Care Management Solutions Market Statistics

Care Management Solutions Market Research, 2031

The global care management solutions market size was valued at $9,314.25 million in 2021, and is projected to reach $25,712.73 million by 2031, growing at a CAGR of 10.7% from 2022 to 2031. Care management is a set of activities performed to improve patient care and reduce the need for medical services by enhancing integration of care and helping patients and caregivers more effectively manage health conditions. These solutions have potential to upgrade quality and control cost for patients with chronic diseases. Furthermore, components of care management includes patient education, care planning, and medication management. Moreover, benefits of care management solutions are reduce the rate of hospitalizations, low cost of treatments, and enabling the healthcare provider to manage overall patient’s care.

Care Management solutions Market

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Care management solutions assist in easy data access for the healthcare providers at distant locations and provide with information on care & co-ordination and disease management.

Growth of global care management solutions market is majorly driven by growing ageing population, which has increased the need for care management solutions such as cloud-based software and on-premise services. Furthermore, advancements in information technology and rising use of healthcare IT for management of big data are expected to propel the growth of the care management solutions market size. In addition, increase in use of care management solutions for chronic care management is the major factor anticipated to fuel the growth of the market.

Moreover, global market expansion is being fueled by rise in number of key players for product launch in care management sector fuel the growth care management solutions market share. For instance, in July 2021, Health Catalyst Company announced the launch of Value Optimizer, a new health solution for value-based care performance improvement. Moreover, rise in adoption of different strategies such as team creation and product development among the key players propels the growth of care management solutions market. For instance, in February 2021, Altruista has developed the new version of Guiding Care platform for patient-centric care.

On the other hand, fear of data security breach is anticipated to hinder the care management solutions market growth. Moreover, loss of privacy and shortage of skilled professionals hamper the growth of care management solutions market.

Impact of COVID-19 on the Market

Coronavirus Severe acute respiration syndrome (SARS-CoV-2) is an infectious disease caused by the novel coronavirus (COVID-19), which originated in the Wuhan district in China in the late 2019, and since has spread to 212 countries. The virus was initially referred to as “novel coronavirus 2019” (2019-nCoV) by the WHO, however, on February 11, 2020, it was given the official name of SARS-CoV-2 by the International Committee on Taxonomy of Viruses. WHO declared COVID-19 as pandemic on March 11, 2020, and by September 19, 2022, about 609,247,113 people have been infected globally with over 6,503,894 deaths, reported to WHO. COVID-19 symptoms include fever, cough, and shortness of breath.

Nearly all industries have been impacted by e COVID-19. As coronavirus crises led to lock-down and strictly follow the social distancing rules, has resulted in a significant rise in demand for the care management solutions in the healthcare and medical sector. Due to increase in number of COVID-19 cases, the need and demand for care management solutions increased drastically. Teleheath and digital healthcare have taken a prime position during the COVID-19 period. These solutions have helped healthcare providers to diagnose and treat patient effectively through remote monitoring. As a result, the COVID-19 outbreak is expected to accelerate the global care management solutions market growth of care management solutions, which will have a positive effect on the market's value in 2022 and beyond.

The care management solutions market is segmented into omponent, mode of delivery, end user and application & region. On the basis of component, it is segmented into software and services. By mode of delivery, the market is bifurcated into on-premise and cloud-based. On the basis of application, the market is segmented into disease management, case management, and others. On the basis of end user, it is segmented into healthcare providers (Hospital & Physician Groups, Ambulatory Care centers, and Others), healthcare payer, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

By Component Segment Review

By component, software segment was the highest revenue contributor to the market in 2021, and is expected to continue this trend throughout the forecast period, as it provides coordinated and efficient care, minimize the chances of errors during generation of digital records for clinical research.