CHICAGO, Jan. 27, 2021 /PRNewswire/ -- According to the new market research report "Healthcare Provider Network Management Market by Component (Services, Internal, Outsourcing Services, Software), Delivery (On premise and Cloud), End User (Payer, Private, Public Health Insurers), Region (North America, Europe) - Global Forecasts to 2025", published by MarketsandMarkets™, the global Healthcare Provider Network Management Market is expected to reach USD 5.8 billion by 2025 from USD 2.9 billion in 2020, at a CAGR of 14.9%.
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The implementation of stringent federal mandates in the US, the growing focus on improving the quality of care through the effective use of payer reporting requirements, the need to curtail escalating healthcare costs, and the in-house shortage of skilled personnel are the key drivers of the healthcare provider network management market growth. Rising patient population worldwide and subsequent increase in the burden on healthcare systems will further upsurge the demand for healthcare provider network management solutions.
The healthcare provider network management market includes Tier I and II vendors like Cognizant, Optum, Genpact, Infosys, Atos, and among others. The companies have a large market spread across various countries in North America, Europe, Asia Pacific and Rest of the World. The global COVID-19 outbreak has positively impacted the business to a certain extent. Companies are opting for provider network management infrastructure, as it helps to manage providers' networks with greater efficiency, processes claims with greater accuracy, and reduces costs and errors while lowering the burden on providers, especially in these times of pandemic.
Services segment is anticipated to be the fastest growing segment during the forecast period
The market is segmented into services and software, based on the component. The services segment is estimated to command the largest share of the market in 2020, and is projected to register the highest CAGR during the forecast period. Factors such as the reduction in costs, improvement in claims auto adjudication rates, and improvements in operational efficiencies are expected to trigger the demand for provider network management services in the coming years.
Cloud-based delivery mode is projected to grow at the highest CAGR during the forecast period
The healthcare provider network management market is segmented into on-premise delivery mode and cloud-based delivery mode. The cloud-based delivery mode is expected to show high growth rate during the forecast period. The major factors driving the growth of the cloud-based solutions market are comparatively lower capital expenses and operational costs incurred alongside better scalability, flexibility, and affordability.
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The Asia Pacific Healthcare provider network management services market to grow at the highest CAGR during the forecast period
While North America is expected to dominate the global healthcare provider network management market in 2020, followed by Europe, the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high regional growth is attributed to the various factors such as the evolution of the healthcare ecosystem, growing burden on the healthcare industry, and increasing government initiatives for HCIT adoption in the region are supporting the growth of the healthcare provider network management market in this region.
The major players operating in the healthcare provider network management services market include Cognizant (US), Ayasdi, Inc. (US), Change Healthcare (US), Optum, Inc. (US), Genpact Limited (US), Infosys BPM Ltd. (India), Atos Syntel, Inc. (France), Mphasis, Ltd. (India), SKYGEN USA (US), Evolent Health, Inc. (US), OSP Labs (US), HGS Ltd. (India), Virtusa Corp. (US), EXL (US), Vee Technologies (US), symplr (US), Appian (US), Inovalon (US), Wipro Limited (India), and Virsys12, LLC (US).
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