With a CAGR of 12.24 percent, the worldwide care management solutions market is expected to reach USD 22.79 billion by 2027 and USD 12.80 billion by 2022.
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As a result of the COVID-19 pandemic, healthcare delivery organizations have faced insufficient capacity, supply shortages, the need for service redesign, and financial loss. Given COVID-19’s overburdening of healthcare systems, the question of productivity-enhancing innovation is pertinent. Hospitals worldwide have lacked the financial resources to care for sick patients, as well as the liquidity to invest in desperately needed supplies and enough workers to complete all required tasks.
The mechanical ventilator, the most advanced equipment required to treat COVID-19 daily, was created in response to the polio outbreak more than a century ago (the so-called iron lung). Unfortunately, installing healthcare technology costs limit patient treatment scalability, especially during COVID-19 outbreaks. As a result, research aimed at lowering healthcare costs is the same type of research that is badly needed to enhance access to care for COVID-19 patients.
The first significant worry is a lack of capacity to deal with the increasing number of patients. The demand for intensive care unit (ICU) beds, ventilators, and human resources far exceed many areas’ present capacity. Another roadblock is the urge to rethink patient care models in real-time. Given the disease’s highly contagious nature and severity, physicians, nurses, and other professionals must choose the best care model and room design. Apps for patient-centered healthcare go a long way toward solving this problem.
Due to an aging population and the burden of chronic disease, the global market for care management solutions is predicted to grow by Y-O-Y.
According to the World Health Organization, chronic diseases kill 41 million people each year, accounting for 71 percent of all deaths globally. Developing countries will bear 60% of the global burden of chronic diseases. The majority of NCD deaths (17.9 million per year) are caused by cardiovascular diseases, with cancer (9.3 million), respiratory diseases (4.1 million), and diabetes (4.1 million) following closely behind (1.5 million). In 2017, the global economy increased 3.74 percent, up from 3.27 percent. Furthermore, the population of the developing world is growing. The worldwide population aged 60 and up will nearly double between 2015 and 2050, rising from 12% to 22%.
In addition, rising healthcare management and global digitization of healthcare are expected to fuel the global care management solutions market.
Patient-centered care legislation is becoming more common, as is the desire for patient-centric healthcare apps, all projected to boost the market’s growth rate. In addition, advances in IT and HCIT solutions are predicted to propel the global care management solutions market forward throughout the forecast period.
Many aspects of the healthcare system have played and will continue to play an essential part in bringing new and improved solutions to the twenty-first century’s most pressing health concerns. For example, the internet of things (IoT) can save $100 billion per year in operational and clinical inefficiencies. China has the most significant rate of adoption of linked health devices globally, at 28%. Sixty-four percent of doctors believe that the Internet of Things will improve the efficiency of nurses and doctors.
In the global care management systems sector, data breaches and loss of confidentiality, high deployment costs, and a limited development environment are some of the key barriers. Reduced app accuracy, a lack of technical expertise among the elderly, limited payment coverage, slow adoption of patient-centric healthcare apps in developing nations, and regulatory uncertainty are all expected to inhibit the growth of the global care management solutions market. In addition, data risks and liabilities and the probability of data breaches have increased as medical and patient data has been more digitalized. This may be due to a lack of internal patient data control and inadequate personnel training. As a result, market growth may be constrained.
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KEY MARKET INSIGHTS:
- Based on the component, the software segment would dominate the global care management solutions market, accounting for most of the market share over the forecast period. Software advancements have made it easier to provide coordinated and effective care. They assist clinicians with making more accurate diagnoses, keeping track of vital signs and drugs, reducing surgical errors, and providing digital data for clinical research. One such platform is the iPro Anaesthesia platform. Furthermore, this category is expected to grow significantly throughout the anticipated time due to the ease of use and affordability of software.
- North America currently holds the largest market share because of advancements in IT solutions and a surge in demand for low-cost, scalable solutions to reduce healthcare costs. It is expected to do so throughout the forecast period. Over the forecasted period, the market is likely to maintain its leadership. The market is growing due to the region’s growing cloud use, increased awareness of healthcare care management, and more employer groups choosing care management solutions to suit their healthcare management demands. The United States controlled the North American regional market. As healthcare costs rise, saving money while improving treatment quality is more important than ever. Healthcare practitioners rely on care management technologies to fulfill these goals. An ideal solution’s comprehensiveness, all-encompassing character, and analytical talents are all elements to examine. Furthermore, the risk burden is shifting from payers to providers, boosting the adoption of these solutions.
- The European market is expected to account for a significant portion of the global market during the projection period. The expansion of the healthcare sector, the availability of modern technology, and the increasing use of information technology for hospital patient management solutions are all contributing to the region’s market growth. During the projection period, the hospital segment dominated the market in terms of growth in Europe. The government’s favorable reimbursement rules and attempts to promote medical tourism also impact industry growth. With a considerable market share, countries such as Germany, France, Spain, the United Kingdom, and Italy boost European regional market growth. On the other hand, the recent global epidemic has sparked a surge in demand for care management solutions across Europe. During the previous year, the United Kingdom had the most significant market share in the regional market. The country’s market is growing due to the adoption of IT and investments in adopting care management solutions in the healthcare sector. In addition, care management solutions are being adopted in France, Spain, and Italy. SARS-COV-2 has had an immediate impact on Italy, increasing the demand for care management systems.
- An increase in the number of collaborations and partnerships is one of the most recent trends in the general expansion of the care management solutions industry. Major players in the global care management solutions market include Allscripts Healthcare Solutions, Inc., Casenet, LLC, Epic Systems Corporation, Medecision Inc., Cognizant Technology Solutions, Cerner Corporation, Koninklijke Philips N.V, IBM, ZeOmega Inc., and EXL Service Holdings, Inc.
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SEGMENTS COVERED UNDER THIS REPORT:
- By Component: Software and Services
- By Delivery Mode: On-premise and Cloud-based
- By Application: Disease Management, Case Management, Utilization Management, and Other Applications
- By End Users: Payers, Providers, and Other end-users
- By Region: North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa
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