What This Report Will Provide?
This study involved four major activities for estimating the current size of the Patient access solutions market. Exhaustive secondary research was conducted to collect information on the market and its peer and parent markets. The next step focused on validating these findings, assumptions, and sizing with industry experts across the value chain through primary research. Revenue Share Analysis, Parent Market, and top-down approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the sizes of segments and sub-segments.
Expected Revenue Growth:[207 Pages Report]
The global patient access solutions market is projected to reach USD 2.4 billion by 2025 from USD 1.6 billion in 2020, at a CAGR of 8.5%.
Major Growth Boosters:
Increasing patient volume and subsequent growth in the demand for health insurance, the growing importance of denials management, declining reimbursement rates, increase in the volume of unstructured data in the healthcare industry, and the rising need to curtail escalating healthcare costs are the major factors driving the growth of this market. However, high deployment costs are expected to restrain the growth of this market to a certain extent.
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COVID-19 Impact on the Patient access solutions Market
Coronavirus has spread across 215 countries and territories and affected more than 4.4 million people, with close to 300 thousand deaths. The pandemic has had considerable social and economic ramifications across a variety of industries and sectors. As of 28 October 2020, there have been 44,235,263 reported cases of COVID-19 (Source: Worldometer) from Africa, Asia Pacific, the Americas, Europe, and Oceania. The virus has resulted in 1,171,288 deaths. The true number of infected people would be much higher than the official total, as a large number of cases are asymptomatic and do not undergo testing.
The COVID-19 pandemic has also increased the need for social distancing among physicians and other healthcare professionals, which has driven the demand for patient access solutions and the need for the accurate and timely exchange of patient health records and claims data for patients suffering from chronic conditions. In this regard, software and solutions are effective tools that provide a framework for the exchange, sharing, and retrieval of electronic health information along with claims data with advanced security. These solutions allow a seamless exchange and interpretation of health-related data among healthcare organizations and patients for clinical and financial decision-making.
Recent Developments
- In October 2019, Cerner signed an agreement to acquire AbleVets.
- In July 2019 RxCrossroads by McKesson launched AMP: Access for More Patients, a patient support solution.
- In July 2019, Cognizant and Medidata signed an agreement to develop new solutions for pharmaceuticals
- In April 2019, Experian Health and Change Healthcare partnered.
- In 2017, Optum acquired the healthcare division of The Advisory Board.
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Need to maintain regulatory compliance
In the US, the Patient Protection and Affordable Care Act (PPACA) has led to the restructuring of private insurance, Medicare, and Medicaid systems. In line with these changes, the “Meaningful Use” rules of the American Recovery and Reinvestment Act (ARRA) and Health Information Technology for Economic and Clinical Health Act (HITECH) have mandated the adoption of electronic medical/health records (EMR/EHR) that will increase data interoperability. This will ease data exchange between different healthcare organizations, including providers and payers. This, in turn, would drive the adoption of patient access solutions such as eligibility verification and medical necessity management.
Regional Growth Analysis:
The Asia Pacific market is comparatively new to patient access solutions; however, this region is expected to register the highest growth in the coming years. Countries such as Japan, Australia, New Zealand, South Korea, and Singapore are expected to provide significant growth opportunities for vendors of patient access solutions.
