Care Management Solutions Global Market Report 2024

Care management solutions encompass a range of services designed to help patients effectively manage chronic health conditions. These solutions, comprising both software and services, provide a comprehensive set of tools and activities to support individuals dealing with chronic or complex medical illnesses.

The primary components of care management solutions include software and services. The services component encompasses a wide array of offerings and activities aimed at assisting patients with chronic or complex conditions in managing their health effectively. These solutions are deployed through on-premises and cloud-based methods, playing a crucial role in applications such as disease management, case management, and utilization management. The end users of care management solutions include hospitals and clinics, accountable care organizations (ACOs), health insurance providers, and other entities involved in patient care.

The care management solutions market research report is one of a series of new reports that provides care management solutions market statistics, including care management solutions industry global market size, regional shares, competitors with a care management solutions market share, detailed care management solutions market segments, market trends and opportunities, and any further data you may need to thrive in the care management solutions industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The care management solutions market size has grown rapidly in recent years. It will grow from $16.88 billion in 2023 to $19.77 billion in 2024 at a compound annual growth rate (CAGR) of 17.1%. The growth observed in the historic period can be attributed to factors such as an aging population, a rise in chronic diseases, increased adoption of electronic health records (EHR), a focus on population health management, and an emphasis on healthcare data interoperability. These elements have collectively contributed to the development and utilization of care management solutions to address the complex healthcare needs of individuals.

The care management solutions market size is expected to see rapid growth in the next few years. It will grow to $35.7 billion in 2028 at a compound annual growth rate (CAGR) of 15.9%. Anticipated growth in the forecast period can be attributed to an increased emphasis on healthcare data security, the growing utilization of remote patient monitoring technologies, expanded use of mobile health apps, adoption of care management solutions in emerging healthcare markets, and an increasing focus on preventive care. Notable trends in the forecast period include the integration of artificial intelligence (AI) and predictive analytics, sustainability and eco-friendly practices, the incorporation of genomics and precision medicine into care management, collaborative initiatives to integrate community health, and the application of blockchain in healthcare.

The care management solutions market is poised for growth, driven by the increasing investment in digital healthcare. The rise of digital healthcare is instrumental in disease prevention, cost reduction, and effective management of chronic conditions. Digital healthcare solutions facilitate file-sharing and communication through various devices, including desktops, laptops, and mobile devices. Notably, during the COVID-19 outbreak in 2021, the funding for digital communication technology surged by 72%, with telemedicine receiving $4.3 billion in financing. The total investment in digital health reached a record high of $26.5 billion, underscoring the pivotal role of digital solutions in shaping the care management landscape.

The care management solutions market is further propelled by the expanding realm of telemedicine services. Telemedicine, involving the remote delivery of healthcare services, has witnessed significant growth, providing patients with access to medical consultations and clinical services through telecommunications technology. Integrating care management solutions into telehealth platforms ensures consistent and comprehensive care management for patients, irrespective of their geographical location. Reports indicate that 37.0% of adults utilized telemedicine services in 2021, highlighting a positive correlation between age and telemedicine usage. The surge in telemedicine services aligns with the growing demand for care management solutions, fostering the market's development.

In response to market demands, major players in the care management solutions arena are focusing on developing advanced solutions and platforms. One such innovation is the introduction of medical management platforms, comprehensive software systems designed to optimize various aspects of healthcare management. For instance, VirtualHealth, a US-based healthcare solutions provider, launched HELIOS Essentials in October 2022. HELIOS Essentials is a preconfigured setup for the HELIOS platform, catering to specialty care providers and medium-sized healthcare organizations. This platform, driven by AI-driven automation, offers an affordable, user-friendly, and enterprise-level medical management solution. HELIOS Essentials aims to eradicate data isolation, simplify operations, and promote comprehensive, value-driven healthcare through enhanced collaboration, coordination, and automation within contemporary care teams. This strategic advancement aligns with the evolving needs of the care management solutions market, driving customer bases, sales, and revenue growth.

Prominent players in the care management solutions market are introducing innovative products, such as cloud-based care management platforms, to cater to larger customer bases, drive sales, and enhance revenue. A cloud-based care management platform is a technological solution designed to optimize various aspects of healthcare management, hosted and operated on remote servers over the internet. In March 2023, Somnoware Healthcare Systems, a US-based provider of cloud-based software, unveiled its Care Management platform. This platform consolidates patient therapy data and automates interventions, simplifying the clinical triage process for integrated delivery networks, home medical equipment providers, and independent diagnostic testing facilities. It allows clients to oversee the clinical tracking and ongoing care of patients using connected PAP therapies and ventilators, enabling intervention at any stage of their therapy.

In January 2021, Royal Philips, a US-based health technology company, made a significant move in the care management solutions market by acquiring Capsule Technologies, Inc. for $635 million. This strategic acquisition aimed to expand Philips' patient care management offering and leverage the strengths of Capsule Technologies. By adding a vendor-neutral medical device integration, the acquisition unlocked the potential of medical device data to enhance patient monitoring and management. Capsule Technologies, a US-based company specializing in medical device integration, clinical surveillance, and patient monitoring for hospitals, complemented Philips' commitment to advancing healthcare through innovative solutions. This development underscores the industry's focus on integrating cutting-edge technologies into care management solutions, aligning with the evolving needs of healthcare providers and organizations.

Major companies operating in the care management solutions market include EXL Service Holdings Ltd., Allscripts Healthcare Solutions Inc., Axispoint Health LLC, Conduent Inc., Envolve Health LLC, EPIC Systems Inc., Exlservice Holdings Inc., Health Catalyst Inc., Healthsmart Holdings Inc., i2i Population Health, International Business Machines Corporation, Koninklijke Philips N.V., Mediware Information Systems, Pegasystems Inc., Salesforce Inc., Trizetto Corporation, Zeomega Inc., ZeOmega Infotech Private Limited, Athenahealth, Medical Transcription Billing Corporation, Casenet LLC, Cerner Corporation, Change Healthcare, Conifer Health Solutions, eClinicalWorks, Enli Health Intelligence Corp., Ensocare Care, GetWellNetwork, Harris Healthcare, IBM Watson Health, Jvion AI Company, McKesson Corporation, Medecision, Meditech Inc., Netsmart LLC, NextGen Healthcare, Optum Inc., RelayHealth Corp., TCS Healthcare Technologies, WellSky Corp., Zeiss Meditec AG

North America was the largest region in the care management solutions market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the care management solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the care management solutions market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The care management solutions market includes revenues earned by entities by providing case and disease management and value-based services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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