Cloud-Based Care Management Market size (2024  –  2030)

In 2023, the Cloud Based Care Management Market was valued at $46.41 Billion, and is projected to reach a market size of $146.09 Billion by 2030. Over the forecast period of 2024-2030, market is projected to grow at a CAGR of 17.8%

.Market Overview

Because of the expanding geriatric population and the burden of chronic diseases, the market for care management solutions is predicted to rise rapidly. Care management systems offer a way to minimize healthcare costs and government measures to promote patient-centric care as initiatives to move the weight of risk from payers to providers are implemented.

The market is predicted to develop due to the centralized approach to care management and integrated care for patients, which enhances the quality of life by preventing complications through early intervention of care. As a result, healthcare expenses are reduced, and the burden on payers and providers is reduced. As a result, these factors are likely to boost the global market for care management solutions.

COVID-19 impact on Cloud-Based Care Management

The COVID-19 pandemic has upended many lives and businesses on an unprecedented scale in recent months. The cloud computing industry, on the other hand, has emerged stronger as a result of this incident. While many businesses are having difficulty running efficiently, those that have chosen cloud computing infrastructure are doing well. Using cloud services reduces the inconvenient aspects of remote working by allowing employees to communicate, collaborate, and monitor their work while remaining safe in their homes.

Storage and management of data, particularly in the healthcare industry, where data is today's major asset, is prohibitively expensive, resulting in additional costs associated with the need for expensive servers. Because of its scalability, cloud computing makes data storage and backup easier in certain situations. Using the cloud also allows you to reduce your workload on busy days. Furthermore, with many healthcare professionals offering consultations via video conferencing and phone calls during this pandemic, this segment's growth is expected to accelerate significantly during the projection period. Patients with moderate symptoms must choose remote consultation due to the social distancing measures.

It also eases the pressure on hospitals dealing with high numbers of COVID-19 patients. The pandemic has caused widespread devastation.

MARKET DRIVERS

Implementation of initiatives to shift the risk burden from payers to providers is slowing market growth.

Various initiatives are being conducted around the world to shift the risk burden from payers to providers. This movement encourages the use of healthcare information technology (HCIT) solutions (such as care management solutions) to improve healthcare delivery efficiency and cut costs. Alternative payment methods, like bundled payments, physician incentives, and customer incentives, are all used to encourage value-based treatment. These payment schemes are intended to encourage healthcare professionals to embrace responsibility for the treatment they give, thereby shifting risk from payers to providers.

 Tele cloud and telehealth consultations are driving the sector forward.

Wireless technology combined with the cloud is proven to be a powerful tool for delivering patient care to remote regions. The majority of physicians and specialists operate in metropolises and cities in numerous countries. As a result, sophisticated care facilities are limited to such locations, leaving patients in rural areas unattended. This issue can be solved by using a tele cloud, which allows physicians and healthcare specialists to diagnose and treat patients over long distances in real-time and at low costs.

MARKET RESTRAINTS

Concerns about data security and privacy are growing which is restricting the market growth

Data hosted by vendors is not as secure as data housed on-premise, which is a big worry with cloud solutions. Patient information is deemed sensitive, and strict confidentiality must be maintained so that only authorized users have access to it. Despite the benefits and security safeguards provided by the cloud, data kept there is still vulnerable to cyber-attacks. Data security and privacy problems are fast-growing as the volume of patient data grows and initiatives toward digital transformation in healthcare grow.

The lack of competent personnel is impeding the growth of the manufacturing industry.

Care management solutions require a robust IT infrastructure and IT support both within the company and at the solution provider's end to be used effectively. In a healthcare business, technical assistance is always needed to keep the server and network running well so that clinical operations may run smoothly and care management solutions can interface quickly. If the server or network is not properly maintained, it will generate screen loads, which will slow down the clinical process.

CLOUD-BASED CARE MANAGEMENT MARKET REPORT COVERAGE:

Cloud-Based Care Management Market - by Component

• Software

• Services

 The cloud-based care management systems market is divided into software and services based on components. In 2021, the software segment had a bigger market share of 75.1 percent. The rising adoption of software solutions by payers and providers to minimize readmissions, promote cost-effectiveness, improve operational efficiency, improve patient engagement, and aid data integration and analysis can be attributable to the huge proportion of this category.

