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Care Management Solutions - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

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  • 117 Pages
  • February 2024
  • Region: Global
  • Mordor Intelligence
  • ID: 4622506
The Care Management Solutions Market size is estimated at USD 15.03 billion in 2024, and is expected to reach USD 26.77 billion by 2029, growing at a CAGR of 12.23% during the forecast period (2024-2029).

Key Highlights

  • COVID-19 significantly impacted the care management solutions market due to the need to manage patients and caregivers. For instance, according to an article published by Nursing Open in December 2022, caregivers for patients are crucial for informed consent, life care, and psychological support. Yet, they can also transmit the virus, necessitating comprehensive management encompassing quantity control, risk screening, epidemic investigation, double card management, auxiliary inspection, and pre-examination of medical insurance.
  • Furthermore, according to the above source, the caregiver management solution taken by hospitals during the pandemic was proven useful in infection management, and it was recommended that every hospital should have inpatient caregiver management measures tailored to their circumstances. The pandemic has accelerated the adoption of digital and remote healthcare solutions, including care management platforms, as healthcare providers sought to minimize in-person interactions and optimize care delivery.
  • The need for efficient and scalable care management solutions will persist as the world recovers from the pandemic and embraces the new normal. The market is anticipated to witness continued growth as healthcare providers prioritize advanced technologies to enhance care coordination, optimize workflows, and improve patient outcomes in the post-pandemic era.
  • The care management solutions market is expected to witness rapid growth due to the rising geriatric population and the burden of chronic diseases, reduce healthcare costs due to these solutions coupled with initiatives taken by the Government across the globe to provide better healthcare services and infrastructure.
  • The high burden of chronic diseases creates the need for care management solutions for better treatment and care of patients. For instance, the International Diabetes Federation (IDF), 2022 reported that 10.7% of people were living with diabetes in the United States in the year 2021, and this number is expected to increase by 12.9% by the end of 2045. Thus, the high burden of diabetes is expected to increase demand for care management solutions increases, which may contribute to the market growth over the forecast period.
  • Furthermore, market players are taking various strategic initiatives to meet the rising demand. For instance, in February 2022, MyHealthcare, a digital healthcare ecosystem provider, launched the MyHealthcare Enterprise Application (MHEA) for hospitals and healthcare institutions. The MyHealthcare Enterprise ecosystem is a single-screen hospital platform that includes artificial (AI)-based Electronic Medical Records (EMRs) for outpatient (OP), inpatient (IP), and emergency room (ER). Through a task-based healthcare information management system, the MHEA ecosystem is built on a configurable workflow engine that allows clinicians and hospital teams to manage patient care and hospital operations.
  • Furthermore, in April 2023, Evernorth's Accredo launched a care management program for rare, complex conditions. It aimed to assist members and plan sponsors in better managing the cost and complexity of therapies for rare diseases. The program was initially launched for patients with hemophilia, but the company has planned to expand it to cover other conditions in the future. Such an initiative is expected to increase the adoption of care management solutions, thereby driving market growth.
  • Thus, factors such as the rising geriatric population, the burden of chronic diseases, and initiatives taken by market players are expected to boost the market's growth. However, high investments required for supporting infrastructure and data security concerns related to cloud-based solutions are the factors that may restrain the market's growth.

Care Management Solutions Market Trends

Chronic Care Management Segment Expected to Hold a Significant Share in the Care Management Solutions Market

  • A chronic care management solution refers to a comprehensive approach designed to support and improve the care of individuals with chronic health conditions. It involves a combination of strategies, technologies, and services aimed at effectively managing and monitoring long-term health conditions to optimize patient outcomes and quality of life.
  • Furthermore, the growing prevalence of chronic diseases coupled with the increasing geriatric population globally are the major factors driving the respective segment in the market studied. The older population is often susceptible to osteoarthritis, chronic obstructive pulmonary disease, depression, and dementia. This indicates the rising demand for management solutions required for the monitoring, assisting, and management of patients.
  • For instance, according to World Population Aging Highlight United Nations 2022, in 2022, there were 771 million people aged 65 years or over globally. The older population is projected to reach 994 million by 2030. Thus, the increasing geriatric population is expected to increase hospital admissions, which in turn is expected to drive market growth.
  • Various technological advancements and innovative product launches in this domain also boost market growth. For instance, in February 2023, CCS launched a scientific advisory council to accelerate advancements in chronic care management. The four industry players are reported as members of a multi-stakeholder council to advise on building a more comprehensive approach to home-based care for patients with chronic conditions such as diabetes.
  • Thus, owing to factors such as the growing prevalence of chronic diseases coupled with the increasing geriatric population, the usage of chronic care management and services is expected to grow significantly during the forecast period.

