Governments are putting more emphasis on enhancing primary healthcare and educating people about digital health. In recent years, there has been a transition from volume-based to value-based care, which is anticipated to be important for the market growth of value-based healthcare services. A Future Market Insights (FMI) report predicts that the market would surpass US$ 2.09 Bn in 2021. Numerous industrialized and developing nations have already made investments in value-based healthcare services as a result of the epidemic and in general.
The demand for value-based healthcare services is growing due to government measures forcing healthcare service providers to rely on value-based care. Value-based care is at the forefront of many nations’ upcoming medical policies and therapies. For instance, the U.S. government is implementing a value-based care approach nationwide to address a patient’s entire health instead of only responding to disease symptoms.
Value-based healthcare services will spread more widely as a result of their cloud-based implementation. According to FMI, throughout the forecast period, the cloud-based deployment category is estimated to hold a 61 percent share of the global market.
Key Takeaways of Value-Based Healthcare Services Market Study
- FMI has predicted the global value-based healthcare services market to rise at a CAGR of ~21% between 2021 and 2031
- Backed by the presence of highly advanced healthcare infrastructure, the U.S. is expected to account for 64% of sales in North America
- Rising aging population will enable the U.K. to exhibit 24.4% y-o-y growth in 2021
- The demand for advanced healthcare services will boost growth opportunities in France and Germany
- Government initiatives aimed at improving patient care will fuel demand in China, Japan, and South Korea
COVID-19 Pandemic Impact Analysis
Due to the ongoing COVID-19 epidemic, health worries are growing throughout the world and have a huge influence on business, especially when it comes to providing healthcare services. In 2020, there will be less demand for value-based healthcare services due to the COVID-19 epidemic. Due to a quick transition to a remote-first workforce as a result of the COVID-19 epidemic, cloud service providers are taking extra steps to accommodate client demand for cloud usage.
According to projections, about 70% of CIOs concur that “cloud services” would become a priority in 2020, and they anticipate that on-premises workloads will decline to 35% in 2021 from nearly 60% in 2019. If this pattern holds, market revenue for public cloud services is predicted to grow by 1.6X between 2019 and 2021. The value-based healthcare service market is expected to pick up steam by the second half of 2021.
Assembled Deployment of Solutions to Enhance Market Attractiveness
The market for wearable devices is predicted to increase significantly, creating more chances for IoT integration in the healthcare industry to create better solutions for patient monitoring and diagnostic needs. the connection of IoT in healthcare to the network infrastructure in homes and workplaces using different connectivity platforms such as Bluetooth, RFID, ZigBee, and HomeRF.
In this approach, the system’s IoT sensor capacity can grow and the system’s remote access range can be extended. A company that offers well-managed IoT services and solutions can concentrate on a healthcare institution holistically and choose the best end-to-end strategy. This strategy can encompass deployment, logistics, network management, device management, connection, and deployment processes for the provider.
Who is winning?
Deloitte, Siemens Healthcare GmbH, NextStep Solutions, McKesson Corporation, NextGen Healthcare, Genpact Limited, Athena Healthcare, Boston Consulting Group, and others are a few of the top companies active in the sector.
More Valuable Insights on Value-Based Healthcare Services Market
Future Market Insights’ most recent report provides an objective overview of the global market for value-based healthcare services, including historical data from 2016 to 2020 and projections for the years 2021 to 2031. The market for value-based healthcare services is divided into six key geographic segments based on model (Accountable care organization (ACO), Patient-centered medical home (PCMH), Pay for performance (P4P), Bundled payments), deployment (cloud, on-premise), and end-user (hospitals, clinics, insurance companies, government, and others) to better understand the opportunities in the market.