The global Care Management Solution Market is projected to reach USD 23.68 billion by 2032, registering a revenue CAGR of 11.0% during the forecast period. The rising geriatric population, increasing prevalence of chronic diseases, and increasing demand for affordable healthcare solutions are major factors driving the market's revenue growth.
The market is further driven by the rising burden of chronic diseases, such as diabetes, cardiovascular conditions, and cancer, which account for 71% of all deaths across the globe, and by rising demand for affordable healthcare solutions as governments and healthcare organizations seek ways to lower costs while enhancing patient outcomes.
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The rising elderly population is one of the main factors driving revenue growth of the market for care management solutions. The world's population is aging, and by 2050, the number of people across the globe who are 60 or older is expected to increase from 962 million in 2017 to 2.1 billion. There will be high demand for care management tools that can help patients manage their chronic illnesses and receive individualized attention.
Key players in the Care Management Solution Market –
- Cerner Corporation
- Allscripts Healthcare Solutions, Inc.
- Koninklijke Philips N.V.
- Epic Systems Corporation
- IBM Corporation
- Athenahealth, Inc.
- Salesforce.com, Inc.
- EXL Healthcare
- Pegasystems Inc.
- Casenet, LLC.
In addition to rising chronic diseases and the aging population, the market's revenue growth is also driven by the increasing use of electronic health records (EHRs) and other digital health technologies. EHRs can help with care coordination and give hospitals access to real-time patient data, which can enhance patient outcomes and lower costs. Furthermore, EHRs and other digital health technologies can be integrated with care management solutions to offer individualized care plans and remote monitoring options.
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However, a lack of interoperability between various healthcare systems and a shortage of qualified healthcare professionals are major factors that could restrain the revenue growth of the market. The adoption of care management solutions could also be significantly hampered by concerns about data security and privacy.
The market for care management solutions is segmented into software and services, with the software segment expected to account for the largest revenue share during the forecast period. Healthcare professionals can manage patient care plans, monitor patient progress, and deliver prompt interventions to improve patient outcomes thanks to the software component. The service segment is expected to register the fastest revenue CAGR during the forecast period, with consulting, implementation, and maintenance services being offered.
The market is also segmented into payers and providers, with the payers segment accounting for the largest revenue share in 2022. To improve patient outcomes and lower healthcare costs, payers have also been implementing care management solutions. Care management tools assist payers in better managing and analyzing patient data, which can result in more individualized care plans and improved patient outcomes. The provider segment is expected to register the fastest revenue CAGR during the forecast period, with care management solutions helping to enhance care coordination and prioritize care plans.
North America is expected to account for the largest revenue share during the forecast period due to the region's advanced healthcare infrastructure and rising use of healthcare IT solutions. Government regulations established by the U.S. Department of Health and Human Services (HHS) require healthcare providers to use certified electronic health record systems to receive reimbursement from Medicare and Medicaid programs. The HHS also requires healthcare organizations to adhere to certain security and privacy requirements when using electronic health records systems, including the Health Insurance Portability and Accountability Act (HIPAA).
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