Global Medical Case Management Services Market to Exhibit Steady Growth, Driven by High Incidence of Chronic Illnesses
Published On : Nov 30, 2015
Medical case management is a collaborative process designed to facilitate recommended treatment plans and ensure that appropriate medical care is provided to the patients. The role is typically overseen by patient advocates. Medical case management services comprise an array of client-centered services that bridge the gap between clients and the healthcare system at large. The services offered encompass reimbursement provisions, psychological support, and others. Medical case managers frequently coordinate with the patients and healthcare providers to keep a follow-up of their treatment progress. This comprises a key activity in medical case management.
Due to the increasing incidence of chronic illnesses, medical case management services market have gained significance in the global market in the last couple of years. Since these services assure that healthcare professionals provide the recommended medical care through all types of communication windows including face to face appointments, over phone, or online, an increasing number of people seek medical care management options nowadays. Owing to high patient preference and support from favorable government initiatives and regulations such as the Affordable Care Act, the global medical case management services market has emerged as a lucrative industry. A recent study published by Persistence Market Research forecasts the global medical case management services market to reach US$5.1 bn by the end of 2021. The market will exhibit a steady CAGR of 3.0% from 2015 to 2021, states the report.
Unemployment Caused due to Recession Inhibits Market Growth
Insurers, patients, and employers are the most crucial stakeholders in the medical case management services market. Because workers’ compensation claims account for the largest segment of the industry, it is important to note in this regard that the dramatic increase in the rate of unemployment during recession appeared as a glitch for the otherwise steadily growing market. As employment conditions across the world improve and healthcare reforms are introduced, it is expected that the global market for medical case management services will exhibit a faster CAGR.
Rising prevalence of chronic illnesses, growing geriatric population, and increasing incidence of injuries are the primary factors boosting the global market for medical case management services. On the flip side, inadequate awareness of patients, high price of medical services, and lack of skilled professionals adversely impacts the market’s growth trajectory.
Assurance of Recommended Treatment Boosting Medical Case Management Services Market
Medical case management services have gained much significance in the healthcare industry, because they help patients avoid having to pay extra for the recommended healthcare services. Medical case managers achieve this by directing patients towards the most efficient medical care providers and by advising them on eliminating services that are not necessary in medical terms.
While the growth of the global medical case management services market has remained steady over the years, the high cost of these services act as a major barriers inhibiting the market from registering growth at a faster pace. Furthermore, the percentage of people with medical insurance is significantly less in emerging economies. This restricts the market for medical case management services to developed regions, while a major portion of the global market remains unexplored.
Based on the service provided, the global medical case management services market is segmented into telephonic case management services, web-based case management services, bilingual field case management services, field case management services, and others. The other services segment includes comprehensive pharmacy review, physician advisor services, vocational case management, employee services, utilization review, and Medicare. Of these, the telephonic case management segment will exhibit the fastest growth in the market.
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