Ottawa, Feb. 16, 2022 (GLOBE NEWSWIRE) -- The global accountable care solutions market size was valued at USD 19.8 billion in 2021. The rapidly rising prevalence of various chronic diseases and growing geriatric population across the globe is resulting in the increased number of hospital admissions. This is creating a huge pressure on the hospitals to provide effective and efficient care services along with cost-effectiveness. The rising demand for reducing the healthcare costs across the hospitals is propelling the growth of the global accountable care solutions market. Moreover, the rising investments in the development of IT and telecommunications infrastructure will have a significant and positive impact on the market growth.
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The adoption of the accountable care solutions is facilitating the hospitals to provide patient-centric care services. The rising government initiatives to equip the healthcare units with advanced automation and digital technologies will propel the growth of the global accountable care solutions market. Furthermore, the growing investments in the development of smart hospitals across various countries are expected to spur the demand for the accountable care solutions.
Report Coverage
| Attributes | Details | |
| Market Size in 2021 | USD 21.51 | |
| CAGR | 8.7% | |
| Base Year | 2021 | |
| Largest Revenue Holder | North America | |
| Fastest Growing Region | Asia Pacific | |
| Companies Covered | IBM Corporation, Aetna, Inc., Cerner Corporation, Mckesson Corporation, UnitedHealth Group, EPIC Systems Corporation, Allscripts Healthcare Solutions, Inc., Verisk Health, Inc., Zeomega Inc., Eclinicalworks, LLC. | |
Report Highlights
- Based on the product, the services segment is estimated to be the most opportunistic market. This is attributed to the rising adoption of the eHealth platforms amongst the healthcare providers and the patients. The rising demand for the implementation, consulting, and education services are estimated to drive the growth of this segment.
- Based on the end user, the providers segment dominated the market in 2020. This can be attributed to the increased government initiatives to promote the adoption of the digital technologies in the hospitals to increase operational efficiency of the hospitals, reduce healthcare costs, and enhance the patient care services.
- Based on the delivery mode, the cloud & web-based segment dominated the global accountable care solutions market in 2020. The increased affordability, easy data storage, data transfer, easy access to data, and easy data management are the major benefits of the cloud & web-based solutions that has fostered its growth across the globe.
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Regional Snapshot
North America dominated the global accountable care solutions market in 2020. This is attributed to the increased government and corporate investments in the digitalization of the hospitals in the region has facilitated the growth of the market. The rising burden of diseases and presence of elderly population in US has resulted in the increased number of hospital admissions. According to the Population Reference Bureau, the number of people aged 65 years and above is expected to reach at 95 million in US by 2060.The healthcare providers and payers need to properly store and maintain data regarding the patients, reimbursements, and payments, which fuels the demand for the accountable care solutions across the region. Moreover, the favorable reimbursement policies has favored the market growth.
On the other hand, Asia Pacific is estimated to be the most opportunistic market during the forecast period. The rising government initiatives to automate and digitalize the hospitals and the development of favorable regulatory framework that favors the adoption of accountable care solutions is expected to drive the growth of the Asia Pacific accountable care solutions market. The increasing prevalence of chronic diseases, rising penetration of the health insurances, and growing demand for the automated technologies in the hospitals are the most prominent drivers of the accountable care solutions market.
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Market Dynamics
Driver
Growing number of accountable care organizations
A rapid increase in the number of accountable care organizations has been witnessed in the past few years. According to the Department of Healthcare Policy and Research, there were more than 700 accountable care organizations in US in 2015 and this number is growing by 100 organizations per year. Therefore, the growing number of accountable care organizations is expected to drive the growth of the global accountable care solutions market during the forecast period.
Restraints
The lack of IT skills among the healthcare professionals
The healthcare professionals lacks in the IT knowledge that forces them to opt for third-party service providers in order to integrate and operate the accountable care solutions in the hospitals. This results the hospitals to incur extra costs, which may hamper the market growth in the forthcoming years.
Opportunity
Adoption of the latest technologies in the accountable care solutions
The introduction of various technologies like artificial intelligence, big data analytics, internet of medical things, internet, and cloud computing is expected to offer various growth avenues to the market players. The integration of these technologies may significantly automate the process and increase efficiency and reduce the operational costs.
Challenges
High cost of the accountable care solutions
The acquisition of the accountable care solutions is an expensive affair. The small and medium size hospitals and clinics faces financial restrictions in the adoption of the accountable care solutions that may restrict the growth of the accountable care solutions market in the upcoming years.
Segments Covered in the Report
By Product
- Healthcare Payer Solutions
- Payment Management Solutions
- Claim Management Solutions
- Provider Network Management Solutions
- Others
- Healthcare Provider Solutions
- EHR
- Healthcare Analytics
- Healthcare Information Exchange
- Population Health Management
- Revenue Cycle Management
- Care Management Solutions
- Patient Engagement Solutions
- Others
- Services
- Consulting
- Implementation
- Education
- Support and Maintenance
By End User
- Payer
- Provider
By Delivery Mode
- Cloud & Web-based
- On-premise
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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