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Care Management Solutions Market Growth and Business Opportunities in Healthcare Sector

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Care Management Solutions Market Growth and Business Opportunities in Healthcare Sector

February 13
20:20 2020
Care Management Solutions Market Growth and Business Opportunities in Healthcare Sector

EXL Service Holdings, Inc. (US), Casenet, LLC (US), Medecision Inc. (US), ZeOmega Inc. (US), Cognizant Technology Solutions (US), Cerner Corporation (US), Allscripts Healthcare Solutions, Inc. (US), and TCS Healthcare Technologies (US), are the key players in the market.
MarketsandMarkets forecasts the care management solutions market is projected to reach USD 19.28 billion by 2023 from USD 9.15 billion in 2018, at a CAGR of 16.1%.

Growth of Care Management Solutions Market are 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 market.

The report describes and studies the global care management market by component, delivery mode, end user, application, and region. It provides detailed information regarding the major factors influencing the growth of this market.

Opportunities

Emerging markets

In Asia and Australasia, the rollout of public healthcare programs combined with growing consumer wealth is anticipated to boost healthcare spending at an average of 8.1% from 2014 to 2018 (Source: The Economist Intelligence Unit). 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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Challenges

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 This could be mainly due to a lack of internal control over patient information, adherence to outdated policies and procedures/non-adherence to existing ones, and inadequate personnel training.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 Information Commissioner’s Office (ICO), the UK’s independent body set up to uphold information rights, received 545 new cases of data breaches in the first quarter of 2016—a ~22% increase on the number of cases received in the previous quarter (448).

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.

Segments

On the basis of application, the global market is segmented into disease management, case management, utilization management, and other applications. The disease management solutions segment is expected to register the highest CAGR during the forecast period. The high growth in this segment can be attributed to the ability of these solutions to reduce the cost of care with the help of protocol management and prevent episodes of ill health through comprehensive health management.

Based on delivery mode, the market is segmented into on-premise and cloud-based delivery modes. The cloud-based segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment can be attributed to the advantages provided by the cloud-based solutions such as, low installation and maintenance costs, unlimited storage of information, easy access to information from any place, and reduced spam & web threats.

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Geographical Region Covered

The geographic segments in this report include North America, Europe, Asia, and the Rest of the World. Of these, the North American market is expected to account for the largest share of the market in 2018. The large share of North America can be attributed to the shift of the risk burden from healthcare payers to providers; patient-centric mandates; and the need to improve quality of care and curb healthcare costs in Canada. Additionally, several major global players are based in the US, which has made the country a center for innovation in the care management solutions market.

Europe is expected to grow at the highest CAGR during the forecast period (2018-2023). The efforts made by the governments of European nations such as the UK, Germany, France, Italy, and Spain to promote care coordination and quality of healthcare and reforms to curb healthcare costs by integrating HCIT solutions into healthcare are driving the growth in the forecast period.

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