Global Care Management Solutions Market: Overview
Factors such as the explosion of big data, an undeniable shift toward patient-centric care, and the rising need to streamline expenses are all coming together to act as enablers for the growth of the global care management solutions market. Care management solutions and software enables healthcare providers to manage data pertaining to their members. It also helps healthcare providers to make better decisions and meet their goals faster by offering population management solutions to keep a check on costs without compromising on quality.
A typical care management solution first accesses the data of a patient to assess their healthcare needs. Care management software then provides healthcare plans and brings various coordinators on the same page so different departments can seamlessly execute the task at hand. Some care management solutions are also integrated with transplant networks or other healthcare establishments. By creating an all-encompassing platform where the healthcare providers, the patient, and their family can track and monitor the status of healthcare programs, care management solutions have redefined patient-centric care in more ways than one.
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The global care management solutions market has thus seen the emergence of several vendors, many of whom are large companies with diversified business interests. The report analyzes the factors that are driving more care managers across the world to make investments in care management solutions. It also takes a look at the factors that will restrain growth and updates readers about the latest trends emerging in this space.
Global Care Management Solutions Market: Drivers and Restraints
The biggest driver arguably for the rapid development of the global care management solutions market is the healthcare-associated risk shifting from the patients to the healthcare providers. With patient-centric healthcare policies having transformed the way medical care is delivered, it is now easy to see why the demand for care management solutions and software in rising steadily. Where until a few years ago manual processes were the only means of carrying out everyday operations, automation and interconnectivity have made that approach nearly obsolete.
At the same time, the global medical tourism industry is registering impressive growth numbers year on year. This has helped healthcare establishments in emerging economies adopt a positive investment sentiment as far as care management solutions are concerned. Another high-impact growth driver for the global care management software and solutions market is the massive data that virtually every medium and large healthcare organization generates. Organizations endeavoring to make the most of this data are now more willing to use care management solutions as a means.
However, it would be too early to say that the growth of the care management solutions market has taken off in the real sense. Several regions that have high investment potential but are hamstrung by the lack of internet connectivity are a missed opportunity for companies in the global care management solutions market. Moreover, in some countries in Asia and Latin America where basic healthcare infrastructure still remains below the desired levels, it will be a while before the environment becomes conducive to the adoption of care management solutions and software.
Global Care Management Solutions: Opportunities
The demand for chronic care management solutions is where most companies are currently finding lucrative opportunities. Chronic diseases account for well over half of all deaths worldwide. With chronic diseases such as cancer, diabetes, stroke, cardiovascular disease, and respiratory diseases assuming epidemic proportions, hospitals are finding themselves faced with certain challenges – many of which can be taken head on with the use of care management solutions.
Thus, the use of care management solutions for chronic conditions will continue to remain a massive revenue generator for the market.
Companies that currently stake a claim to the highest revenue shares in the global care management solutions market are: TriZetto Corporation, Allscripts Healthcare Solutions, Inc., EXL Healthcare (U.S.), HealthSmart Holdings, Inc., and others.
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