The global 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 is a structured approach used by healthcare providers to deliver comprehensive and integrated care for patients with complex needs. It involves collaboration between various healthcare professionals such as primary care physicians, psychiatrists, nurse care managers, and other behavioral health specialists to provide whole-person care to patients. The model focuses on patient-centered care and engages patients as active participants in their own healthcare process. It has demonstrated improved health outcomes for patients with common chronic conditions such as diabetes, depression, and anxiety. The growing preference for personalized and integrated healthcare approaches among patients is propelling the demand for collaborative care model in the healthcare industry.
Market key trends:
One of the key trends in the collaborative care model market is the increasing adoption of technology-enabled collaborative care. Healthcare organizations are leveraging digital platforms and telehealth solutions to facilitate collaboration between different care team members. Virtual care models allow clinicians to bridge geographical barriers and provide coordinated care to patients remotely. Connected health technologies also help monitor patients outside clinical settings and encourage shared decision making. Furthermore, the collaborative care model is gaining traction due to growing awareness about its outcomes. Strong evidence shows collaborative care significantly improves the treatment effectiveness for chronic illnesses and lowers the healthcare costs associated with them. This is encouraging more medical practices and payers to implement collaborative approaches.
Porter’s Analysis
Threat of new entrants: The collaborative care model market requires high infrastructure and IT system investments which make it difficult for new players to enter the market.
Bargaining power of buyers: Individual patients have low bargaining power in the collaborative care model market due to the specialized clinical expertise required. However, large healthcare providers have moderate bargaining power.
Bargaining power of suppliers: Software developers and technology providers have moderate bargaining power in the collaborative care model market given the specialized IT solutions required for collaborative care.
Threat of new substitutes: There is low threat of substitution in the collaborative care model market currently as it provides multidisciplinary, coordinated care required for complex chronic conditions.
Competitive rivalry: The collaborative care model market experiences high competitive rivalry due to the presence of numerous players providing differentiated collaborative care solutions.
Key Takeaways
The global collaborative care model market is expected to witness high growth, exhibiting CAGR of 15% over the forecast period, due to increasing prevalence of chronic diseases. North America is expected to dominate the global collaborative care model market over the forecast period owing to rising healthcare costs and initiatives for integrated care in the region.
The regional analysis of collaborative care model market revealed that North America is the largest as well as the fastest growing market. Factors such as rising prevalence of chronic diseases, growing geriatric population, strong government support and initiatives for population health management, and higher adoption of digital health drives the market growth.
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 partnerships, new product launches and strategic collaborations to gain competitive advantage in the collaborative care model market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it