Care management proves to be a vital bond between the patients with highly complex healthcare requirements and concerning hospitals or medical professionals. These solutions are witnessing high rate of adoption as they provide cost cutting to the medical institutes and also help them improve the quality of their solutions. Rising awareness towards healthcare around the world and government initiatives are driving the care management solutions market. Technological advancements in the available solutions and increasing reliance of IT based management services are expected to play a crucial role in the overall growth in demand for this industry. According to the experts, demand from the emerging markets is expected to create potential investment opportunities for the key players.
What Drives the Market?
As per the latest reports, the global care management solutions market is strongly driven by a few crucial drivers, which are as follows:
- Growing awareness towards healthcare and advanced management solutions
- Rising rate of adoption of advanced solutions and IT-based services
- Introduction of Affordable Care Act that provides vital base to these services
- Post-implementation benefits
- Improved quality of care and positive signs of clinical outcome
- Growth in stakeholders and technological advancements in the existing solutions
Major restraining factors for the CMS market mainly include fragmented end-user markets, lack of skilled professionals and confidence about the outcome of these services, rigid mindset and government policies in different parts of the world, need for infrastructural investment, issues with interoperability and such other issues. However, growth in medical tourism, cloud-based solutions model, shifting focus towards value-based medicine and patient-centric systems and growing demand from Asia Pacific region are some of the factors driving the investment and development opportunities in this market.
Segments & Forecasts for CMS Market
The care management solutions market is segmented into the types of components, delivery modes, end-users and geographic regions. The types of components mainly include software and services. The delivery modes include cloud-based, web-based and on-premise services. Major end-users in the market include government bodies, payers, providers, and employer groups. Geographic regions in the market are sub-segmented into Asia, Europe, North America and rest of the world. The rest of the world segment includes exclusive analysis of the regions like Africa, Middle East and Latin America.
As per the reports, the care management solutions market is poised to witness impressive CAGR of over 21% during the next four to five years. At the projected growth rate, it is anticipated to become worth $7.3 billion by the end of 2018. The payers segment is estimated to hold largest market share with around 76%. Providers segment on the other hand is expected to witness strongest CAGR during the study span. North America is expected to dominate the industry based on market share, while the Asian market is set to witness strong growth in terms of the CAGR.