Rising geriatric population coupled with robust developments in healthcare IT is likely to benefit the market growth in coming years.
Dallas, United States - October 29, 2020 /MarketersMedia/ —
The global care management solutions market was valued at USD 12,511.0 million in 2019 and is expected to grow at a CAGR of 12.5% over the forecast period. An ideal care management solution is designed to render complete programs which are customized to meet the needs of stakeholders comprising care givers, managers, as well as beneficiary, thus aiming at providing a thoroughly personalized care management outcome, at reduced operational expenditure and uncompromised quality in disease management. These market highlights have been extracted from Adroit Market Research’s recently collated business intelligence offering recently compiled in its growing data archive.
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The healthcare IT sector is growing at a rapid pace and is projected to offer fresh opportunities to cut down growing healthcare costs and improve patient care. The progressing healthcare IT sector provides immense opportunities to make the health care system more effective and efficient. As per the reports of the Bureau of Labor Statistics, jobs for health information technicians are projected to grow by 15% through 2024 as per the current market which is faster than the average for all jobs. The 2009 HITECH act has fueled the usage of health information technology and is anticipated to grow with healthy CAGR over 5 years.
Information technology in health care provides an opportunity for the use of data analytics in health care. Predictive analytics can assist in recognizing patients at risk of chronic disease and other medical conditions. This is accomplished by monitoring individual patient medical data alongside population-wide health patterns, and then cross-referencing the data with the medical history, socio-economic position and comorbidity of the patient. This helps health care systems to recognize patients for early, intensive intervention and treatment, to save long-term costs and to improve overall health.
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Growing Geriatric Population and Concomitant Rise in Disease Conditions to Aid in Market Expansion
Rising needs for geriatric care owing to improved longevity has been a key catalyst for market expansion in care management solutions market, finds Adroit Market Research. Need to render high end care management solutions at affordable pricing to manage costs, governments are investing extensively towards large scale adoption of care management solutions, thus enabling market expansion.
Cloud-based Deployment Model Witnesses Large Scale Adoption Eying Optimum Healthcare Outcome
Some of the prominent advantages of care management system includes centralization in care delivery that support integrated patient care delivery, thus supporting quality of life, coupled with early detection and superlative healthcare delivery. Care management specifically supports in imparting superlative healthcare outcome for patient pools who already have certain health conditions. The delivery is optimized with both cloud-based deployment and on-premise architecture to improve large scale adoption.
North American to Remain Ahead in the Growth Curve through the Forecast Span
It is imperative to understand that adoption of care management models is thoroughly influenced by technological innovations that are integral in deciding route of delivery and understanding patient response as well as previous health conditions. Matured economies such as North American countries and several countries across European region are likely to hold their dominance in the upcoming years backed by their technological sophistication. However, as several federal governments in APAC which houses several emerging economies of the world are making significant headways towards offering improved care delivery and healthcare models, care management market is likely to see ample opportunities in the region.
New technological leaps continue to dominate maximum investments on the part of market participants. Recently, market participant Health Catalyst that offers data analytics technology to the healthcare sector has expanded its solution portfolio with the launch of Care Management Suite to optimize patient data analytics for superlative healthcare delivery. The development is a crucial milestone in care management solution market.
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Based on regional classification care management solutions market is segregated into Europe, North and South America, MEA, and APAC amongst others.
An elaborate run-down on competition landscape is also pinned in the report, benchmarking leading players, complete with an analytical review of their product and company portfolios. Some of the frontline market participants in global care management solutions market comprise, Health Catalyst, MedSolis Inc.IBM Corporation, Optum, Inc., Casenet, LLC, ZeOmega, Conduent, Inc., and Cognizant Technology amongst a string other frontline players.
Key Segments of Global Care Management Solutions Market
Component Overview, 2015-2025 (USD Million)
Delivery Mode Overview, 2015-2025 (USD Million)
• On Premise
• Cloud Based
Application Overview, 2015-2025 (USD Million)
• Chronic Care Management
• Case Management System
• Utilization Management
Regional Overview, 2015-2025 (USD Million)
• North America
• United Kingdom
• Rest of Europe
• Asia Pacific
• Rest of Asia Pacific
• Central and South America
• Middle East & Africa
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