The value-based healthcare service market is estimated to display an exponential growth rate to reach a valuation of US$ 13.98 Bn by the end of the forecast period in 2031. The increased integration of IT-based services in the global healthcare sector and patient-centered medical processes with mobile applications and real time analytics are major factors that are expected to contribute to developments in the industry for the long-term.
“Value-based health care services have proven beneficial to patients, payers, service providers, and suppliers. These services bring the focus towards helping patients for faster recovery, avoiding chronic ailments to achieve better patient outcomes at lower costs. Providers benefit from increased patient satisfaction and better efficiencies. On the other hand, payers gain better services at lower costs and reduced risk, setting up a favorable environment for growth through the assessment period,” says the FMI study.
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Value-based Healthcare Service Market – Important Takeaways
- Cloud-deployment reflects faster growth owing to easier and faster data access at low costs.
- Hospitals will remain primary end users owing to easy access to capital and frequent infrastructure expansions.
- The United States will hold the lead, supported by a growing demand for controlling healthcare costs.
- China, Brazil and India are high potential markets owing to owing to vast patient population bases.
Value-based Healthcare Service Market – Driving Factors
- Introduction of favorable value-based healthcare reimbursement policies will provide impetus to market developments.
- Easier access to continuous healthcare facilities with in-home services supports adoption rates.
- Government reforms for the real-world evolution of devices and treatment generates opportunities in the industry.
Value-based Healthcare Service Market – Leading Constraints
- High costs are considered as a barrier to the introduction of patient care technologies, especially in developing countries.
- Challenges to interoperability remain a major concern for integration of value-based services to the healthcare sector.
Expected Impact on Market by Coronavirus Outbreak
The covid-19 pandemic is expected to create opportunities for players in the value-based healthcare services market. Significant scope for use of electronic medical data and hospital management services, under the unprecedented burden of the covid-19 pandemic are boosting the use of value-based services by healthcare facilities around the globe.
However, redirection of healthcare resources towards the pandemic has limited access to value-based services for other patients, slowing down adoption rates for the duration of the crisis period. However, demand is likely to rise towards 2021as the number of global covid-19 cases go down and lockdown restrictions are relaxed over time.
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Some of the major players participating in the value-based healthcare service market are Baker Tilly, US, LLC, Siemens Healthcare GmbH, Change Healthcare, Boston Consulting Group, NextStep Solutions, Athena Healthcare, McKesson Corporation, Genpact Limited, and NextGen Healthcare among others.
Leading players in the moderately consolidated value-based healthcare services industry are focused on seeking strategic mergers and acquisitions in addition to major expansion in services portfolios to meet a wider range of patient needs.
In March 2021, Humana has collaborated with the University of Houston to announce the launch of an online program on value-based care specializations aimed towards industry professionals, support providers, and academia, for better understanding of real-world applications of such services. Signify Health Inc. has joined hands with Aspen Physician Network to launch the Episodes of Care programs for mid and large sized employers in the Dallas Fort Worth Region. COEUS Holdings LLC announced the launch of COEUS Solutions LLC to provide technology implementation, IT strategy consulting, integration services, and other value-based functional services for healthcare applications.
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More on the Report
FMI provides in-depth insights on the value-based healthcare service market. The market is segmented in terms of model (accountable care organization, patient-centered medical home, pay for performance, and bundled payments), deployment (on-premise and cloud), and end user (hospitals, clinics, insurance companies, government, and others), across six regions (North America, Latin America, Europe, South Asia & Pacific, East Asia, and Middle East & Africa).
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