Value-Based Care Market: Research Report Overview by Industry Size, Share, Trends, Growth & Leading Players (2021-2027)
As per the research report, Global Value-Based Care Market is expected to reach the market valuation of US$ 7.28 billion by 2027 expanding at a significant CAGR of 20.3% during the forecast period (2021-2027) from US$ 2 billion in 2020. Value-based care is a proactive concept of improving care for patients. With its core based on complete fitness and preventive treatments, value-based care improves healthcare outcomes and reduces costs. The goal of value-based care is to standardize healthcare processes through best practices, as in any business. Here, mining of data and evidence can determine which processes work and which don’t. This forms a foundational cloud-based “care pathway” to help patients get the best results on a virtual platform also. According to “Humana” a healthcare firm, value-based care providers like Ochsner Health, Louisiana’s largest nonprofit health system, saw activity on its virtual care network jump from 3,000 primary care visits a year to 3,000 a day. Also, patients who were seen by physicians in value-based care arrangements collectively spent 211,000 fewer days as hospital inpatients and less time obtaining care in emergency rooms in 2019 compared to those in non-value-based care models. This has increased the demand for value-based care in people as it provides better care at lesser costs. Moreover, the Department of Health & Human Services (HHS) set their target of securing 30% of payments for traditional medicare benefits to value-based payment models by the end of 2016 and 50% by 2018.
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Increasing advancement in value-based healthcare services is a factor behind the tremendous growth of this market. The Healthcare cost curve and excessive health expenditure have been reduced due to value-based healthcare services. According to “UnitedHealth Group”, a US-based health insurance company, which provides value-based payments to healthcare providers has noted the progress of this industry was rising at more than 15% in 2019. It provides incentives to practice supreme quality care while enhancing the effective use of health system resources. Further, in 2018, “Cigna” acquired “Express Scripts” a pharmacy benefit management organization to brings new capabilities and resources to continue their progress towards a value-based care environment. Collaborations in value-based care are earning popularity among the providers as these collaborations allow partners such as medical device manufacturers, payers, and provider organizations to create programs, solutions, and initiatives combined for the benefit of patients and healthcare systems. For instance, in March 2018, “Optum” the health business services arm of UnitedHealth Group, and “HealthBI” announce a partnership aimed at creating an industry-changing operation model for providers to practice and improve value-based care.
Siemens Healthineers, Nextstep Solutions, Athena Health, NXGN Management, LLC, McKesson Corporation, Optum, Oliver Wyman, Baker Tilly, Aetna and, Blue Cross Blue Shield Association are some of the prominent players operating in the global value-based care market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.
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Insights Presented in the Report
“Amongst Models, Accountable Care Organization (ACO) segment holds the major share”
Based on models, the market is fragmented into Accountable Care Organization (ACO), Patient-Centered Medical Home (PCMH), Pay for Performance (P4P), Bundled Payment. The Accountable Care Organization (ACO) segment dominated the market in 2020 as they provide high-quality care to the Patients and managed to reduce the cost of care.
“Amongst Deployment, Cloud-Based segment is anticipated to grow at the highest CAGR during the analyzed period”
Based on deployment, the market is fragmented into cloud-based and on-premises. The cloud-based segment accounted for the major revenue portion in 2020. As, the companies such as Qualcomm Life Inc., Opzoon Technology Co., Ltd., and Fibocom Wireless Inc. are involved in the sales of wireless and cloud-based technology products used in the healthcare industry.
“Amongst Platform, Integrated segment is anticipated to grow at the highest CAGR during the analyzed period”
Based on the platform, the market is fragmented into standalone and integrated. The integrated platform segment accounted for the major revenue portion in 2020. The sector is anticipated to observe significant growth in the upcoming years as when payers and other stakeholders in integration make significant investments, they produce additional profits.
“Amongst End-User, the Providers segment holds the major share”
Based on end-user, the market is fragmented into providers, payers, and patients. The providers' segment is anticipated to observe lucrative growth. As providers are not only concentrating on growing their infrastructure but also trying to improve it. So, that the patients can get easy access to healthcare facilities and cost reduction.
“North America signifies one of the largest markets of Value-Based Care Market”
For a better understanding of the market dynamics of the Value-Based Care market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of APAC), and the Rest of World. North America constitutes a major market for the value-based care industry and generated the maximum revenue in 2020 owing to the presence of key companies and advance healthcare infrastructure with the highest spendings on healthcare.
Value-Based Care Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements