May 2020 | Report Format: Electronic (PDF)
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.
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.
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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.