NEW YORK, May 23, 2016 /PRNewswire/ -- The care management solutions market is expected to reach USD 15.70 billion by 2021 from USD 6.93 billion in 2016, at a CAGR of 17.8% during the forecast period from 2016 to 2021. The implementation of initiatives to shift the burden of risk from healthcare payers to providers, initiatives to promote patient-centric care, rising geriatric population coupled with the burden of chronic diseases, need to reduce healthcare costs, growth in the medical tourism sector, and advancing IT and big data capabilities are some of the factors driving the growth of the care management solutions market.
Care Management solutions are gaining popularity across the globe; the use of health information technologies and online resources in healthcare boosts care quality by improving care access, efficiency, chronic disease management, and care coordination. Care management solutions offer various features that enhance collaboration between healthcare stakeholders to provide patient-centric care and increase patient compliance to interventions provided. However, inadequate patient engagement, reluctance among providers to adopt care management solutions, requirement of infrastructural investments, low internet usage, and the usage of HCIT solutions, data security concerns related to cloud-based solutions, and lack of interoperability are some of the factors expected to restrain the growth of this market.
On the other hand, emerging markets, the growth of consumer awareness and participation in the healthcare delivery process, technological advancements in HCIT solutions, and the rising adoption of cloud-based models offer growth opportunities for players in the market.
The software component segment is estimated to account for the largest share of the global care management solutions market in 2016. Software is a non-tangible component used as an application to run a system or to perform primary tasks, which include maintaining patient records, analyzing databases, and performing administrative tasks in any healthcare organization or hospital.
Geographically, North America is expected to account for the largest share of the global care management solutions market in 2016, followed by Europe, Asia-Pacific, and the Rest of the World (RoW). The large share of the North American market is attributed to the shift in the burden of risk from payers to providers in the U.S., Chronic Care Management Services (CCM) initiated by the CMS, patient-centered mandates, growing geriatric population, and need to curb healthcare costs in the U.S.; and Canada's efforts to enhance healthcare delivery and quality, curb healthcare costs, and the rising burden of chronic diseases in Canada.
Major players in the market are focusing on strategies such as client acquisition; new product launches (including product enhancements); agreements, alliances, collaboration, and partnership; acquisition; and other strategies (expansion, certifications, investments, marketing and promotion, and accreditation), to establish a strong foothold in the global care management solutions market.
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The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the solutions offered by top players in the care management solutions market. The report analyzes the care management solutions market, by component, delivery mode, end user, and application
- Product Development/Innovation: Detailed insights on research and development activities and new product launches in the care management solutions market
- Market Development: Comprehensive information about the lucrative emerging markets. The report analyzes the care management solutions market across regions
- Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the care management solutions market
- Competitive Assessment: In-depth assessment of strategies, products, and distribution networks of the leading players in the care management solutions market
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