QUALITY HEALTHCARE AT REDUCED COST, DRIVING THE VALUE-BASED CARE MARKET
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 (VBC) is a healthcare delivery program under which providers like hospitals, labs, doctors, nurses, and others are paid based on the healthcare results of their patients and the quality of services provided. The market is expected to grow enormously over the forecast period as companies are resuming their operations and adjusting to the new standard as they recover from the COVID-19 effect, which had previously resulted in restrictive containment measures such as social distancing, remote working, and the suspension of commercial activities, all of which created operational challenges.
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The various factors driving the Value-Based Care market include the alignment of prices with better patient outcomes and reducing the pressure on patients with providing efficient healthcare facilities. Furthermore, higher patient satisfaction rates and better care efficiencies are also anticipated to drive the market. A successful value-based approach for patient’s well-being incorporates more than primary care physicians. It also focuses on certain specialists, providing opportunities to further improve outcomes and reduce costs to the healthcare systems. For instance, as per the “Humana” Medicare Advantage membership report, 67%, or 2.41 million, members seek care from primary care physicians in value-based agreements. Also, on 31st December 2019, 61,900 primary care physicians have value-based relationships with “Humana” where the affiliations include more than 1,000 agreements in 43 states and Puerto Rico.
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COVID-19 pandemic has impacted every business irrespective of their operations. However, the coronavirus has painfully revealed the fee-for-service model’s weakness and unsustainable nature, setting the stage for upcoming years to be watershed years for the widespread acceptance of value-based treatment by providers, insurers, and government agencies. More healthcare organizations have adopted value-based care models in favor of the fee-for-service model, which still dominates the healthcare system across the globe. For instance: According to a national survey conducted by the American Medical Association, medical practice sales have dropped by 32% on average as a result of the public health crisis. At the end of June 2020, almost 58,000 primary care practices were expected to close.
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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.
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.
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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.
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 Patients can get easy access to healthcare facilities and cost reduction.
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Additionally, the report provides detailed initiatives that are being taken in the field of value-based care. The market is classified into distinct regions 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), 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 advanced healthcare infrastructure with the highest spending’s on healthcare.
Some of the major players operating in the market include Siemens Healthineers, Nextstep Solutions, Athena Health, NXGN Management, LLC, McKesson Corporation, Optum, Oliver Wyman, Baker Tilly, Aetna and, Blue Cross Blue Shield Association. Several M&As along with partnerships have been undertaken by these players to expand their operations and reach globally.
Global Value-Based Care Market Segmentation
Market Insight, by Models
- Accountable Care Organization (ACO)
- Patient-Centered Medical Home (PCMH)
- Pay for Performance (P4P)
- Bundled Payment
Market Insight, by Deployment
Market Insight, by Platform
Market Insight, by End-user
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Siemens Healthineers
- Nextstep Solutions
- Athena Health
- NXGN Management, LLC
- McKesson Corporation
- Oliver Wyman
- Baker Tilly
- Blue Cross Blue Shield Association