The Global Transitional Care Management Services Market Size is valued at 232.20 million in 2023 and is predicted to reach 805.21 million by the year 2031 at a 17.02% CAGR during the forecast period for 2024-2031.
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The market is projected that factors such as the aging population, an increase in illnesses, accidents, operations, and demand for post-discharge facilities will help the market expand healthily. Furthermore, cost-effectiveness has spurred market expansion. The demand for transitional care management (TCM) services has increased as the burden of chronic illnesses increases globally. The risk of hospital readmission is reduced by the transitional care services that help patients transition from a hospital to a community setting after leaving the facility.
The initial market expansion was impacted by the COVID-19 pandemic, which immediately dropped all visits and services for transitional care. The demand for TCM services that don’t involve face-to-face patient interaction increased after the pandemic. As a result, it is anticipated that the demand for transitional care management services will increase significantly after the pandemic. The growing senior population has influenced the demand for transitional care management in nations like the United States, Italy, China, Japan, and India.
List of Prominent Players in the Transitional Care Management Services Market:
- Humworld Inc
- Rijuven Corp
- PharMerica Corporation
- CareVitality
- ACT Health Solutions
- Medsien
- Wellsky
- Nextgen Healthcare
- Prohealth Select
- Well Living Initiative (WLI)
Market Dynamics:
Drivers-
The adoption of transitional care management services results from increased market participants and growing consumer demand for better patient care. The aging population, an increase in illnesses, accidents, surgeries, and the demand for post-discharge facilities are all predicted to contribute to the market’s healthy growth. Cost-effectiveness has also encouraged market expansion.
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Challenges:
The market cannot grow since people need to be aware of it. For effective care management solutions, the healthcare industry needs a solid IT infrastructure, and IT support both within the business and at the solution provider’s end. A healthcare organization constantly needs technical support to maintain the server and network for the optimal interoperability speed of care management systems and the smooth functioning of clinical workflows. The production of screen loads results from the poor server or network maintenance, hindering the market growth.
Regional Trends:
The North American transitional care management services market is expected to have a tremendous market share in revenue. Due to the major market companies who operate in this area, the market in North America is quite competitive. The aging population load and the availability of advanced healthcare facilities have opened up new growth prospects for the market for TCM services. Additionally, the demand for after-care has been influenced by the rise in surgeries, accidents, and major illnesses. Besides, Asia Pacific had a substantial share in the transitional care management services market. Due to the region’s expanding older population, increased surgical rates, the prevalence of diseases, and the growth of healthcare facilities. The market now offers fresh potential opportunities in the future due to growing nations like China and India.
Recent Developments:
- In October 2021-Third transition care center was opened in India by HCAH (previously Healthcare atHOME). The first of its kind in North India. The healthcare gap between homes and tertiary care hospitals is projected to be filled by HCAH’s transition care center.
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Segmentation of Transitional Care Management Services Market-
By Service
- Patient TCM Services
- Interactive Contact (Direct Contact, Telephone, Electronic)
- Face-to-face Visit
- Non-face-to-face (Telehealth)
- Healthcare TCM Services
- Physicians
- Non-Physician Practitioners
- Billing TCM Services
- Documenting TCM Services
- Others
By End-use
- Inpatient Settings
- Community Settings
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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