Healthcare Provider Network Management Market Worth USD 5.8 Billion - Focus On Employing Highly Advanced IT Technologies
This report aims to provide detailed insights into the global healthcare provider network management market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.
Key Factors Driving Market Growth:
The implementation of stringent federal mandates in the US, the growing focus on improving the quality of care through the effective use of payer reporting requirements, the need to curtail escalating healthcare costs, and the in-house shortage of skilled personnel are the key drivers of the healthcare provider network management market growth. Rising patient population worldwide and subsequent increase in the burden on healthcare systems will further upsurge the demand for healthcare provider network management solutions.
Revenue Growth Analysis:
The global healthcare provider network management market is expected to reach USD 5.8 billion by 2025 from USD 2.9 billion in 2020, at a CAGR of 14.9%
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61 – Tables
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The healthcare provider network management market includes Tier I and II vendors like Cognizant, Optum, Genpact, Infosys, Atos, and among others. The companies have a large market spread across various countries in North America, Europe, Asia Pacific and Rest of the World. The global COVID-19 outbreak has positively impacted the business to a certain extent. Companies are opting for provider network management infrastructure, as it helps to manage providers’ networks with greater efficiency, processes claims with greater accuracy, and reduces costs and errors while lowering the burden on providers, especially in these times of pandemic.
Opportunities: Advanced data analytics
Owing to the dynamic nature of the healthcare industry, payers face various challenges in maintaining provider networks and managing medical loss ratios. As a result, healthcare payers are increasingly focusing on employing highly advanced IT technologies such as data analytics. With a focus on managing medical loss ratios, it is critical for payers to use data analytics to retain current members and implement effective care management programs.
Payers can use analytics in clustering, optimization, unbiased predictive modeling and propensity-score shaping. Many payers have started using analytics tools, which make extensive use of data, enable statistical and quantitative analysis, and use predictive models to drive better fact-based decision-making. This improves performance in areas such as provider contracting.
Cloud-based delivery mode is projected to grow at the highest CAGR during the forecast period
The healthcare provider network management market is segmented into on-premise delivery mode and cloud-based delivery mode. The cloud-based delivery mode is expected to show high growth rate during the forecast period. The major factors driving the growth of the cloud-based solutions market are comparatively lower capital expenses and operational costs incurred alongside better scalability, flexibility, and affordability.
The Asia Pacific Healthcare provider network management services market to grow at the highest CAGR during the forecast period
While North America is expected to dominate the global healthcare provider network management market in 2020, followed by Europe, the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high regional growth is attributed to the various factors such as the evolution of the healthcare ecosystem, growing burden on the healthcare industry, and increasing government initiatives for HCIT adoption in the region are supporting the growth of the healthcare provider network management market in this region.
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The major players operating in the healthcare provider network management services market include Cognizant (US), Ayasdi, Inc. (US), Change Healthcare (US), Optum, Inc. (US), Genpact Limited (US), Infosys BPM Ltd. (India), Atos Syntel, Inc. (France), Mphasis, Ltd. (India), SKYGEN USA (US), Evolent Health, Inc. (US), OSP Labs (US), HGS Ltd. (India), Virtusa Corp. (US), EXL (US), Vee Technologies (US), symplr (US), Appian (US), Inovalon (US), Wipro Limited (India), and Virsys12, LLC (US).