Major Revenue Surge is Expected in the Global Care Management Solutions Market in the Near Future

PUNE, India, 2021-Aug-10 — /EPR Network/ —

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.

Expected Growth in Revenue Generation:

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.

Growth Influencing Factors:

The growth of this market is driven by the implementation of initiatives to shift the burden of risk from healthcare payers to providers, government initiatives and regulations promoting patient-centric care, initiatives to promote healthcare IT, rising geriatric population, and need to reduce healthcare costs are driving the growth of the care management solutions market.

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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.

Opportunities: Emerging countries offer high-growth potential

A number of factors, such as the implementation of government initiatives supporting the adoption of HCIT solutions and rising government healthcare expenditure, are driving the growth of this market in Asia. Technological advancements are playing a key role as authorities in China are focusing on reforming the country’s healthcare management sector, which is currently facing challenges such as underfunded rural health centers, overburdened city hospitals, and a nationwide shortage of doctors. The Indian government started the Digital India campaign in July 2015 to ensure that government services are made available to citizens electronically by improving IT infrastructure and improving internet connectivity in the country. Government initiatives for the implementation of HCIT solutions, rise in government spending on healthcare systems, and the presence of skilled IT experts are favoring the growth of the care management solutions market in the Asia Pacific region.

Geographical Growth Survey:

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.

Key Players:

Some of the prominent players operating in the care management solutions market are EXL Service Holdings, Inc. (US), Casenet, LLC (US), Medecision Inc. (US), ZeOmega Inc. (US), Cognizant Technology Solutions (US), Cerner Corporation (US), Allscripts Healthcare Solutions, Inc. (US), and Epic Systems Corporation (US).

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COVID-19 Impact on the care management solutions Market

Due to the COVID-19 pandemic, medical practices of all sizes are under immense pressure, and healthcare facilities worldwide have been overwhelmed by the large number of patients visiting them daily. The rising prevalence of COVID-19 has driven the demand for accurate diagnosis and treatment devices in several countries.

In this regard, care management solutions have proven to be very helpful, as they allow healthcare providers to seamlessly integrate solutions, such as EHR, to healthcare payer solutions such as claims management and payment management solutions. Also, due to lockdowns and movement restrictions, the demand for electronic data transfer and claims management increased significantly in several countries in the initial months of the pandemic.

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