Market Trends of Care Management Solutions Industry
Chronic Care Management Segment Expected to Hold a Significant Share in the Care Management Solutions Market
- A chronic care management solution refers to a comprehensive approach designed to support and improve the care of individuals with chronic health conditions. It involves a combination of strategies, technologies, and services aimed at effectively managing and monitoring long-term health conditions to optimize patient outcomes and quality of life.
- Furthermore, the growing prevalence of chronic diseases coupled with the increasing geriatric population globally are the major factors driving the respective segment in the market studied. The older population is often susceptible to osteoarthritis, chronic obstructive pulmonary disease, depression, and dementia. This indicates the rising demand for management solutions required for the monitoring, assisting, and management of patients.
- For instance, according to World Population Aging Highlight United Nations 2022, in 2022, there were 771 million people aged 65 years or over globally. The older population is projected to reach 994 million by 2030. Thus, the increasing geriatric population is expected to increase hospital admissions, which in turn is expected to drive market growth.
- Various technological advancements and innovative product launches in this domain also boost market growth. For instance, in February 2023, CCS launched a scientific advisory council to accelerate advancements in chronic care management. The four industry players are reported as members of a multi-stakeholder council to advise on building a more comprehensive approach to home-based care for patients with chronic conditions such as diabetes.
- Thus, owing to factors such as the growing prevalence of chronic diseases coupled with the increasing geriatric population, the usage of chronic care management and services is expected to grow significantly during the forecast period.
North America is Expected to Hold a Significant Share in the Care Management Solutions Market Over the Forecast Period
North America is expected to have a significant market share over the forecast period due to the key market players' increased adoption of digital health technology and rising innovative strategies.
Increasing the adoption of digital health technology is expected to propel the market's growth. For instance, the American Medical Association report published in September 2022 reported high growth in the adoption of digital health tools that aid in remote care in the United States. It also reported that the percentage of physicians using tele-visits/virtual visits grew to 80% in 2022, while the percentage of physicians using remote monitoring devices grew to 30% in 2022. Such a rise in the adoption of digital health tools for care is expected to contribute to the market segment's growth.
Additionally, strategic initiatives taken by the Governments of the countries in North America are also expected to augment the growth of the market in the region. For instance, in November 2022, an official agreement was reached between the Mexican Hospital Consortium (CMH), TINC, and the Association for the Advancement of Medical Instrumentation (AAMI), establishing a new Alliance for Healthcare Technology Management (HTM) in Mexico. Thus, an increase in adopting digital health is expected to boost the care management solutions market over the forecast period.
Moreover, fundraising by the companies for the development of care management solutions will lead to the launch of innovative products in the future, thereby driving market growth over the forecast period in this region. For instance, in February 2022, Biofourmis, a Boston-based company focused on artificial intelligence-driven virtual care and digital therapeutics, launched Bioformis Care. This service aims to deliver high-quality remote care to patients with chronic conditions. Such advancements will lead to a rise in the adoption of these care management solutions, driving market growth in this region.
Therefore, owing to the factors such as increased adoption of digital health technology and rising innovative strategies by the key market players, the market for care management solutions is expected to drive in North America.
