by The Collaborative Care Model Market is estimated to be valued at US$ 1971.1 Mn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The collaborative care model involves close collaboration between primary care providers (PCPs), mental health professionals, and care managers to care for patients with mental health conditions and medical comorbidities. The model aims to provide comprehensive, long-term treatment for individuals with multiple chronic medical and behavioral health issues. It integrates medical and behavioral health care through shared coordination and care planning. Collaborative care teams typically include a primary care physician, case manager, psychiatric consultant(s), and other support staff who interact regularly to provide care.
Market Dynamics:
Increasing prevalence of chronic diseases is a major factor driving growth of the global collaborative care model market. Chronic diseases are long-lasting health conditions that need on-going care and management. According to the Centers for Disease Control and Prevention, in the U.S. around 133 million Americans live with at least one chronic disease like heart disease, stroke, cancer, type 2 diabetes, obesity, and arthritis. Timely management of chronic diseases can help control symptoms and prevent further health complications. Collaborative care model facilitates efficient and effective management of chronic conditions through continuous monitoring and care coordination. This reduces healthcare costs and improves patient outcomes.
Rising geriatric population is another key factor propelling the market growth. Older adults typically suffer from multiple chronic medical conditions which require continuous supervision and treatment. As per the U.N., the number of people aged 65 years or above is projected to grow from 703 million in 2019 to 1.5 billion in 2050. Collaborative care model provides comprehensive care to address comorbidities in the elderly population and helps them maintain overall well-being.
Segment Analysis
The collaborative care model market is dominated by the healthcare segment. This segment accounts for more than 60% of the total market share owing to increasing adoption of collaborative care models in hospitals, clinics, and other healthcare organizations to provide efficient and coordinated care to patients. Collaborative care enables improved communication between doctors, nurses, therapists, and other healthcare providers. This leads to better health outcomes for patients.
PEST Analysis
Political: Government initiatives to promote digital health technologies and integrated care models are driving the adoption of collaborative care. Various countries are implementing policies for technology enabled healthcare infrastructure.
Economic: Rising healthcare costs is a key factor augmenting demand for collaborative care models. Organizations are implementing these solutions to enhance productivity and efficiencies in healthcare delivery.
Social: Growing patient awareness about innovative healthcare solutions coupled with increasing reliance on technologies in daily life is propelling the collaborative care market.
Technological: Significant advancements in digital technologies such as cloud computing, AI, and blockchain have enabled effective implementation of collaborative care platforms. Technologies facilitate secure exchange of patient health data between care teams.
Key Takeaways
The global collaborative care model market size was valued at US$ 1971.1 Mn in 2023 and is expected to reach over US$ 3490 Mn by 2030, expanding at a CAGR of 15%.
The healthcare segment accounts for the largest market share owing to rising adoption of collaborative care solutions across various healthcare facilities to enhance coordinated clinical decision making and improve health outcomes.
Regionally, North America dominated the market and captured over 40% share in 2023. Presence of advanced healthcare infrastructure, favorable government programs, and major market players in the region has accelerated adoption of digital health technologies. The Asia Pacific market is projected to witness fastest growth during the forecast period supported by increasing healthcare expenditures, growing geriatric population, and improving connectivity in countries such as China and India.
Key players operating in the collaborative care model market are Cosmax Group, Cisco Systems, Microsoft Corporation, IBM, Jive Software, AGNITY Healthcare, Uniphy Health Holding, Everbridge, PerfectServe, and Vocera Communications. Major players are focusing on developing innovative collaborative platforms integrated with advanced technologies including AI, machine learning, and blockchain to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
