Care Management Solutions Market worth $21.6 billion by 2026

2022-04-27 13:58:51 UTC | Others
Care Management Solutions Market worth $21.6 billion by 2026
Overview of This Study:

This study involved four major activities in estimating the size of the Care management solutions market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chains through primary research. The bottom-up approach was employed to estimate the overall market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and sub-segments.

Revenue Growth Expectations:

The global care management solutions market is projected to reach USD 21.6 billion by 2026 from USD 12.6 billion in 2021, at a CAGR of 11.4% during the forecast period.

Drivers: 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. Value-based care is also promoted through alternative payment models such as bundled payments, physician incentives, and consumer incentives, among others. These models of payment are designed to encourage healthcare providers to accept the accountability of care delivered, thus leading to the shift of risk from payers to providers.

Restrains: Shortage of skilled professionals

The effective utilization of care management solutions demands a strong IT infrastructure and IT support within the organization as well as at the solution provider’s end. In a healthcare organization, there is a continuous need for technical support for maintaining the server and network for the smooth operation of clinical workflows and optimum interfacing speed of care management solutions. If the maintenance of the server or network is inadequate, it leads to the generation of screen loads, which slows down the clinical workflow.

End Users:

Cloud-based segment to register the highest CAGR

Care management solutions are delivered to end users through the on-premise and cloud-based modes of delivery. The on-premise solutions segment accounted for a larger market share of 64.8% in 2020. The advantages offered by the on-premise mode of delivery, such as customization of solutions, reduction in the risk of data breaches, and the ability to reuse existing servers and storage hardware, are supporting its increased adoption in the care management solutions market.

Geographical Growth Dynamics:

North America To Witness Significant Growth From 2021 To 2026

In 2020, North America accounted for the largest share of the care management solutions market. 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.

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