PUBLISHER: DataM Intelligence | PRODUCT CODE: 1063165
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1063165
The Global "Accountable Care Solutions Market" is Expected to reach at a CAGR of XX% during the forecast period (2021-2028).
Accountable Care Organizations (ACOs) represent a shift in reimbursement from procedure-based, fee-for-service reimbursement to fee for quality, disease, and condition-based reimbursement with case-by-case capitated payments to healthcare delivery organizations. Accountable care solutions facilitate the collection of disparate Electronic Health Record (EHR) data while allowing healthcare providers to continue using their existing systems and workflows. Accountable Care Solutions' key solutions include healthcare analytics, claims management, electronic medical records, and care management solutions.
The potential for accountable healthcare to reduce costs while fostering patient-centered, affordable treatment is gaining traction. Some of the important factors driving the accountable care solutions market development include the rising requirement to conform to regulatory guidelines, high return on investment, government initiatives for eHealth, and the rising need to limit rising healthcare expenses.
Increase in prevalance of chronic diseases in the market will drive the market growth
The global geriatric population is growing, which has resulted in a large increase in the number of chronic Diseases. The government's many plans and directives are fostering a patient-centered care environment. In addition, the expansion of the Responsible Care Solutions Market is being fueled by a rising number of accountable care organizations. The major firms are competing for a piece of the emerging market pie. Top players are expanding their attention on value-based medicine to gain a competitive advantage, which is expected to generate profitable prospects during the projected period. The adoption of cloud-based models is increasing rapidly, and it is expected to continue to grow and bring interesting opportunities in the future.
Chronic diseases are expected to account for roughly three out of four deaths worldwide by 2020. Cardiac diseases are responsible for nearly half of all chronic disease deaths. According to the World Health Organization (WHO), cardiovascular diseases are the leading cause of death worldwide, accounting for approximately 17.9 million deaths each year. Furthermore, in 2020, an estimated 19.3 million new cancer cases and 10 million cancer-related deaths were recorded. The number of cases will reach 28.4 million by 2040, a 47 percent increase from 2020. As a result, there is a greater demand for Accountable Care solutions to provide efficient treatment to the growing patient population.
The growing use of Electronic Health Record (EHRs) is propelling the market for accountable care solutions. For instance, in the United States, penetration of this system is expected to increase to more than 89 percent by 2020, up from 12.2 percent in 2009. Furthermore, increased government initiatives in developing countries such as India increase the adoption of HER systems in the healthcare sector. The Ministry of Health and Family Welfare inaugurated a bill in parliament to create the Digital Health Information in Healthcare Security Act (DISHA) as a statutory body to promote or adopt e-Health standards. Furthermore, the National Institution for Transforming India proposes creating a digital framework known as the National Health Stack (NITI Aayog).
Patient-centered care ensures that patients and other stakeholders involved in the treatment are included in decision-making. The technologies are designed to transfer tailored data and interactions triggered by the patient, which both the patient and the physician may handle. The government distributes payments to healthcare providers depending on the quality, cost, and safety of the service they offer. The superior technology and infrastructure support created around healthcare for seamless data flow aids in speedy decision making and cost reduction. Patient-centered care enables the underlying driving costs of each allotted resource to be identified.
The adoption of cloud-based models is increasing rapidly, which is expected to fuel the target market growth and provide exciting opportunities in the years ahead. Cloud analytics enables ACOs to combine data from various sources, allowing them to improve treatment while lowering total costs.Furthermore, the growing demand for healthcare analytics and electronic health records in the healthcare industry and the widespread adoption of cloud computing in various industries are expected to boost the target industry's growth in the forecasted year. This contributes to the growth of the global accountable care solutions market.
Rising Concerns Regarding Data Security is likely to hamper the market growth
The total number of healthcare breaches in the United States increased by 55.1 percent, from 386 in 2019 to 599 in 2020. In 2020, hacking and other information technology incidents accounted for 67.3 percent of data security breaches, affecting over 24.1 million people. Furthermore, it took an average healthcare provider 236 days to fully recover from a data breach, costing the organization more than $13.2 billion. The primary causes of the increase in the number of breaches were the increasing use of cloud-based systems in healthcare and instances of IT staff working remotely during the pandemic.
The ongoing COVID-19 epidemic is a global health emergency wreaking havoc on communities, industries, businesses, and people's lives. The immediate and direct impact of COVID has resulted in the loss of millions of lives and a significant increase in healthcare costs. Medical monitoring and safety reporting are crucial because various potential treatments were attempted before vaccine development and are also being used to treat the coronavirus-induced infection. The COVID-19 pandemic's continued spread has caused significant concern in the medical community. During the pandemic crisis, all medical healthcare providers encountered significant financial and operational hurdles. Before the COVID-19, accountable care organizations (ACOs) were utilized to save Medicare costs by bridging the gap between providers and data. The transition to telemedicine and remote workforces places a greater emphasis on identity management and security protocols. As a result, COVID 19 is projected to impact the market for accountable care solutions.
