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What is the market size for Care Coordination software (U.S. Healthcare Industry) in $ amount in the next 5 years?
Hello! Thanks for your question about market size for Care Coordination software. The most useful sources I found to answer your question are HIT Consultant and Global Newswire. The short answer is that the Care Coordination software market for 2016 stands at $1.64 billions, with a predicted CAGR rate of 26.1%. Below you will find a deep dive of my findings.
METHODOLOGY
To answer this question I have extensively researched statistics to answer this question. Where no reports are given for the exact figures needed, I have made clear calculations to answer your question. I have begun with the market size for care coordination.
MARKET SIZE FOR CARE COORDINATION
To start with we will look at the market size for Care Coordination. Though there was no current data available, I have found that the overall Care Coordination "the market was valued at over $1.3 billion in sales for 2015." Though this is for over a year ago, we can use the forecast rates I have found to estimate the current market size, as well as over the next five years.
CARE COORDINATION GROWTH FORECASTS
According to this report, the Care Coordination market is "expected to grow at a compound annual growth rate (CAGR) of 26.1 percent between 2015 and 2020, according to a recent Frost & Sullivan study."
Based on this, we can assume that Care Coordination market size for 2016 will be $1.64 billion. If we were to assume that the CAGR remains the same for the next five years, we can then assume the 2021 market size (in five years) to be approximately $5.2 billion.
LARGEST SUB-MARKET
Looking at the sub-markets, I have noted three main subdivisions, and through this article we can see a clear picture of growth rates expected. Leading is the the ambulatory practice market at a 43.2 percent compound annual growth rate, followed with the the hospital market at a 33.2 percent compound annual growth rate, with slowest being the the payer market at a 21.5 percent compound annual growth rate.
MAIN COMPETITORS
The main competitors in this market are Cerner Corp, Epic Intersystems, and IBM. Though there seems to be no determinable difference in specialization that I can determine, we can see that "Epic and InterSystems earned highest performance scores among healthcare providers for health information exchange (HIE) and interoperability in a report from research firm KLAS."
CONCLUSION
To wrap it up, the current market size of the Care Coordination Market for 2016 is approximately $1.64 billion, with an CAGR of 26.1% between 2015 to 2020, with the leading sub-market being ambulatory practice market, and the main competitors being Cerner Corp, Epic Intersystems, and IBM.
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