(PharmaNewsWire.Com, August 12, 2021 ) The Key Growth Elements in Detailed?
The 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.
Worldwide Growth Opportunities in Terms of Revenue:
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%.
Opportunities: Lucrative growth opportunities in emerging markets;
The Asia Pacific region is a highly lucrative market for patient access solutions owing to the implementation of various government initiatives focused on the greater adoption of healthcare IT solutions in China, India, and Australia and the rising government spending on healthcare.
Technological advancements are playing a key role in reforming China’s healthcare system, which is currently facing challenges such as underfunded rural health centers, overburdened city hospitals, and a nationwide shortage of doctors. China is in the midst of reform to provide safe, effective, convenient, and affordable healthcare for both rural and urban residents by 2025. A recent article from China Daily stated that IT investment in the country’s hospital system would reach USD 9.47 billion in 2022, an increase of 53.5% from 2017.
The Asia Pacific Patient Access Solutions 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.
Major Key Players Mentioned in the research report are:
The Patient Access Solutions Market is dominated by a few globally established players such as McKesson (US), Cerner (US), Optum (US), 3M (US) and Experian Plc (Ireland)
McKesson dominated the global patient access solutions market in 2019. McKesson operates through two business segments, which cater to the markets in developed as well as developing countries. The company focuses on strategies such as collaborations, agreements, and partnerships to maintain its market presence. McKesson has a significant global footprint in the US, Canada, Australia, Ireland, New Zealand, and Israel, owing to its strong sales and distribution network. The agreement with Change Healthcare to create a new healthcare information technology company by merging a majority of its McKesson Technology Solutions (MTS) business segment with substantially all of Change Healthcare’s business helped it to strengthen its position in this market.
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