The global care management solutions market size is expected to reach USD 25.9 billion by 2025, according to a new report by Grand View Research, Inc., registering a 17.0% CAGR during the forecast period. Increase in adoption of technologically advanced solutions to reduce cost, paperwork, and duplication of testing, as well as improve safety and health are key factors fueling market growth. Rise in incidence of chronic diseases and growth in geriatric population are also factors likely to drive the market during the forecast period.
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Care management solutions are likely to witness rapid growth in the coming years due to availability of funding and higher incidence of collaborations, mergers, and acquisitions. In May 2018, Allscripts announced the completion of its acquisition of HealthGrid Holding Company, a developer of enterprise patient engagement solutions. The acquisition signifies an expansion of the Allscripts FollowMyHealth platform, which provides patient engagement solutions focused on connecting consumers with providers.
Further key findings from the report suggest:
• Rise in incidence of chronic diseases, along with improved focus on healthcare quality services and development of innovative treatments and technologies, is expected to propel the market
• By component, software accounted for the largest share in 2017. These solutions help provide coordinated and efficient care and aids providers in diagnosing patients effectively and reduce medical errors during surgery or clinical research.
• On the basis of mode of delivery, cloud-based solutions are anticipated to exhibit the fastest growth over the forecast period. This is due to growing adoption of EHR by care providers to improve security, accessibility, and storage capability. Implementation of cloud-based solutions also leads to massive cost savings by providing healthcare through mobile devices and video conferencing
• North America held the largest market share and is expected to retain its dominance over the forecast period due to advancements in IT solutions and increase in demand for affordable and scalable solutions in order to curb healthcare costs
• Europe is likely to witness significant growth over the next decade due to adoption of advanced health informatics to make healthcare more patient-centric. Various government initiatives and ehealth investments are also expected to propel the regional market
• Some of the key players in the market are Allscripts Healthcare Solutions, Inc.; Epic Systems Corporation; Cognizant; EXL; Koninklijke Philips N.V.; athenahealth, Inc.; Cerner; Medecision; and IBM.
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Grand View Research has segmented the global care management solutions market based on component, mode of delivery, end use, and region:
Care Management Solutions Component Outlook (Revenue, USD Million, 2014 - 2025)
• Software
• Services
Care Management Solutions Mode of Delivery Outlook (Revenue, USD Million, 2014 - 2025)
• Web-based
• Cloud-based
• On premise
Care Management Solutions End-use Outlook (Revenue, USD Million, 2014 - 2025)
• Healthcare providers
• Healthcare payers
• Others
Care Management Solutions Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
o U.S.
o Canada
• Europe
o U.K.
o Germany
• Asia Pacific
o China
o Japan
o India
• Latin America
o Brazil
o Mexico
• Middle East & Africa
o South Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.