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(Health-NewsWire.Net, December 19, 2021 ) Care Coordination Software Market is anticipated to reach $38.1 billion by 2026, growing at a CAGR of 10.36% during the forecast period 2021-2026. Increasing health awareness coupled with development of digital health sector across the world has significantly triggered the demand for Care Coordination solutions including case management, network management, health assessment management, disease management, medication management and so on. In addition, Government of various countries are estimated to expand incentives in the form of investment in healthcare sector, which accelerates the growth of digital healthcare platform and enhances patient engagement, resulting in an expansion of the Care Coordination Software industry. In May 2020, Invest India published a report which states that, the digital health market will reach $504.4 billion by 2025. In April 2019, India-based start-up company, MFine acquired $17.2 to enhance the access to doctors and healthcare though digital platform by using internet. These kinds of investments will drive Care Coordination Software market size in the forecast period 2021-2026.
Care Coordination Software Market Segment Analysis - By Deployment
Care Coordination Software Market is segmented into On-premise and Cloud-based deployment, based on the deployment segment. Cloud-based deployment of Care Coordination Software held 68.9% share in 2020 owing to the high adoption of digital transformation and technological developments across countries. In February 2020, Microsoft announced their $1.1 billion investment plan to drive the digital transformation in Mexico over next five years. Apart from that, companies which are investing and launching cloud-based remote care coordination software is fueling the demand. In September 2020, Humana announced about its multiyear partnership with Sales Force Health Cloud, to launch a new cloud-based care-coordination platform. Increased investments along with such launches will enhance the patient engagement along with operational efficiency and will provide significant opportunities for cloud-based deployment of Care Coordination Software in the forecast period 2021-2026.
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Care Coordination Software Market Segment Analysis -By End User
Based on end-user, this market is segmented into two parts, one is providers and the other one is payers. The adoption of care coordination software among the payers is the fastest growing segment, growing at CAGR of 11.18% in the forecast period, owing to increasing awareness on healthcare and economic development. In the present time, the growth of health awareness across the world is attributed to the global pandemic. In June 2020, World-Bank posted a report on how awareness campaign helped the people in Afghanistan understand the seriousness of the global pandemic, Covid-19 and encouraged them to follow the preventative measures to stay healthy. Apart from that, Care Coordination Software helps the individuals to manage their health records, medication management, claims processing, disease and post- treatment management, mitigating their health risk and medical errors. Hence, Care coordination software is being seen as the opportunity for the payers to stay fit, thus set to witness a prominent upsurge of demand for this technology in the forecast period 2021-2026.
Care Coordination Software Market Segment Analysis- By Geography
North America dominated the market with a major care coordination software market share of more than 30.48% in 2020, early adoption for new technologies and rising awareness about health issues are the key factors behind the growth. In addition, Government initiatives in the form of investments, for the development of health sector are accelerating the growth of this market in this region. In January 2019, AGE-WELL national innovation hub: Digital Health Circle, received $3.5 Million investment from the government of Canada, to improve the quality of life through innovation for the generation of seniors and to support digital healthcare solutions designed for the current and upcoming aging populations. Furthermore, increasing investment in R&D sector of healthcare and the presence of the key market players, are fueling the market growth. Hence, the above factors are analysed to drive the market in this region during the forecast period 2021-2026.
Care Coordination Software Market Drivers
Investment in Digital Healthcare:
Growing digitization coupled with increasing investment for modernization is affecting every sector including healthcare. Increasing investment for digital healthcare is one of the major drivers for the Care Coordination Software market, set to boost the growth during the forecast period 2021-2026. According to Rock Health’s latest digital health funding report published on October 2020,funding on healthcare sector was supposed to hit $12 Billion by the end of 2020. Apart from this, Government is also taking initiatives to promote digital healthcare which is fueling the market growth. In August 2020, The Ministry of Health and Family Welfare, Government of India launched National Digital Health Mission (NDHM), in order to promote the integration of digital health infrastructure by providing necessary support in India. Hence these types of investments are analyzed to drive the market in the forecast period 2021-2026.
Increasing Health Awareness:
With rising amount of health issues, health awareness among the public along with willingness to enhance their health status, due to which people are investing more to stay fit. Many campaigns were launched to increase the health awareness which is affecting the growth of this market.In November 2019, Rajasthan Government announced about their large-scale health campaign launch to increase the awareness among the public about the prevention measures of diseases, especially in rural areas. In addition to this, in year 2020, Government launched many awareness campaigns to make people aware of Corona Virus and its prevention measures. In October 2020, Indian Government launched a campaign to spread the awareness about the necessary measures in order to check the spread of Corona Virus. The increasing health awareness and growing need of reducing medical errors is driving the demand for healthcare solutions which is thereby set to drive the Care Coordination Software Market during 2021-2026.
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Care Coordination Software Market Challenges
Growing Security Threats:
Along with digitization, adoption of care coordination software along with data security threats is rising, anticipated to hinder the market growth during the forecast period 2021-2026. On January 2021, a report was published by Check Point and Fortified health security, according to which the rates of cyber-attacks against healthcare sectors had increased over 45% since November 2020 and during the first ten months of the year 2020, 79% of all reported data breaches were against health sector. This type of data breaches exposes the personal and confidential information which is harming the market growth during 2021-2026.
Care Coordination Software Market Landscape
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Care Coordination Software Market. In 2020, the market of Care Coordination Software industryoutlook has been fragmented by several companies. Care Coordination Software Market top 10 companies include EXL Service Holdings, Inc., Casenet, LLC, MEDecision, Inc.,IBM Corporation, Salesforce.com, Inc., Cognizant Technology Solutions, Cerner Corporation, TCS Healthcare Technologies, Health Catalyst, Inc.,Wellsky Corporation, among others.
Acquisitions/Technology Launches
In March 2020, WellSky launched its analytic driven care coordination platform, Wellsky Care Coordination to deliver exceptional level of care coordination between the payers, health systems and post-acute care providers for safer treatments for the patients of higher acuity, in home rather than in health organizations.
In May 2020, Humana launched a new care-coordination program to help the patients with chronic kidney disease by identifying kidney disease early, slowing down its progress, informing the patient about different types of care options which includes dialysis at home.
Key Takeaways
The payers segment is the fastest growing segment during the forecast period 2021-2026; increasing awareness on health and economical development are the key factors behind this growth.
North America dominated the market by a market share of more than 30.48% in 2020, early adoption for new technologies and Health awareness among the public are the key factors contributing to the market growth.
The demand for Care Coordination software is estimated to witness significant upsurge during the forecast period, owing to the growing investment for digital health sector across the globe.
The top players of this market include EXL Service Holdings, Inc., Casenet, LLC, MEDecision, Inc., IBM Corporation, Salesforce.com, Inc., among others.
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