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(Medical-NewsWire.com, April 03, 2020 ) The global care management solutions market is projected to reach USD 19.28 billion by 2023 from USD 9.15 billion in 2018, at a CAGR of 16.1% during the forecast period.
The key factors driving the growth of this market are the implementation of initiatives to shift the burden of risk from healthcare payers to providers, government initiatives and regulations promoting patient-centric care, initiatives to promote healthcare IT, rising geriatric population, and need to reduce healthcare costs are driving the growth of the care management solutions market.
By end user, the payers segment is expected to command the largest share of the market in 2018
On the basis of end user, the market has been segmented into payers, providers, and other end users. The payers segment is expected to command the largest share of the market in 2018. The deployment of care management solutions is increasing among payers as it helps them in the effective management of patient health records, claims processing and reimbursement tasks, coordinating care for their members, and ensuring better health outcomes to mitigate their risk burden. The growing stringency ofregulations for payers is another important factor driving the adoption of care management solutions in this end-user segment.
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North America to dominate the market in 2018
North America is expected to account for the largest share of the care management solutions market in 2018, followed by Europe. The large share of North America can be attributed to the increased adoption of care management solutions by healthcare providers and payers to meet the healthcare goals of better quality care and lower healthcare costs. Also, several major global players are based in the US, owing to which the US has become a center for innovation in the care management solutions market.
EXL Service Holdings, Inc. (US), Casenet, LLC (US), Medecision Inc. (US), ZeOmega Inc. (US), Cognizant Technology Solutions (US), Cerner Corporation (US), Allscripts Healthcare Solutions, Inc. (US), and TCS Healthcare Technologies (US) are the key players in the care management solutions market. Other players involved in this market are Koninklijke Philips N.V. (Netherlands), IBM Corporation (US), Health Catalyst Inc. (US), Harmony Information Systems, Inc. (US), Salesforce.com, Inc. (US), i2i Systems, Inc. (US), Pegasystems Inc. (US), and Epic Corporation Inc. (US).
Product deployments and launches, acquisitions, partnerships, agreements, and collaborations were strategies adopted by key players between 2015 and 2018 to enhance their share in the care management market.
EXL Service Holdings, Inc. is one of the major players in the global care management solutions market. EXL also offers qualitative software tools by adopting advanced technologies. The company focuses on product deployments and partnerships to expand its business operations. In line with this strategy, from 2015-2018, EXL deployed its CareRadius suite of solutions in key organizations in the healthcare domain, such as Health Alliance Plan (HAP) (US), EmblemHealth Inc. (US), and Anthem, Inc. (US) to enhance its capabilities and competency in the care management market. In 2016, the company also partnered with organizations, such as Novu LLC, to develop solutions to enhance consumer satisfaction and reduce costs for payers and providers. Such developments helped the company to maintain and enhance its position in the market.
Zeomega is another key player in the global care management solutions market. The company provides the integrated Jiva medical management platform to enable payers and care-delivery organizations to improve health outcomes and performance. Zeomega focuses on partnerships and product deployments to enhance its market presence. For instance, in February 2016, ZeOmega partnered with Vivify Health, Inc. (US) to integrate ZeOmega’s Jiva platform with Vivify mobility applications. The partnership was aimed at managing chronic care across multiple populations, such as the frail and elderly, and populations with complex co-morbidities. The partnership helped ZeOmega to extend the reach of its Jiva platform across a wide variety of care settings, including patient homes.
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