Care Management Solutions Market worth $21.6 billion by 2026


Posted March 2, 2022 by mmvaidya

Both top-down and bottom-up approaches were used to estimate and validate the total size of the Care management solutions market. These methods were also used extensively to estimate the size of various subsegments in the market.
 
Expected Revenue Growth:

The global care management solutions market is projected to reach USD 21.6 billion by 2026 from USD 12.6 billion in 2021, at a CAGR of 11.4% during the forecast period.

Major Growth Boosting Factors:

The growth of this market is driven by the implementation of initiatives to shift the burden of risk from healthcare payers to providers, government initiatives and regulations promoting patient-centric care, initiatives to promote healthcare IT, rising geriatric population, and need to reduce healthcare costs are driving the growth of the care management solutions market.

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Restrains: Shortage of skilled professionals

The effective utilization of care management solutions demands a strong IT infrastructure and IT support within the organization as well as at the solution provider’s end. In a healthcare organization, there is a continuous need for technical support for maintaining the server and network for the smooth operation of clinical workflows and optimum interfacing speed of care management solutions. If the maintenance of the server or network is inadequate, it leads to the generation of screen loads, which slows down the clinical workflow.

Opportunities: Emerging countries offer high-growth potential

A number of factors, such as the implementation of government initiatives supporting the adoption of HCIT solutions and rising government healthcare expenditure, are driving the growth of this market in Asia. Technological advancements are playing a key role as authorities in China are focusing on reforming the country’s healthcare management sector, which is currently facing challenges such as underfunded rural health centers, overburdened city hospitals, and a nationwide shortage of doctors. The Indian government started the Digital India campaign in July 2015 to ensure that government services are made available to citizens electronically by improving IT infrastructure and improving internet connectivity in the country. Government initiatives for the implementation of HCIT solutions, rise in government spending on healthcare systems, and the presence of skilled IT experts are favoring the growth of the care management solutions market in the Asia Pacific region.

Challenge: Data breaches and loss of confidentiality

The digitization of medical/patient information has created greater data risks and liabilities and increased the chance of data breaches. This could be mainly due to a lack of internal control over patient information, adherence to outdated policies and procedures/non-adherence to existing ones, and inadequate personnel training. The potential for data security and confidentiality breaches associated with digitization may affect the adoption of HCIT solutions in the short term until measures are taken to address current issues. As a result, this may negatively impact the growth of the market.

North America to witness significant growth from 2021 to 2026

North America is expected to account for the largest share of the care management solutions market in 2020, followed by Europe. The large share of North America can be attributed to the increased adoption of care management solutions by healthcare providers and payers to meet the healthcare goals of better quality care and lower healthcare costs. Also, several major global players are based in the US, owing to which the US has become a center for innovation in the care management solutions market.

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Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags care management solutions , care management solutions market
Last Updated March 2, 2022