delivery modes. However, concerns persist regarding data breaches and loss of confidentiality, necessitating robust regulatory frameworks and secure components in healthcare IT solutions. Emerging countries, propelled by initiatives like Digital India campaign, present significant growth opportunities, with companies like Health Catalyst and Ergomed plc leading strategic initiatives in chronic care management.
Moreover, in the dynamic landscape of healthcare, the market emerges as a crucial player, particularly in navigating challenges like health expenditure and pandemic impact. With the shift towards value-based care, solutions emphasizing fee-for-services models are gaining traction, offering a balance between quality and cost-effectiveness amidst financial crises. Diverse service segments cater to specific needs, facilitated by various modes of delivery tailored to individual preferences. While Healthcare costs remain a concern, strategic assumptions drive innovation and efficiency across the sector. Components like patient epidemiology and pipeline management are integral, guided by stringent regulatory frameworks ensuring safety and efficacy. Chronic Care Complete solutions are at the forefront, addressing the complex needs of chronic conditions. As the market evolves, understanding the interplay of delivery modes and patient demographics becomes paramount, shaping the future of care management.
Industry Scope |
|
Report Coverage |
Details |
Page number |
158 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 15.7% |
Market growth 2024-2028 |
USD 14.13 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
13.76 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 41% |
Key countries |
US, China, UK, Canada, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, 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 N.V., Medecision Inc., Oracle Corp., OSP, Pegasystems Inc., Veradigm LLC, ZeOmega Inc., and Zyter Inc. |
Market dynamics |
Parent market analysis, Market forecast, Market forecasting 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 |
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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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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