North America is Expected to Hold a Significant Share in the Care Management Solutions Market Over the Forecast Period

North America is expected to have a significant market share over the forecast period due to the key market players' increased adoption of digital health technology and rising innovative strategies.

Increasing the adoption of digital health technology is expected to propel the market's growth. For instance, the American Medical Association report published in September 2022 reported high growth in the adoption of digital health tools that aid in remote care in the United States. It also reported that the percentage of physicians using tele-visits/virtual visits grew to 80% in 2022, while the percentage of physicians using remote monitoring devices grew to 30% in 2022. Such a rise in the adoption of digital health tools for care is expected to contribute to the market segment's growth.

Additionally, strategic initiatives taken by the Governments of the countries in North America are also expected to augment the growth of the market in the region. For instance, in November 2022, an official agreement was reached between the Mexican Hospital Consortium (CMH), TINC, and the Association for the Advancement of Medical Instrumentation (AAMI), establishing a new Alliance for Healthcare Technology Management (HTM) in Mexico. Thus, an increase in adopting digital health is expected to boost the care management solutions market over the forecast period.

Moreover, fundraising by the companies for the development of care management solutions will lead to the launch of innovative products in the future, thereby driving market growth over the forecast period in this region. For instance, in February 2022, Biofourmis, a Boston-based company focused on artificial intelligence-driven virtual care and digital therapeutics, launched Bioformis Care. This service aims to deliver high-quality remote care to patients with chronic conditions. Such advancements will lead to a rise in the adoption of these care management solutions, driving market growth in this region.

Therefore, owing to the factors such as increased adoption of digital health technology and rising innovative strategies by the key market players, the market for care management solutions is expected to drive in North America.

Care Management Solutions Industry Overview

The care management solutions market is fragmented in nature and consists of several major players. Some of the players operating in the market are EPIC Corporation Inc., Hinduja Global Solutions Limited, Veradigm, Convey Health Solutions, and Cognizant, among others.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
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Table of Contents

1.1 Study Assumptions and Market Definitons
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Geriatric Population and Burden of Chronic Diseases
4.2.2 Care Management Solutions Offer a Means to Reduce Healthcare Costs
4.2.3 Government Initiatives on Healthcare Services and Infrastructure
4.3 Market Restraints
4.3.1 High Investments Required for Supporting Infrastructure
4.3.2 Data Security Concerns Related to Cloud-based Solutions
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Component
5.1.1 Software
5.1.2 Services
5.2 By Delivery Mode
5.2.1 Cloud-based and Web-based
5.2.2 On-premise
5.3 By Application
5.3.1 Chronic Care Management
5.3.2 Disease Management
5.3.3 Utilization Management
5.4 By End User
5.4.1 Healthcare Payers
5.4.2 Healthcare Providers
5.4.3 Other End Users
5.5 Geography
5.5.1 North America United States Canada Mexico
5.5.2 Europe Germany United Kindom France Italy Spain Rest of Europe
5.5.3 Asia-Pacific China Japan India Australia South Korea Rest of Asia-Pacific
5.5.4 Middle East & Africa GCC South Africa Rest of Middle East and Africa
5.5.5 South America Brazil Argentina Rest of South America
6.1 Company Profiles
6.1.1 Veradigm
6.1.2 Hinduja Global Solutions Limited
6.1.3 EPIC Corporation Inc.
6.1.4 Exl Healthcare
6.1.5 Convey Health Solutions
6.1.6 I2I Systems Inc.
6.1.7 Medecision Inc.
6.1.8 Phytel Inc. (IBM Corporation)
6.1.9 Cognizant
6.1.10 Zeomega Inc.
6.1.11 Centene Corporation (Evolve)
6.1.12 InfoMC
6.1.13 Optum, Inc.
6.1.14 Infosys Limited

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Veradigm
  • Hinduja Global Solutions Limited
  • EPIC Corporation Inc.
  • Exl Healthcare
  • Convey Health Solutions
  • I2I Systems Inc.
  • Medecision Inc.
  • Phytel Inc. (IBM Corporation)
  • Cognizant
  • Zeomega Inc.
  • Centene Corporation (Evolve)
  • InfoMC
  • Optum, Inc.
  • Infosys Limited