Market Overview –
a CAGR of 16.6 percent is predicted for the global accountable care solutions market from 2016 to 2021, growing from USD 8.75 billion to USD 18.85 billion. Accountable care services are largely responsible for regulating both the quality and the cost of healthcare. Coordinating and delivering high-quality healthcare from doctors to hospitals and other practitioners are the goals of accountable services. A commercially viable accountable care organisation must determine whether or not high-quality healthcare and enhanced proficiency are being provided.
There are other aspects that are handled by accountable healthcare services such as medical imaging, laboratory services and specialisations, hospitalisation and IT support. The quality, cost, and health of the general population must all be taken into consideration when providing accountable care services. As the world’s ageing population grows, so does the number of people suffering from chronic diseases. A patient-centered care environment is being fostered by the government’s numerous plans and directives. Increasingly accountable care organisations are fueling the growth of the Global Responsible Care Solutions Market as well.
To get a piece of the emerging market pie, major corporations are competing. Value-based medicine is becoming increasingly important to the top players in order to gain a competitive advantage, which is expected to generate profitable opportunities over the next few years. Increasingly, businesses are embracing cloud-based models, and this trend is expected to continue for some time to come.
COVID-19 Impact –
Over the last 18 months, virtually every industry on the planet has felt the pinch. As a result of various precautionary lockdowns and other restrictions imposed by governing authorities around the world, their respective manufacturing and supply chain operations were severely disrupted. It’s the same for the global market for Accountable Care Solutions, too.
Since the general economic status of most people has been severely affected by this outbreak, consumer demand has also decreased as individuals are now more inclined to eliminate non-essential expenses from their budgets. The global Accountable Care Solutions market’s revenue trajectory is expected to be negatively impacted by the above-mentioned factors during the forecast period. In light of this, the global market for Accountable Care Solutions is expected to rebound as governments begin to lift the restrictions imposed on their citizens.
Market Dynamics –
Chronic diseases are expected to account for approximately three out of every four deaths worldwide by 2020. Cardiovascular diseases are to blame for more than half of all chronic disease deaths. Around 17.9 million people die each year as a result of cardiovascular disease, according to the World Health Organization (WHO). Also in 2020, there are expected to be 19.3 million new cancer cases and 10 million deaths from cancer. In 2040, the number of cases is expected to rise by 47% from its current level of 26.4 million. Because of this, there is an increasing need for Accountable Care solutions to treat the growing patient population efficiently and effectively.
Electronic Health Records (EHRs) are fueling the demand for Accountable Care Solutions. According to a report by the Pew Research Center, the percentage of Americans using this system is expected to rise from 12.2 percent in 2009 to 89 percent by 2020. Health information exchange systems (HER) in developing countries such as India are also gaining ground as a result of increased government initiatives. Draft legislation for the establishment of a statutory body for the promotion or adoption of electronic health standards was proposed by the Ministry of Health & Family Welfare.
Major Market Developments –
McKesson Intelligence Hub, a new technology platform for enabling interoperability and sharing business intelligence among healthcare applications, was launched in September 2016 by McKesson. Automated reimbursement solutions and payment streamlining will be made easier for customers, partners, and vendors in the healthcare ecosystem as a result of this.
Aetna and Duke Health (US) and WakeMed Health & Hospitals expanded their accountable care partnership in August 2016. (U.S.).
Quality, cost-effective care and improved population health management are two of the primary goals of this partnership.
McKesson purchased HealthQX in July of that year (U.S.). With the addition of HealthQX’s ClarityQx value-based payment technology solution, the company was able to broaden its value-based care offering.
Competitive Landscape –
Due to the presence of both domestic and international firms, the market for accountable care solutions is extremely competitive. Epic System Corporation, Cerner Corporation, Allscripts Healthcare Solutions Inc., United Group Inc., IBM Corporation, NextGen Healthcare, Optum Inc. and Zeomega Inc., Verisk Health, and Mckesson Corporation are a few of the major players contributing to the market’s expansion.
Product launches, acquisitions, and joint ventures are all contributing to the global expansion of the accountable care solutions market. As an illustration,
Key Players –
EPIC Systems Corporation
Allscripts Healthcare Solutions
Epic Systems Corporation
By Type –
By Applications –
By Regions –
Middle East and Africa