Care Management Solutions Market - Emerging Tech Innovations to Feed the Revenue


Posted October 19, 2020 by mmvaidya

The global care management solutions market is projected to reach USD 19.28 billion by 2023.
 
The global Care Management Techniques Market is projected to reach USD 19.28 billion by 2023 from USD 9.15 billion in 2018, at a CAGR of 16.1% during the forecast period. The key factors driving the growth of this 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 care management solutions market.

Market Dynamics

Driver: Implementation of initiatives to shift the burden of risk from healthcare payers to providers

Globally, various initiatives are being implemented to shift the burden of risk borne by healthcare payers to providers. This shift promotes the adoption of healthcare information technology (HCIT) solutions (such as care management solutions) to increase the efficiency of healthcare delivered and reduce unnecessary costs. For instance, in 2015, Medicare applied the Value-based Payment Modifier program to payments under the Medicare Physician Fee Schedule (PFS) for physicians in groups of 100 or more eligible practitioners.

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Restraint: High cost of deployment

Healthcare IT systems are high-priced software solutions. Moreover, the maintenance and software update costs of these systems may be more than the price of the software. Support and maintenance services (which include software upgrades as per changing user requirements) form a recurring expenditure, which amounts to almost 30% of the total cost of ownership.

Major End Users:

By end user, the payers segment is expected to command the largest share of the market in 2018

On the basis of end user, the Care Management Solutions Market has been segmented into payers, providers, and other end users. The payers segment is expected to command the largest share of the market in 2018. The deployment of care management solutions is increasing among payers as it helps them in the effective management of patient health records, claims processing and reimbursement tasks, coordinating care for their members, and ensuring better health outcomes to mitigate their risk burden. The growing stringency ofregulations for payers is another important factor driving the adoption of care management solutions in this end-user segment.

Geographical Growth Aspects:

North America to dominate the market in 2018

North America is expected to account for the largest share of the Care Management Techniques Market in 2018, 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.

Key Players:

Product deployments and launches, acquisitions, partnerships, agreements, and collaborations were strategies adopted by key players between 2015 and 2018 to enhance their share in the care management market. Important players that adopted these strategies include 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).

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Contact Email [email protected]
Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags Care Management Techniques Market , Care Management Techniques , Care Management Technique Market , Care Management Technique
Last Updated October 19, 2020