Care Management Solutions Market - Growth Drivers, Restraints, Challenges, Opportunities & Impact of COVID19 on Global Growth
Overview of This Study:
This study involved four major activities in estimating the size of the Care Management Solutions Market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chains through primary research. The bottom-up approach was employed to estimate the overall market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and sub-segments.
Recent Developments:
# In January 2021, Philips acquired Capsule Technologies, Inc. Capsule’s platform captures streaming clinical data and transforms it into actionable information for patient care management to enhance patient outcomes, improve collaboration between care teams, streamline clinical workflows and increase productivity.
# In November 2019, Innovaccer partnered with Microsoft Teams to launch its care management solution. This new solution can assist care teams in sharing crucial patient information in real time and ensure seamless care delivery.
Drivers: Implementation of initiatives to shift the burden of risk from healthcare payers to providers
Globally, various initiatives are being implemented to shift the burden of risk borne by healthcare payers to providers. This shift promotes the adoption of healthcare information technology (HCIT) solutions (such as care management solutions) to increase the efficiency of healthcare delivered and reduce unnecessary costs. Value-based care is also promoted through alternative payment models such as bundled payments, physician incentives, and consumer incentives, among others. These models of payment are designed to encourage healthcare providers to accept the accountability of care delivered, thus leading to the shift of risk from payers to providers.
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Restrains: Shortage of skilled professionals
The effective utilization of care management solutions demands a strong IT infrastructure and IT support within the organization as well as at the solution provider’s end. In a healthcare organization, there is a continuous need for technical support for maintaining the server and network for the smooth operation of clinical workflows and optimum interfacing speed of care management solutions. If the maintenance of the server or network is inadequate, it leads to the generation of screen loads, which slows down the clinical workflow.
Challenge: Data breaches and loss of confidentiality
The digitization of medical/patient information has created greater data risks and liabilities and increased the chance of data breaches. This could be mainly due to a lack of internal control over patient information, adherence to outdated policies and procedures/non-adherence to existing ones, and inadequate personnel training. The potential for data security and confidentiality breaches associated with digitization may affect the adoption of HCIT solutions in the short term until measures are taken to address current issues. As a result, this may negatively impact the growth of the market.
Opportunities: Emerging countries offer high-growth potential
A number of factors, such as the implementation of government initiatives supporting the adoption of HCIT solutions and rising government healthcare expenditure, are driving the growth of this market in Asia. Technological advancements are playing a key role as authorities in China are focusing on reforming the country’s healthcare management sector, which is currently facing challenges such as underfunded rural health centers, overburdened city hospitals, and a nationwide shortage of doctors.
The Indian government started the Digital India campaign in July 2015 to ensure that government services are made available to citizens electronically by improving IT infrastructure and improving internet connectivity in the country. Government initiatives for the implementation of HCIT solutions, rise in government spending on healthcare systems, and the presence of skilled IT experts are favoring the growth of the care management solutions market in the Asia Pacific region.
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COVID-19 Impact on the care management solutions Market
Due to the COVID-19 pandemic, medical practices of all sizes are under immense pressure, and healthcare facilities worldwide have been overwhelmed by the large number of patients visiting them daily. The rising prevalence of COVID-19 has driven the demand for accurate diagnosis and treatment devices in several countries. In this regard, care management solutions have proven to be very helpful, as they allow healthcare providers to seamlessly integrate solutions, such as EHR, to healthcare payer solutions such as claims management and payment management solutions. Also, due to lockdowns and movement restrictions, the demand for electronic data transfer and claims management increased significantly in several countries in the initial months of the pandemic.