Care Management Solutions Market: Opportunities and Challenges

November 13 18:06 2019
Care Management Solutions Market: Opportunities and Challenges

The major players in the global care management solutions industry include 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).
Technological advancements in healthcare IT solutions provide opportunities for growth for players in the care management solutions market

The 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.

How will technological advancements in healthcare IT solutions provide opportunities for growth for players in the care management solutions market?

The healthcare industry is currently undergoing a major transformation in terms of technological advancements. The adoption of new digital health information technology (HIT) advances, such as EHRs, mHealth applications, and predictive analytics, is equipping healthcare providers to deliver high-quality care to patients. Digital innovations such as wireless scales, wearable devices, and other types of sensors are enabling data collection and integration, data analysis, and evidence-based decision-making.

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Technological advancements are also connecting developed and emerging markets and participants along the healthcare value chain. These advancements and innovations have led to the increased adoption of care management solutions. In addition, the high penetration of the internet and social media has highlighted cases of medication errors, adverse drug events, and drug interactions. This has driven the demand for HCIT solutions such as care management solutions to reduce errors, legal implications such as medical malpractice and negligence cases, and healthcare costs.

Will lack of interoperability be a major challenge to the growth of the care management solutions market?

Lack of interoperability is a major restraint for effective care management. A critical factor for care management is engaging patients with meaningful information about their health, including providing them with a summary of the care received, along with information on labs, medications, and images. Such information is particularly important when patients want to engage in shared decision-making with their physicians (regarding a care plan or course of treatment). However, the inability of patients to access their health records affects care management outcomes.

The lack of interoperability across healthcare settings is also a barrier to advancing care management. Confronted with poor interoperability, hospitals typically build or license interfaces to import and export data from both internal and external sources, such as the hospital’s EHR, laboratories, admit/discharge/transfer processes, medical devices, as well as outside laboratories. Thus, a single hospital may employ a few dozen interfaces, while a large health system with many sites may have to employ hundreds or even thousands of interfaces.

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