PUBLISHER: The Business Research Company | PRODUCT CODE: 1436344
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436344
Healthcare provider network management provides a point for access to information about health insurance plans, government regulations, processes, pricing, and other data within the healthcare organization.
The primary types of components in the healthcare provider network management market are network management services and network management software. The network management services market provides access to plans of patient care, pathology report results, and medical and pharmacy claims utilization data. These services encompass network maintenance, device monitoring, and monthly status reporting. Deployment options include on-premises and cloud, serving private payers and public payers.
The healthcare provider network management market research report is one of a series of new reports from The Business Research Company that provides healthcare provider network management market statistics, including healthcare provider network management industry global market size, regional shares, competitors with a healthcare provider network management market share, detailed healthcare provider network management market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare provider network management industry. This healthcare provider network management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
The healthcare provider network management market size has grown rapidly in recent years. It will grow from $4.03 billion in 2023 to $4.72 billion in 2024 at a compound annual growth rate (CAGR) of 17.1%. The growth observed in the historical period can be attributed to the rise of value-based care models, heightened regulatory compliance requirements, the growing complexity of healthcare networks, the delivery of patient-centric care, and market consolidation through mergers.
The healthcare provider network management market size is expected to see rapid growth in the next few years. It will grow to $8.61 billion in 2028 at a compound annual growth rate (CAGR) of 16.2%. The anticipated growth in the forecast period can be attributed to challenges in interoperability, the integration of telehealth, a heightened focus on cybersecurity in healthcare, the implementation of population health management strategies, the shift towards decentralized care, and changes in regulatory and reimbursement models. Major trends expected in the forecast period include the integration of artificial intelligence and automation, the increased demand for data analytics in healthcare, technological advancements in the healthcare sector, the integration of value-based care, and the expansion of telehealth networks.
The healthcare provider network management market is expected to grow due to the increasing geriatric population. The geriatric population, comprising individuals aged 65 and older, has specific healthcare needs associated with aging. Effective network management plays a crucial role in addressing the evolving healthcare demands of the growing elderly population. According to the World Health Organization, the global population aged 60 years and above is projected to increase to 1.4 billion by 2022, compared to 1 billion in 2020. The rising number of elderly individuals necessitates strategic network management to meet their unique healthcare requirements. Hence, the increasing geriatric population is driving the growth of the healthcare provider network management market.
The healthcare provider network management market is expected to experience growth due to the increasing adoption of healthcare IT. Healthcare IT adoption involves the integration and utilization of information technology solutions in the healthcare sector. As healthcare providers undergo digital transformation, there is a growing demand for network management solutions to enhance connectivity, streamline operations, ensure data security, and facilitate the seamless exchange of information among various healthcare entities. According to a report by the Healthcare Information and Management Systems Society (HIMSS) in January 2022, a substantial 80% of healthcare providers had outlined plans to enhance their investments in technology and digital solutions over the next five years. Growing healthcare IT adoption will drive the healthcare provider network management market going forward.
Technological advancement is a key trend gaining popularity. Major market players are directing their efforts towards creating innovative technologies to sustain their positions. For example, in March 2021, Innovaccer Inc., a US-based digital healthcare company, introduced a provider network management solution powered by the Innovaccer health cloud and an integrated platform. This solution assists healthcare payers in enhancing provider network performance, data collection, and analysis, enabling payers to educate and reach out to providers while offering services such as point-of-care alerts to improve quality scores, total cost of care, and member health value.
Major companies are focusing on product innovation, particularly an intelligence solution for healthcare providers to accelerate their digital transformation. An intelligence solution for healthcare providers leverages advanced technologies, data analytics, and automation to optimize decision-making processes and enhance operational efficiency within the healthcare industry. For instance, in March 2022, Icertis, a US-based software company, launched Contract Intelligence (ICI), an industry-first contract lifecycle management (CLM) solution. This product offers a holistic view of risks and obligations in managed care and network contracts, integrating seamlessly with various business systems to enhance visibility and control of contract data. Through automated workflows and post-execution management, ICI streamlines the contracting process, resulting in substantial time and cost savings, reduced risk, and a direct positive impact on the bottom line for healthcare providers in the network management sector.
In January 2022, Centene Corporation, a US-based managed care company, finalized the acquisition of Magellan Health Inc. for $2.2 billion. This acquisition is anticipated to bolster Centene's behavioral and specialty healthcare service portfolio, facilitating the integration of healthcare solutions at lower medical costs. Magellan Health Inc., a US-based provider network management organization, aligns with Centene's strategic objectives.
Major companies operating in the healthcare provider network management market report are Apple Inc., UnitedHealth Group Incorporated, CVS Health Corporation, McKesson Corporation, Cigna Corporation, Centene Corporation, Anthem Inc., Optum Inc., Humana Inc., Aetna Inc., Salesforce Inc., Cognizant, Infosys Technologies Limited, Atos SE, RELX Group PLC, Change Healthcare Technologies Corporation, Virtusa Corporation, Genpact Limited, Amedisys Inc., Mphasis Limited, Evolent Health Inc., Coforge Limited, Arkray Inc., Appian Corporation, OSPLabs, Amwell Inc., Symphony Health AI, Ayasdi Inc., SkyGen Technologies Corporation, Artivatic Data Labs, B. Braun Melsungen AG, Becton Dickinson and Company
North America was the largest region in the healthcare provider network management market in 2023. The regions covered in the healthcare provider network management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the healthcare provider network management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The healthcare provider network management market includes revenues earned by software and services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Healthcare Provider Network Management Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on healthcare provider network management market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for healthcare provider network management ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The healthcare provider network management market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.