Major Objectives Behind This Study:
# To define, describe, and forecast the care management solutions market on the basis of component, delivery mode, application, end user, and region.
# To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges).
# To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market.
# To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders.
# To forecast the size of the market segments with respect to four main regions—North America, Europe, the Asia Pacific, and the Rest of the World (RoW).
# To profile the key players and comprehensively analyze their market shares and core competencies.
# To track and analyze competitive developments such as agreements, collaborations, and partnerships; product deployments; product launches, enhancements, and integrations; acquisitions; and expansions in the care management solutions market.
# 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 November 2019, Innovaccer partnered with Microsoft Teams to launch its care management solution. This new solution can assist care teams in sharing crucial patient information in real time and ensure seamless care delivery.
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Major Growth Driving 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.
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.
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.
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.
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Geographical Growth Dynamics:
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.
Porjected Surge in Revenue Generation:
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.