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Chicago, March 14, 2023 (GLOBE NEWSWIRE) — The global care management solutions market refers to the provision of software and services that enable healthcare providers to manage patient care more effectively and efficiently. These solutions help healthcare providers streamline their workflows and coordinate care across different settings, such as hospitals, clinics, and home care.
The care management solutions market includes a wide range of products and services, including electronic health records (EHRs), patient engagement tools, care coordination software, population health management platforms, and more. These solutions aim to improve patient outcomes, reduce healthcare costs, and enhance the overall quality of care.
Care Management Solutions Market in terms of revenue was estimated to be worth $12.6 billion in 2021 and is poised to reach $21.6 billion by 2026, growing at a CAGR of 11.4% from 2021 to 2026 according to a latest report published by MarketsandMarkets™. The current edition of the report consists of an updated market overview for each country in the geographic analysis chapter. 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; a rising geriatric population; and the need to reduce healthcare costs.
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Care Management Solutions Market Scope:
|Market Revenue in 2021||$12.6 billion|
|Estimated Value by 2026||$21.6 billion|
|Growth Rate||Poised to grow at a CAGR of 11.4%|
|Market Size Available for||2021–2026|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Delivery Mode, Application, End User and Region|
|Geographies Covered||North America, Europe, Asia Pacific, Latin America, and Middle East and Africa|
|Report Highlights||Updated financial information / product portfolio of players|
|Key Market Opportunity||Emerging countries offer high-growth potential|
|Key Market Drivers||Implementation of initiatives to shift the burden of risk from healthcare payers to providers|
Notable Care Management Solutions mergers and acquisitions for 2021 – 2022 include:
- Philips acquisition of Capsule Technologies: In September 2021, Philips acquired Capsule Technologies, a leading provider of medical device integration and patient monitoring solutions. The acquisition will help Philips strengthen its position in the patient monitoring market and expand its offering of integrated care solutions.
- Cerner acquisition of Kantar Health: In May 2021, Cerner Corporation, a leading provider of healthcare information technology, acquired Kantar Health, a global healthcare data and analytics company. The acquisition will help Cerner enhance its population health management capabilities and provide better insights into patient outcomes.
- Veritas Capital acquisition of Perspecta: In May 2021, Veritas Capital acquired Perspecta, a leading provider of healthcare IT solutions. The acquisition will help Veritas Capital expand its presence in the healthcare market and provide more comprehensive care management solutions to its customers.
- Hims & Hers acquisition of Apostrophe: In February 2021, Hims & Hers, a telehealth company, acquired Apostrophe, a provider of online dermatology services. The acquisition will help Hims & Hers expand its offering of virtual care services and provide a more comprehensive care management solution to its customers.
- Amwell acquisition of Conversa Health: In January 2021, Amwell, a leading provider of telehealth solutions, acquired Conversa Health, a provider of virtual care and patient engagement solutions. The acquisition will help Amwell expand its offering of digital care management solutions and provide better care coordination for patients.
Growth Drivers of Care Management Solutions Market from Macro to Micro:
- Increasing Prevalence of Chronic Diseases: The rising incidence of chronic diseases such as diabetes, cardiovascular diseases, and cancer is driving the demand for care management solutions. These solutions enable healthcare providers to manage patients more effectively and provide personalized care, improving patient outcomes and reducing healthcare costs.
- Growing Focus on Value-Based Care: The shift towards value-based care models is driving the adoption of care management solutions. Healthcare providers are looking for tools that can help them improve patient outcomes, reduce healthcare costs, and provide more coordinated care.
- Technological Advancements: The rapid advancement of healthcare technology is driving the adoption of care management solutions. The development of electronic health records (EHRs), telehealth, and remote monitoring solutions has made it easier for healthcare providers to manage patient care and coordinate care across different settings.
- Increasing Patient Engagement: Patients are becoming more engaged in their healthcare and are demanding more personalized and convenient care. Care management solutions that offer patient portals, telehealth, and other digital tools are becoming increasingly popular as patients seek to manage their health more proactively.
- Provider Needs: Healthcare providers need care management solutions to streamline their workflows, manage patient care more efficiently, and improve patient outcomes. They also need solutions that can help them meet regulatory requirements and reduce healthcare costs.
- Patient Needs: Patients are looking for care management solutions that can help them manage their health more effectively and provide them with personalized care. They are also looking for solutions that can help them communicate with their healthcare providers and access their health records more easily.
- Technological Advances: The development of new technologies such as artificial intelligence, machine learning, and blockchain is driving innovation in the care management solutions market. Providers and patients are looking for solutions that can leverage these technologies to improve patient outcomes and reduce healthcare costs.
- Healthcare Policy and Regulations: Healthcare policy and regulations have a significant impact on the care management solutions market. Changes in policy and regulations can create new opportunities or challenges for providers and vendors in the market.
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Hypothetic Challenges of Care Management Solutions Market in Near Future:
- Cybersecurity Risks: The increasing use of digital tools and patient data in care management solutions creates cybersecurity risks for both patients and providers. Cyber attacks can compromise patient data and disrupt healthcare operations, leading to a loss of trust and reputational damage for providers.
- Regulatory Changes: Changes in healthcare policy and regulations can create uncertainty and challenges for providers and vendors in the care management solutions market. Providers and vendors may need to adapt to new regulatory requirements, which could be costly and time-consuming.
- Interoperability: Interoperability is a significant challenge for the care management solutions market, as different providers and vendors use different systems and data formats. Lack of interoperability can hinder care coordination and data exchange, leading to inefficient and fragmented care.
- Resistance to Change: Healthcare providers may be resistant to change and may prefer to continue using traditional care management approaches, such as paper-based systems. Resistance to change can hinder the adoption of new technologies and solutions, limiting the growth of the care management solutions market.
- Cost: The cost of implementing care management solutions can be a barrier for smaller providers or providers with limited resources. Care management solutions can also require significant ongoing costs for maintenance, training, and support, which may not be feasible for all providers.
- Ethical Considerations: The use of data and technology in care management solutions raises ethical considerations around patient privacy, autonomy, and informed consent. Providers and vendors in the care management solutions market need to address these ethical considerations to ensure that patient rights are protected.
Top 3 Use Cases of Care Management Solutions Market:
- Chronic Disease Management: Care management solutions are increasingly being used to manage chronic diseases such as diabetes, cardiovascular disease, and asthma. These solutions can help healthcare providers track patient health data, monitor medication adherence, and identify potential health risks early on. By providing personalized care and early intervention, care management solutions can help improve patient outcomes and reduce healthcare costs.
- Population Health Management: Care management solutions can also be used for population health management, which involves managing the health of a defined group of patients. By analyzing patient health data and identifying trends and patterns, care management solutions can help healthcare providers identify and address health risks and provide targeted interventions to improve patient outcomes.
- Care Coordination: Care management solutions can also help improve care coordination across different healthcare settings and providers. By providing a centralized platform for patient data and communication, care management solutions can help healthcare providers work together more effectively and improve patient care transitions. This can help reduce readmissions, improve patient satisfaction, and reduce healthcare costs.
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