Cloud-Based Care Management Market - by deployment

• private cloud

• hybrid cloud

• public crowd

The cloud-based care management solutions market is divided into three categories depending on delivery mode: private cloud, public cloud, and hybrid cloud. Over the forecast period, public cloud-based products are predicted to increase at the quickest rate.

Cloud-based solutions offer more flexibility, are easier to scale up depending on the patient population, and are more cost-effective than conventional delivery methods. These causes are largely to blame for the segment's strong expansion until 2025. Healthcare practitioners are increasingly using electronic health records to improve accessibility, security, and storage capacities. Cloud-based services also save you a lot of money.

Cloud-Based Care Management Market - by end-user

• Healthcare Providers

•  Payers

• others

The market is divided into healthcare providers, healthcare payers, and others, such as governments and employers, based on end-use. In 2021, healthcare providers led the market due to rising demand for patient-centric care, improved healthcare quality, a growing patient population, and a growing desire for speedier services.

Statistical and clinical models are used by healthcare payers. Big data analysis assists them in identifying members with particular chronic diseases and developing the most appropriate patient care management plans. It also aids in the improvement of healthcare management programs' efficiency.

 Cloud-Based Care Management Market - by region

• North America

• Europe

• Asia-Pacific

• Latin America

• The Middle East and Africa

North America dominated the market in 2021 and is likely to continue to do so throughout the forecast period. Technological improvements increased acceptance of cloud-based solutions, and increased awareness of patient care management are all driving the regional industry forward. Over the projection period, Europe is expected to grow strongly.

The Asia Pacific also offers attractive commercial potential. One of the high effect rendering factors is the improvement of healthcare facilities as a result of rapid economic development in emerging countries such as China, Japan, South Korea, and India. Regional expansion is also fuelled by increased interest and investment from major industry players, as well as continued collaborative efforts. SingHealth, a Singapore-based healthcare organization, cooperated with Allscripts in May 2018 to integrate the iPro Anesthesia platform across SingHealth's institutions. During operation, the program monitors patients' vital signs and drugs, as well as creates digital records for a clinical study.

Cloud-Based Care Management Market by Company

1. Amazon Web Services, Inc. (the US)

2. Microsoft Corporation (US)

3. International Business Machines Corporation (US)

4. Athena Health, Inc. (the US)

5. CareCloud, Inc. (the US)

6. Siemens Healthineers AG (Germany)

7. eClinicalWorks (US)

8. Koninklijke Philips N.V. (Netherlands)

9. Allscripts Healthcare Solutions, Inc.

To enhance their presence in the Healthcare cloud computing industry, these organizations used techniques like service launches, business expansions, agreements, partnerships, collaborations, and acquisitions.

Allscripts completed its acquisition of HealthGrid Holding Company, a provider of enterprise patient engagement solutions, in May 2020. The acquisition marks the growth of Allscripts' Follow My Health platform, which offers patient engagement solutions that connect patients to clinicians.

NOTABLE HAPPENINGS IN THE CLOUD-BASED CARE MANAGEMENT MARKET IN THE RECENT PAST

• EXPANSION: In February 2022, INM (US) purchased Neudesic, LLC (US) to grow IBM's portfolio of hybrid multi-cloud services and advance the company's hybrid cloud and AI strategy.

MERGERS AND ACQUISITIONS

• In February 2022, Lyniate (US) purchased SAP SE (Germany) to offer technology and consult experience to help clients embrace a hybrid cloud approach and migrate mission-critical workloads from SAP systems to the cloud for regulated and non-regulated industries.

• In January 2022, Francisco Partners (US) signed an agreement with IBM (US) to acquire healthcare data and analytics assets from IBM, including Health Insights, MarketScan, Clinical Development, Social Program Management, Micromedex, and imaging software offerings, which are currently part of the Watson Health business.

• In January 2022, IBM (US) bought ENVIZI (Australia), to expand IBM's AI-powered software investments.