Published Date : 23 Jan 2023
The global accountable care solutions market size was reached at USD 23.38 billion in 2022 and is expected to touch around USD 45.6 billion by 2030 with a noteworthy CAGR of 8.7% during the forecast period 2022 to 2030.
Accountable care solutions refer to providing high-quality care to Medicare patients. Groups of doctors, hospitals, and other healthcare providers give care to Medicare patients. These solutions offer patients with the right care at the right time. It avoids unnecessary service duplication and prevents medical errors. Healthcare organizations are facing pressure to provide cost-effective personalized care. The healthcare industry is undergoing a transformation now. The need for higher-quality care is increasing.
Accountable care solutions promote innovation and coordination. It enhances the cost-efficiency and quality of healthcare delivery systems. It also maintains communication between patients and healthcare providers. It also helps with patient engagement, HIE interoperability, clinical data repository, terminology mapping, and EHR incorporation. Integrating information technology in the healthcare industry facilitates accountable care solutions. It helps to improve the safety of care delivery systems and quality of care and increases cost-effectiveness.
It improves healthcare facilities given to patients. It manages the quality and cost of healthcare. It coordinates and provides advanced quality health care from physicians to hospitals to other clinicians. It enables hospitals to use their current systems and workflows and helps in the aggregation of disparate Electronic Health Record (EHR) data. The governments are investing in developing fully facilitated hospitals for patients.
The global accountable care solutions market is majorly driven by the increasing focus on providing patient-centered affordable care. In line with this, the rising requirement to abide by regulatory guidelines and the growing government initiatives for eHealth significantly contributes to market growth. The high return on investment and the need to manage increasing healthcare costs positively influence market growth. The surging need to reduce hospital stays, remove duplication of services, and prevent healthcare errors catalyze market growth.
The transition of the healthcare industry from a patient-centered healthcare model to a data-driven model propels market growth. The need to improve patient experience and the quality of care favors market growth. The doctors communicate about the patient’s needs. It saves time and costs associated with treatment. The rapid adoption by various healthcare institutions, self-insuring employers, and insurance companies strengthens the market growth.
The need for these solutions to offer high-quality services boosts the overall market growth. The increasing number of accountable care organizations and the rising initiatives of the governments to promote accountable care solutions bolster market growth. The Hospitals and healthcare institutions collaborated during the COVID-19 pandemic to provide healthcare delivery to patients. It helped to improve financial outcomes, cost containment, resource allocation, and data prevention. Rapid integration of digital and advanced technologies across the healthcare industry worldwide drives market growth.
The increasing demand for efficient and cost-effective care stimulates market growth. The increasing government initiatives to digitalize hospitals with advanced technologies and the surging government focus on promoting patient-centric care drives the global market growth. The growing geriatric population, rising prevalence of chronic conditions, integration of advanced technologies, and high healthcare expenditure boost the overall market growth.
The emergence of the latest technologies, such as the internet of things, big data, internet, cloud computing, and artificial intelligence, creates a positive outlook for the market. The rising number of hospital admissions, increasing healthcare costs, automation of the healthcare system, and the rapid adoption of eHealth platforms amongst healthcare providers and patients accelerated the market growth. The heavy investments in the development of smart hospitals drive market growth.
The rising demand for personalized medicines and personalized care positively influences market growth. Improving access to healthcare facilities drives the growth of the global accountable care solutions market.
Accountable Care Solutions Market Report Scope
|Market Size in 2022||USD 23.38 Billion|
|Market Size by 2030||USD 45.6 Billion|
|Growth Rate from 2022 to 2030||CAGR of 8.7%|
|Forecast Period||2022 to 2030|
|Segments Covered||BY Route of Administration, By End User, By Application|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
Based on the region, North America dominated the market and accounted for the largest revenue share due to the increased adoption rate of automation and advanced digital solutions. The increasing burden of diseases, rising healthcare expenditure, growing geriatric population, and the surging demand for efficient and quality care services positively influence regional market growth. The adoption of telehealth catalyzes market growth.
On the other hand, Asia Pacific is expected to witness a promising CAGR in the coming years due to the presence of a huge population, growing geriatric population, development of advanced healthcare infrastructure, high healthcare expenditure, and rapid adoption of eHealth platforms. The heavy investments in developing the IT and telecommunications infrastructure propel the market growth across the region.
Driver: Increasing number of accountable care organizations
The increasing number of accountable care organizations significantly contributes to global market growth. In line with this, implementing favorable government regulations positively influences market growth. Furthermore, the need to shift the risk burden from healthcare payers to providers catalyze market growth. The rising need to reduce healthcare costs and the emergence of big data capabilities propel market growth.
The growing geriatric population and the surging burden of Chronic diseases boost the overall market growth. The majority of elderly people are prone to getting other illnesses and diseases. Those above the age of 65 need medical care and supervision. Healthcare analytics, cloud storage, EHRs, claims management, population health, care management, and applications are part of accountable care solutions. Developing IT and big data capabilities create a positive outlook for the market.
The introduction of advanced technologies, such as the internet of medical equipment, artificial intelligence, data analytics, and cloud computing, propelled market growth. Implementing favorable government regulations and initiatives to promote patient-centric care boost market growth. The increase in the number of accountable care organizations bolsters market growth.
Opportunity: Rapid technological advancements
The emergence of IT and big data capabilities offers numerous opportunities for market growth. The rise in the prevalence of various disorders and the rise in the geriatric population catalyze market growth. The high growth in the burden of chronic diseases positively influences the market growth. The focus on value-based medicine and the uptake of cloud-based models propel the market growth.
The increasing need to reduce healthcare costs and the connectivity of advanced technologies offers lucrative opportunities to the market players. The rising occurrence of chronic diseases and the rapid adoption of electronic health records strengthen the market growth. The government initiatives for eHealth bolster market growth.
Restraint: Rising concerns regarding data security
The increasing concerns regarding data security and privacy restrict the accountable care solutions market growth. The lack of interoperability further hampers the market growth. The high investment required for advanced Healthcare infrastructure impedes market growth. The low use of internet solutions and lack of in-house IT familiarity limits the global accountable care solutions market growth.
Challenge: Reluctance to adopt accountable care solutions
Healthcare providers are reluctant to adopt accountable care solutions, which challenges market growth. Furthermore, the lower reimbursement rates within the value-based care model hamper the market growth.
Major Key Players:
By End User
By Delivery Mode
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