Transitional Care Management Services Market to Grow with a CAGR of 13.21% through 2028
Increasing chronic illnesses, and a rise in focus on reducing hospital
readmissions is expected to drive the Global Transitional Care Management
Services Market growth in the forecast period, 2024-2028.
According to
TechSci Research report, “Transitional Care Management Services Market –
Global Industry Size, Share, Trends, Competition Forecast & Opportunities,
2028”, the Global Transitional Care Management Services Market stood at USD
1.57 billion in 2022 and is anticipated to grow with a CAGR of 13.21% in the
forecast period, 2024-2028. One of the primary drivers of the Transitional Care
Management Services market is the aging population in many countries. As people
age, they often require more complex and continuous healthcare services,
frequently transitioning between hospitals, post-acute care facilities, and
home-based care. These transitions can be challenging and risky, making
transitional care services essential in ensuring a seamless and safe journey
for patients. The healthcare industry is increasingly shifting towards
value-based care models, where the focus is on improving patient outcomes and
controlling costs. Transitional care management services align perfectly with
these objectives by helping healthcare providers reduce hospital readmissions
and improve the overall patient experience. This has led to a growing adoption
of these services by hospitals, physician practices, and other healthcare
organizations.
Technology is playing a significant role in shaping the future of
transitional care management services. Innovations such as telehealth, remote
patient monitoring, and electronic health records have enabled healthcare
providers to provide more comprehensive care to patients during the transition
phase. These technologies not only enhance patient care but also improve
efficiency and reduce healthcare expenses. While the demand for transitional
care management services is on the rise, navigating the complex regulatory
landscape remains a challenge. Healthcare providers must adhere to strict
regulations and guidelines to participate in transitional care programs and
receive reimbursement. Staying compliant can be a barrier to entry for some
providers, but it is crucial for ensuring quality care. The aging population is
one of the key drivers of the transitional care management services market. As
the population ages, the number of people with chronic diseases and
disabilities is increasing. These individuals often require complex care
coordination and management services to ensure a smooth transition from one
care setting to another. Transitional care management services can help to
reduce hospital readmissions, improve patient outcomes, and lower healthcare costs.
First, the aging population is increasing the demand for long-term care
services. Transitional care management services can help to coordinate care
between hospitals, skilled nursing facilities, and home health agencies.
Second, the aging population is increasing the prevalence of chronic diseases.
Transitional care management services can help to manage these diseases and
prevent complications. Third, the aging population is increasing the risk of
functional decline. Transitional care management services can help to prevent
functional decline and promote independence.
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"Global Transitional Care Management Services Market.”
Advancements in
healthcare technology have also contributed to the growth of the TCM services
market. Electronic health records (EHRs), telehealth platforms, and remote
monitoring tools have made it easier for healthcare providers to coordinate
care across different settings and communicate effectively with patients. These
technologies enhance the efficiency of TCM services and enable real-time
monitoring of patients' health, reducing the likelihood of adverse events
during transitions of care. The healthcare industry's shift towards
patient-centered care has elevated the importance of TCM services. Patients are
increasingly involved in their care decisions, and they expect seamless
transitions and continuity of care as they move between healthcare settings.
TCM services focus on meeting these patient expectations by providing
personalized care plans, education, and support during transitions, which, in
turn, enhances patient satisfaction and loyalty. TCM services are instrumental
in reducing healthcare costs by minimizing hospital readmissions, emergency
department visits, and the use of unnecessary healthcare resources. Hospitals
and healthcare systems are under pressure to optimize resource utilization
while maintaining high-quality care. TCM programs help achieve these objectives
by ensuring that patients receive the right level of care at the right time and
in the right setting.
The Global Transitional Care Management Services Market is segmented
into Service, end use, regional distribution, and company.
Based on Service, the Global Transitional Care Management Services Market
is segmented into Patient TCM Services , Healthcare
TCM Services, Billing TCM Services, Documenting TCM Services and Others. Based
on the service, the patient TCM services product segment emerged as the
dominant player in the global market for Transitional Care Management Services
in 2022.This is attributed to several factors including focus on
patient-centered care has propelled the demand for patient TCM services. These
services prioritize the needs and preferences of patients during transitions
between different healthcare settings, ensuring that they receive personalized
care plans, education, and support. The integration of technology into patient
TCM services has improved their efficiency and effectiveness. Electronic health
records (EHRs), telehealth platforms, and remote monitoring tools enable
healthcare providers to coordinate care, communicate with patients, and monitor
their health status more effectively during transitions. This technological
advancement has further boosted the demand for patient TCM services.
Based on model type, the Global Transitional Care Management Services Market
is segmented into Inpatient Settings and Community
Settings.
Based on the end-use, the
community settings segment emerged as the dominant player in the global market
for Transitional Care Management Services in 2022. This is attributed to Shift
Toward Home-Based Care: There has been a notable shift in healthcare delivery
toward home-based care and community settings. Patients often prefer to receive
care in the comfort of their homes rather than in institutional settings,
whenever possible. TCM services play a critical role in facilitating safe and
effective transitions from hospitals to community settings, ensuring that
patients receive the necessary support and care continuity in their homes. The
rise in chronic diseases requires ongoing care and management. Many chronic
conditions, such as diabetes, heart disease, and chronic obstructive pulmonary
disease, can be effectively managed in community settings with the right
support. TCM services help patients and their caregivers navigate the
challenges of chronic disease management at home, reducing the burden on hospitals
and other healthcare facilities.
North America emerged as the dominant player in the global Transitional
Care Management Services market in 2022, holding the largest market share. This
is on account of the region's robust healthcare infrastructure, advanced
technology adoption, and a growing emphasis on patient-centric care models. As
North American healthcare providers continued to innovate and streamline
transitional care processes, they effectively addressed the complex needs of
patients during critical healthcare transitions, cementing their leadership in
this vital sector of the healthcare industry.
Major companies operating in Global Transitional Care Management
Services Market are:
- Humworld Inc.
- Rijuven Corp.
- Pharmerica Corporation
- Carevitality Inc.
- Act Health Solutions
- Medsien Inc.
- Wellsky
- Nextgen Healthcare
- Prohealth Select
- Well Living Initiative
(Wli)
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“The rising incidence of chronic diseases worldwide necessitates ongoing
care management, making transitional care services more critical than ever in
ensuring seamless patient journeys and improving outcomes. Continuous advancements in healthcare
technology, including telemedicine and electronic health records, are enhancing
the efficiency and effectiveness of transitional care services, attracting both
providers and patients. Moreover, increasing emphasis on patient-centered care
places a premium on services that prioritize patients' comfort, well-being, and
understanding of their healthcare journey, making transitional care services a
key component. Recent global health challenges, like the COVID-19 pandemic,
have highlighted the need for resilient and adaptable healthcare systems,
making transitional care services essential in addressing crises and long-term
healthcare sustainability. Additionally, Favorable healthcare policies, such as
reimbursement incentives for transitional care services, encourage healthcare
providers to invest in these services, further boosting market growth.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Transitional Care
Management Services Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By
Service (Patient TCM Services {Interactive contact, 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 and
Competition”, has evaluated
the future growth potential of Global Transitional Care Management Services
Market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Transitional Care
Management Services Market.
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