The global patient access solutions market projected to grow at a CAGR of 7.6%
NEW YORK, Jan. 15, 2018 /PRNewswire/ -- The global patient access solutions market projected to grow at a CAGR of 7.6%.
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The patient access solutions market is expected to reach USD 1.74 billion by 2022 from an estimated USD 1.21 billion in 2017, at a CAGR of 7.6%. Rising volume of denials owing to regulatory changes and increasing patient liability is majorly driving the growth of the patient access solutions market.
In addition, patient access solutions help to reduce documentation errors related to medical necessity denials and streamlines front-end staff workflow with automated tracking and authorization which in turn is expected to boost the adoption of patient access solutions among healthcare providers. However, factors such as high deployment costs of these solutions and lack of adequate clinicians with advanced IT skills may hinder the adoption of these solutions among healthcare providers
The software segment is expected to register the highest CAGR during the forecast period.
On the basis of product and service, the patient access solutions market is segmented into software and services. The software segment is expected to register the highest CAGR during the forecast period. The high growth in this segment is attributed to the shift toward electronic management of patient access, declining reimbursement rates, and improving affordability in developed countries
The healthcare outsourcing companies segment is expected to grow at the highest CAGR during 2017 to 2022.
Based on end user, the patient access solutions market is segmented into healthcare providers, healthcare IT outsourcing companies, and other end users. The healthcare outsourcing companies segment is expected to grow at the highest CAGR during the forecast period.
Currently, healthcare providers are opting for outsourcing patient access management as outsourcing these procedures helps healthcare providers to focus more on providing quality patient care and stay in tune with the changing dynamics in the insurance industry. Outsourcing patient access management also reduces the cost healthcare providers spent on patient access management which in turn is accelerating the adoption of patient access solutions among outsourcing companies providing patient access management services
APAC is projected to witness the highest growth during the forecast period.
North America held the largest share of the global patient access solutions market in 2016. On the other hand, the Asia Pacific region is expected to witness the highest CAGR during the forecast period. Countries such as Japan, Australia, New Zealand, South Korea, and Singapore are expected to provide significant growth opportunities for players in the market. Factors such as rising medical tourism, adoption of electronic insurance claims processing, and movement towards digitization are the major factors driving the growth of the patient access solutions market in the Asia Pacific region.
Break of primary participants was as mentioned below:
• By Company Type – Tier 1–42%, Tier 2–31% and Tier 3–27%
• By Designation – C-level–30%, Director Level–45%, Others–25%
• By Region – North America–42%, Europe–28%, Asia Pacific–19%, Rest of the World–11%
Some of the prominent players in the patient access solutions market are McKesson (US), Epic Systems (US), Cerner (US), Cognizant (US), Experian (Ireland), Optum (US), Conifer Health (US), The Advisory Board (US), 3M (US), Craneware (UK), The SSI Group (US), ZirMed (US), Cirius Group (US), and AccuReg Software (US).
Research Coverage:
The report analyzes the various patient access solutions and their adoption pattern. It aims at estimating the market size and future growth potential of the global patient access solution market for different segments such as product and service, delivery mode, end user, and region. The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, product offerings, recent developments, and key market strategies.
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them, garner a greater share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies for strengthening the market.
This report provides insights on the following pointers:
• Market Penetration: Comprehensive information on product portfolios offered by the top players in the global patient access solutions market. The report analyzes the global patient access solutions market by product and service, delivery mode, end user, and region
• Product Development/Innovation: Detailed insights on upcoming trends and new product launches in the global patient access solutions market
• Market Development: Comprehensive information on the lucrative emerging regions by product and service, delivery mode, and end user
• Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the global patient access solutions market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and products of leading players in the global patient access solutions market
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