The market size of the Global Transitional Care Management Services Market in the year 2021 is valued at 177.10 billion and is predicted to reach 675.34 billion by the year 2030 at an 16.26% CAGR during the forecast period.
Transitional Care Management (TCM) services target transitioning from an inpatient to a supportive environment. The patient may be dealing with a health emergency, a new diagnosis, or a change in pharmaceutical management following hospitalisation or other inpatient facility stay (e.g., in a skilled nursing home). Family doctors frequently manage transitional care. Growing government healthcare spending, increased demand for high-quality care, growing use of care management, and an aging population are all driving factors in the transitional care management services market. As individuals become more conscious of the need for better healthcare, the transitional care management services market will continue to rise. However, there are major problems restricting the growth of the global market for transitional care management services, such as a lack of highly skilled workers and excessive costs. Many people could not access transitional care management (transitional care management) services early in the COVID-19 outbreak due to lockdowns and safety concerns. Additionally, transitional care management therapies were delivered through telehealth, which increased the need for telemedicine. Following COVID-19, there has been an increase in demand for transitional care services, notably from the senior population. The adoption of transitional care management services results from the growth in market participants and the increased consumer demand for better patient care. The aging population, an increase in illnesses, accidents, surgeries, and the demand for post-discharge facilities are all projected to contribute to the market's healthy expansion.
The transitional care management services market is segmented on the service and end-use. Based on service, the market is segmented into patient transitional care management services, interactive contact (direct contact, telephone, electronic), a face-to-face visits, non-face-to-face (telehealth), healthcare transitional care management services, CM services, documenting transitional care management services and others. Based on end-use, the transitional care management services market is segmented into inpatient and community settings.
Based on service, the billing transitional care management services segment is a major contributor to the transitional care management services market.
The market's leading segment is billing transitional care management services. Healthcare transitional care management service providers account for a significant portion of the billing for transitional care management services. These transitional care management services review the patient's discharge process and payment information, which may include the need for tests, treatment, and any necessary follow-up care.
The community centers segment witnessed growth at a rapid rate.
Community settings grabbed the highest revenue share, and it is anticipated that they will continue to hold that position during the anticipated time. Half of the post-discharge care interventions take place in community settings. These facilities present an opportunity to enhance patient care and quality of life while lowering overall hospital costs and decreasing the likelihood of readmission. Community centers are viewed as a convenient option for patient recovery from life-threatening traumas, particularly in the case of geriatric patients as they lower the risk of hospital readmission, reduce the complications related to the transfer of care, and improve overall patient satisfaction, drive the segment.
The North American transitional care management services market holds a significant regional revenue share.
The North American transitional care management services market is expected to register the highest market share in revenue soon because of the development of IT solutions and the desire for scalable, inexpensive solutions to reduce healthcare expenses. As a result of technological development, rising cloud-based solution acceptability, and rising patient care management awareness, the regional market is expanding. In addition, Asia Pacific is projected to grow rapidly in the global transitional care management services market. The prevalence of chronic diseases among the elderly is fueling the expansion of the transitional care management solutions market due to the escalating demand for high-quality care for the older population.
Some major key players in the transitional care management services market are Humworld Inc.; Rijuven Corp.; PharMerica Corporation; CareVitality; ACT Health Solutions; Medsien; Wellsky; Nextgen Healthcare; Prohealth Select; Well Living Initiative (WLI).