Increasing demand for care management solutions in hospitals and the clinical sector for effective management of patient health records, reimbursement tasks, and claims processing is expected to propel the expansion of the care management solutions market size over the forecast period of 2020 to 2030. The market is projected to witness significant growth during the forecast period, due to several factors such as growing stringency of regulations for payers, initiatives to promote healthcare IT, and need to reduce healthcare costs. However, data breaches and loss of confidentiality, high deployment costs, and restricted development environment are factors that can restrict the growth of the care management solutions market over the said period.
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- Cerner Corporation
- Allscripts Healthcare Solutions, Inc.
- Health Catalyst
- Conduent, Inc.
- Envolve Health
- Epic Systems Corporation
- McKesson Corporation
- ZeOmega, Inc.
- Datamatics Global Services Limited
- Pegasystems Inc.
- Medecision, Inc.
- Altruista Health
- OSP Labs
- Wipro Limited
- EXL Service Holdings, Inc.
- AssureCare, LLC
- Casenet, LLC
- i2i Population Health
Care Management Solutions Market Trends
Improving Health through Integrated Care Management Solutions and Services to Propel Market Growth: With the help of integrated care management solutions and services, healthcare payers and providers can connect the dots and integrate and analyze member health information at one place. They can also be used to continuously improve the value of patient health management programs by using information systems, data analytics, and care management services so as to improve healthcare outcomes.
Integrated care management solutions and services monitor and measure healthcare trends, as well as costs and quality across the continuum of healthcare. Such solutions break down the barriers to incomplete patient care, and deliver useful services, empower individuals to manage patient care, and manage patient health programs more effectively. For instance, in January 2018, Innovaccer Inc. launched a next-gen care management suite for care organizations to measure and compare the efficacy, impact, and cost-effectiveness of care programs. As such, improved healthcare will lead to rapid progress of the care management solutions market over the coming years.
Technological Advancements to Create New Growth Opportunities: Continuous developments and implementation of new solutions such as next-gen care management solutions and care management technology for various end users such as hospitals & clinics, accountable care organizations (ACOs), health insurance providers, and others are creating opportunities for the growth of the care management solutions market space.
Advantages and benefits such as business productivity, improved health outcomes with clinical guidelines, empowered population health, and reduces gaps in care with health risk assessments are primary factors resulting in high adoption of care management solutions. Moreover, increasing number of care management solution providers are offering new and innovative solutions for business continuity. Integration of technologies such as IoT, Big Data, Artificial Intelligence, and others can be expected to lead to development of the care management solutions market with much more capabilities and improved performance.
Strategic Partnerships & Collaborations among Key Players to Boost Market: Care management solution and service providers are entering into strategic partnerships with other cloud solution & service providers for the development of new technologies and solutions. Partnerships among key players in the market is a major trend observed in the global care management solutions market. For instance, in November 2019, Innovaccer partnered with Microsoft Teams to launch its care management solution. This new solution can assist care teams in sharing crucial patient information in real time and ensure seamless care delivery.
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Regional Outlook of Care Management Solutions Market
North America will be the largest market as far as care management solutions market share is concerned, due to the strong presence of care management solution software and service providers in the U.S. This is attributed to the high increase in demand for care management solutions from various end users such as hospitals & clinics, health insurance providers, and others.
Rapid urbanization and economic development in South Asia & Pacific is anticipated to account for the fastest market growth for care management solutions. Rapid developments in new technologies such as hybrid cloud solutions and remote care management technology have made access to new markets easier and cost-effective. Hence, through the flexibility offered by such technology, vendors in the care management solutions market can take advantage of the booming opportunities in South Asia & Pacific countries such as India, Indonesia, Singapore, and others.
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COVID-19 Impact on Care Management Solutions Market
The impact of COVID-19 will have a long-term effect on providers in the care management solutions market across the globe. These solutions are of critical importance in keeping healthcare providers safe. The COVID-19 pandemic is providing immense opportunities for care management solutions, considering that social distancing is the only existing solution developed so far that is capable of minimizing coronavirus exposure. For instance, in March 2020, Medtronic, announced that its Medtronic Care Management Services (MCMS) business has launched new solutions to help monitor patients for COVID-19.
Increasing incidence of COVID-19, government support and initiatives for HCIT solutions, growing use of big data in the healthcare IT sector, high returns on investment for healthcare IT solutions, and the need to curtail escalating healthcare costs are primary factors driving the growth of the care management solutions market.
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Care Management Solutions Market – Competition Landscape
Introduction of new solutions and strategic partnerships are key strategies followed by top players in the global care management solutions market to increase their business revenue. Care management solution providers are focusing on innovation in solutions/services to improve their market shares.
Some leading players in the care management solutions market are Cerner Corporation, Allscripts Healthcare Solutions, Inc., Cognizant, Health Catalyst, Conduent, Inc., McKesson Corporation, Envolve Health, Wipro Limited, Epic Systems Corporation, and others.
The care management solutions market in North America is expected to be the most dominating during the forecast period. Technological advancements and strategic partnerships will be crucial for key players to forge ahead in this market space. The growth of the global care management solutions market is being further catalyzed by the ongoing COVID-19 outbreak, due to the heightened need for remote monitoring services.