The cloud based segment is expected to grow at the fastest CAGR during the forecast period (2021-2028)
It is divided into two types of deployments: on-premise and cloud-based. Due to the increasing popularity of cloud platforms, the cloud-based category is predicted to grow faster during the projection period. The market is being driven by the growing use of cloud analytics, which allows businesses to incorporate data from various sources. The accountable care organizations were established to improve care while also lowering rising costs. Cloud-based solutions are a newer option usually employed by companies that do not have the necessary internal infrastructure to support them. The cost of installing this software is less than that of other systems. Furthermore, these programs eliminate the need for in-house maintenance, which is likely to be the primary driver of their rising popularity. Because all information (study protocols, patient data, outcomes, and so on) is stored in a single place and managed by a third-party service provider, cloud-based systems are excellent for detailed, multisite clinical studies.
Its cloud-based distribution strategy greatly enhances the software's scalability (pay-as-you-go storage utilization). It eliminates departmental silos of clinical information, simplifying and consolidating storage resources to minimize costs and improve workflow. The increasing adoption of these platforms is driving the industry by pharmaceutical corporations and contract research organizations. Cloud-based solutions offer remote data access, real-time data tracking, and a less complex physical ecology.
Large, well-known vendors are making forays into the cloud sector. To support the quality of patient care, the cloud infrastructure also provides true disaster recovery and business continuity solutions. As a result, cloud-based solutions are likely to rise rapidly in the industry.
Furthermore, the market for accountable care solutions is likely to benefit from increased demand for healthcare analytics and electronic health records in healthcare and the widespread adoption of cloud computing across numerous industries.
North America region holds the largest market share of global accountable care solutions market
North American region is likely to display positive market trend owing to technology improvements and the significant demand for managing big data generated by hospitals and other healthcare institutions, the healthcare infrastructure .The government in the United States wants all hospitals to adopt an accountable care model that helps align all physicians across care settings. This methodology allows for cost-effective care while also improving population health.
Furthermore, as software for data administration becomes more widespread, labor is reduced, resulting in higher adoption of responsible care solutions. As a result, the increased demand for innovative technologies across several sectors will likely boost the market's growth.
The accountable care solutions market is highly competitive with presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Epic System Corporation, Cerner Corporation, Allscripts Healthcare Solutions Inc, United Group Inc, IBM Corporation, Next Gen Healthcare, Optum Inc, Zeomega Inc, Verisk Health, Mckesson Corporation.
The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the accountable care solutions market globally. For instance,
In March 2020, The acquisition of OTTO Health by NextGen Healthcare, Inc. has been completed. The acquisition of OTTO Health will allow for the integration of virtual care across the NextGen Healthcare platform, allowing patients and clinicians to experience a new level of care without interrupting their normal workflow.
In July 2019, Many improvements in healthcare organizations have resulted from Epic's cooperation with Connected Care Health Services. These firms are working to improve the quality of care in hospitals and clinics by combining genomic data with AI-based predictive algorithms.
In July 2019, The accession of DaVita Medical Group by Optum has been finalized. Over the last 20 years, DaVita has become the largest provider of renal care services in the United States. DaVita is dedicated to developing innovative, patient-centered care models, integrating cutting-edge technology, and advancing toward integrated care for all.
Verisk Analytics Inc
Overview: Verisk Analytics, Inc., based in Jersey City, New Jersey, is an American global data analytics and risk assessment organization with customers in the insurance, natural resources, financial services, government, and risk management sectors. Predictive analytics and decision support consultations in fraud prevention, actuarial science, insurance coverage, fire protection, disaster and weather risk, and data management are provided using unique data sets and industry experience.
DxCG Risk Solutions 3.0: DxCG Risk Solutions 3.0 is a set of risk adjustment and predictive modeling technologies that help businesses assess, anticipate, manage, and reduce healthcare risk and costs for commercial, Medicare, and Medicaid patients.
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Service Providers/ Buyers
Industry Investors/Investment Bankers
Education & Research Institutes
Research Professionals
Emerging Companies
Manufacturers
Global Accountable Care Solutions Market- By Product & Services
Electronic Health/Medical Records
Healthcare Analytics
Revenue Cycle Management Solutions
Claims Management Solutions
Payments Management Solutions
Support and Maintenance Services
Others
Global Accountable Care Solutions Market- By Deployment
On-premise
Web based
Cloud based
Global Accountable Care Solutions Market- By End User
Healthcare Providers
Healthcare Payers
Global Accountable Care Solutions Market- By Region
North America
Europe
Asia-Pacific
Middle East & Africa
South America
Global Accountable Care Solutions Market - Methodology and Scope
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