Transitional Care Management Services Market To Reach USD 962.1 Billion By 2032, Says DataHorizzon Research
The transitional care management services market was valued at USD 182.1 Billion in 2022 and is expected to grow CAGR at 18.2% to reach USD 962.1 Billion by 2032.
Fort Collins, Colorado, April 26, 2024 (GLOBE NEWSWIRE) --*Leveraging Technology and Digital Health Solutions*
The *transitional care management (TCM) services market* includes a variety of healthcare services and treatments meant to help patients transition from one healthcare environment to another, most commonly from a hospital to a lower level of care such as primary care or home. TCM services seek to promote continuity of treatment, prevent hospital readmissions, and optimize patient outcomes during the critical period following hospital release.
The transitional care management services market is seeing considerable growth as technology and digital health solutions become more widely adopted. The use of electronic health records (EHRs), telehealth platforms, and remote monitoring devices can improve the delivery and efficacy of transitional care management services. The American Hospital Association (AHA) said that 76% of hospitals in the United States use video and other technology to communicate with patients and consulting practitioners. Using digital health solutions can improve care coordination, patient involvement, and remote monitoring of patients during the transition phase, resulting in improved results and lower healthcare costs. Furthermore, the increased use of artificial intelligence (AI) and predictive analytics can assist identify high-risk patients and personalize transitional care interventions, propelling the industry forward.
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*Segmentation Overview:*
*The transitional care management services market has been segmented into service, end-use and region.*
*Patient TCM Services was the largest segment and is projected to retain a leading position.*
· Based on the type of services provided, the market is segmented as patient TCM services, healthcare TCM services, billing TCM services, documenting TCM services, and others. Patient TCM services dominated the market growth in 2023 attributed to patients shifted to a community setting to ensure that the patient’s well-being is ensured after getting discharged post-surgery or long-term treatments.
*The community setting will grow significantly in the forthcoming years*
· Based on the end-use, the transitional care management services market is segmented into In-patient setting and community setting. Community setting holds a significant share in transitional care management services as it helps the patient be in the surroundings of his loved ones, which can help in faster healing. This also prevents the patient from getting infected with other infections in the hospital environment.
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*Transitional Care Management Services Market Report Highlights:*
· The transitional care management services market growth is anticipated at a* CAGR of 18.2% by 2032.*
· The increased emphasis on avoiding hospital readmissions is a major driving force in the transitional care management services market. Healthcare organizations and payers are putting more emphasis on enhancing care coordination and patient outcomes throughout the essential transition from the hospital to home or other care settings. According to the Centers for Medicare and Medicaid Services (CMS), the Hospital Readmissions Reduction Program (HRRP) has resulted in a considerable reduction in readmission rates, from 21.5% in 2007 to 15.7% in 2017. Transitional care management services, including as complete discharge planning, follow-up care, and medication management, have been demonstrated to significantly minimize readmissions and enhance patient outcomes.
· North America dominates the transitional care management services industry, with the United States taking the lead. Rising healthcare expenses and an aging population are significant factors leading to the growing demand for these services.
· Some prominent players in the transitional care management services market report include Health Recovery Solutions, Illinois Critical Access Hospital Network, ThoroughCare, PharMerica, Well Living Initiative, Care Vitality, ACT Health Solutions, WellSky, Transitional Care Management, Pearl Health, and others.
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*About DataHorizzon Research:*
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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