Care-coordination market poised for notable growth
If Frost & Sullivan has it right, care-coordination software is soon to start selling like hot cakes.
The 1,800-employee consultancy based in Mountain View, Calif., forecasts the market for care-coordination IT products—those that facilitate “team-based care” of patients with chronic conditions who frequently transition between care settings—to grow by more than 26 percent between now and 2020.
The firm expects physicians in ambulatory practice to set the pace, pushing their segment at a 43.2 percent rate of compound annual growth. Not far behind will be the hospital segment, at 33.3 percent, followed by payers at 21.5 percent. The latter segment is likely growing more slowly because it’s already the largest.
F&S said the “winners” in this market will provide solutions with unified, secure and workflow-enabled platforms that can quickly identify and manage at-risk patients.
“In the next six years, the digital health market is likely to experience a continuous flurry of new products and services specifically designed to help smooth the pain points associated with transitioning from fee-for-service,” lead F&S analyst Nancy Fabozzi said in a news release. “The move to value-based reimbursement is already a key driver for health IT, and efforts toward developing solutions for care coordination and population health management will accelerate significantly.”
Frost & Sullivan did not mention the size of the market in hard dollars in its release. The firm distributes market-research reports through its website, Frost.com.
Dave P. has worked in journalism, marketing and public relations for more than 30 years, frequently concentrating on hospitals, healthcare technology and Catholic communications. He has also specialized in fundraising communications, ghostwriting for CEOs of local, national and global charities, nonprofits and foundations.