Care Management Solutions Market Size

Care Management Solutions Market Analysis

The Care Management Solutions Market size is estimated at USD 15.03 billion in 2024, and is expected to reach USD 26.77 billion by 2029, growing at a CAGR of 12.23% during the forecast period (2024-2029).

• COVID-19 significantly impacted the care management solutions market due to the need to manage patients and caregivers. For instance, according to an article published by Nursing Open in December 2022, caregivers for patients are crucial for informed consent, life care, and psychological support. Yet, they can also transmit the virus, necessitating comprehensive management encompassing quantity control, risk screening, epidemic investigation, double card management, auxiliary inspection, and pre-examination of medical insurance. 
• Furthermore, according to the above source, the caregiver management solution taken by hospitals during the pandemic was proven useful in infection management, and it was recommended that every hospital should have inpatient caregiver management measures tailored to their circumstances. The pandemic has accelerated the adoption of digital and remote healthcare solutions, including care management platforms, as healthcare providers sought to minimize in-person interactions and optimize care delivery. 
• The need for efficient and scalable care management solutions will persist as the world recovers from the pandemic and embraces the new normal. The market is anticipated to witness continued growth as healthcare providers prioritize advanced technologies to enhance care coordination, optimize workflows, and improve patient outcomes in the post-pandemic era.
• The care management solutions market is expected to witness rapid growth due to the rising geriatric population and the burden of chronic diseases, reduce healthcare costs due to these solutions coupled with initiatives taken by the Government across the globe to provide better healthcare services and infrastructure.
• The high burden of chronic diseases creates the need for care management solutions for better treatment and care of patients. For instance, the International Diabetes Federation (IDF), 2022 reported that 10.7% of people were living with diabetes in the United States in the year 2021, and this number is expected to increase by 12.9% by the end of 2045. Thus, the high burden of diabetes is expected to increase demand for care management solutions increases, which may contribute to the market growth over the forecast period.
• Furthermore, market players are taking various strategic initiatives to meet the rising demand. For instance, in February 2022, MyHealthcare, a digital healthcare ecosystem provider, launched the MyHealthcare Enterprise Application (MHEA) for hospitals and healthcare institutions. The MyHealthcare Enterprise ecosystem is a single-screen hospital platform that includes artificial (AI)-based Electronic Medical Records (EMRs) for outpatient (OP), inpatient (IP), and emergency room (ER). Through a task-based healthcare information management system, the MHEA ecosystem is built on a configurable workflow engine that allows clinicians and hospital teams to manage patient care and hospital operations.
• Furthermore, in April 2023, Evernorth's Accredo launched a care management program for rare, complex conditions. It aimed to assist members and plan sponsors in better managing the cost and complexity of therapies for rare diseases. The program was initially launched for patients with hemophilia, but the company has planned to expand it to cover other conditions in the future. Such an initiative is expected to increase the adoption of care management solutions, thereby driving market growth.
• Thus, factors such as the rising geriatric population, the burden of chronic diseases, and initiatives taken by market players are expected to boost the market's growth. However, high investments required for supporting infrastructure and data security concerns related to cloud-based solutions are the factors that may restrain the market's growth.