The growth of global care management solutions market is led by growing geriatric population, increasing demand for quality of care and increasing government initiatives to promote patient-centric care, increasing prevalence of chronic diseases, advancing IT and big data capabilities and growing medical tourism. Initiatives to move the burden of threat from healthcare payers to providers and need to reduce healthcare cost are further expected to boost the demand of these solutions. The fastest increase in demand of care management solutions during the forecast period is expected to be witnessed in chronic care management segment, due to increasing demand of improving quality of care and save time for providers. Based on component, software segment leads the global market in terms of size, due to technological advancement in IT solution, growth of cloud computing and increased access of internet across the globe.
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The technological advancement in healthcare IT solutions, increasing adoption of cloud based model and increasing consumer awareness and participation in the healthcare delivery process is expected to create opportunities for the players in the market. In addition, immense unexplored market in developing economies are creating abundant opportunities for the care management solutions market to grow at a significant rate in the coming years. However, inadequate patient engagement, high cost of deployment, high investments required for supporting infrastructure, data security concerns, low usage of internet, and reluctance of provider to adopt care management solution are the key factors hampering the growth of the global market. In addition, lack of skilled professionals and lack of interoperability are also hindering the growth of the global care management solution market to an extent.
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Geographically, North America has been the largest market for care management solution, owing to growing geriatric population, developed healthcare infrastructure and shift of risk burden from payers to provider in the region. The U.S. contributed largest revenue to the North American as well as global care management solutions market. The increasing initiatives to improve the quality of service delivery, and increasing prevalence of chronic diseases are the key growth driving factor for the U.S. care management solutions market. Globally, the care management solutions market is expected to witness the fastest growth in Asia-Pacific during the forecast period. The highest growth in the region is attributed to improving healthcare infrastructure, increasing awareness of care management solution, increasing prevalence of chronic diseases, and growing geriatric population in the region.
The key players operating in the global market are Allscripts Healthcare solutions Inc., Cerner Corporation, Epic Corporation, Inc., Wellentive Inc., I2I System Inc, and IBM Corporation.
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