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| Transitional Care Management Services Market |
The transitional care management (TCM) services market plays an important role in managing complex medical needs and enabling care transitions for patients. TCM services aid healthcare facilities in reducing hospital readmissions by coordinating care with physicians, nurses and social workers. This improves patient outcomes and experiences through safe transfers from one care setting to another.
The global transitional care
management services market is estimated to be valued at US$ 230.26 Billion in 2024 and is expected to exhibit a CAGR of 15.% over the forecast period
2024 to 2031.
Key Takeaways
Key players operating in the transitional care management services are
PharMerica Corporation, Reliq Health Technologies, Inc., WellSky, Humworld
Inc., Rijuven Corp., CareVitality, ACT Health Solutions, Medsie, Nextgen
Healthcare, Prohealth Select, Well Living Initiative (WLI), BrightStar Care,
VNA Health Group, Premier Home Health Care Services, CareCentrix, Aveanna
Healthcare, Optum. Key players are focusing on strategic collaborations to
offer integrated care management solutions and expand their geographic
presence.
The growing aging population and rising prevalence of chronic diseases are
increasing the demand for Transitional
Care Management Services Market Demand As per estimates, over 16% of
the global population will be aged over 65 years by 2050. This rising geriatric
population will propel the need for advanced care transition and coordination
services.
Various healthcare facilities and payers are also investing in TCM services to
reduce healthcare costs associated with frequent hospital readmissions. This is
encouraging providers to offer expanded TCM solutions in new international
markets and strengthen their global footprint.
Market Key Trends
One of the key trends in the transitional care management services market is
the increasing adoption of digital health solutions. Major players are
developing smart transitional care platforms using technologies like artificial
intelligence, cloud computing and mobile applications. This allows continuous
remote monitoring of patients, management of medical records and streamlining
of care handoffs. For example, PharMerica's Transitional Care Network utilizes
an integrated cloud-based platform to offer clinical documentation, status
updates, virtual rounding and transition coaching for patients. Such digital
transformation initiatives are expected to enhance the delivery of TCM services
over the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the
transitional care management services market requires significant capital
investment and compliance with regulations to provide quality healthcare
services.
Bargaining power of buyers: The bargaining power of buyers is low since buyers
have minimal influence over pricing due to the integral role of transitional
care services in overall healthcare.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as
suppliers of healthcare technologies, medical equipment and professionals have
some influence over pricing and quality of services.
Threat of new substitutes: The threat of new substitutes is low as there are
limited alternatives that can provide comprehensive transitional care from
hospitals to homes equivalent to specialized providers.
Competitive rivalry: The competitive rivalry is high among existing players due
to their scale of operations, technological expertise and geographic presence
across regions.
Geographical Regions
North America accounts for the major share of the transitional care management
services market currently, with the United States being the dominant
country-level market. This is attributed to the high healthcare spending and
demand for specialized services from the growing aging population requiring
long-term care.
The Asia Pacific region is poised to witness the fastest growth during the
forecast period, expanding at over 20% CAGR between 2024-2031. This can be
accredited to factors such as increasing healthcare expenditure, investments
into medical infrastructure development, emerging demand from expanding
middle-class demographic and government policies promoting home-based
healthcare in countries like India, China and Japan.
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Care Management Services Market
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