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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.
Key Industry Insights & Findings from the Report:
- Demand for the post-discharge facility, an increase in illnesses, injuries, and operations, and investment from major market participants are all factors expected to fuel the market's healthy expansion.
- The need for transitional care management (TCM) services has been driven by the increasing number of patients with chronic conditions that require constant healthcare professional supervision.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- Market expansion is hindered because not everyone can afford the expense of transitional care management (TCM) services.
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.
Market Segmentation:
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.
Recent Developments:
- In January 2024, PharMerica, a major US pharmacy chain, and AME, an industry leader in educating consultants, pharmacists, nurses, and administrators of nursing homes, joined forces to increase access to education in the long-term care sector with the hope of bettering the quality of life for residents.
- In January 2023, Reliq Health Technologies, Inc. announced 35 SNFs in Florida. This upgrade expands Reliq's service offerings to include transitional healthcare management (TCM) for patients who have been discharged.
Competitive Landscape
Some Major Key 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)
Transitional Care Management Services Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 232.30 million |
|
Revenue Forecast In 2031 |
USD 805.21 million |
|
Growth Rate CAGR |
CAGR of 17.02% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Billion and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
Service, End-Use |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Humworld Inc.; Rijuven Corp.; PharMerica Corporation; CareVitality; ACT Health Solutions; Medsien; Wellsky; Nextgen Healthcare; Prohealth Select; Well Living Initiative (WLI). |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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