Patient Access Solutions Market Is Projected To Reach USD 2.4 Billion By 2025, At A CAGR Of 8.5%
Seeking Alpha Analyst Since 2014
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Summary
- What the Market Looks Like?
- What are Key Trends in the Market?
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.
What the Market Looks Like?
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%. 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.
COVID-19 Impact on the Patient access solutions Market
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.
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What are Key Trends in the Market?
The growth of the Patient Access Solutions Market is primarily influenced by the following factors
- Need to Maintain Regulatory Compliance
- Increasing Patient Volume and Subsequent Growth in the Demand for Health Insurance
- Growing Importance of Denials Management
- Declining Reimbursement Rates
- Rising Need to Curtail Healthcare Costs
Based on product and service, the patient access solutions market is segmented into services and software. The services segment accounted for the largest share of the global patient access solutions market in 2019. The introduction of complex software and the need for system integration are expected to boost the services market in the coming years.
Based on delivery mode, the patient access solutions market is segmented into web and cloud-based solutions and on-premise solutions. In 2019, the web and cloud-based solutions segment accounted for the largest share of the global patient access solutions market. The flexibility of working from remote areas, affordability, and automated updating features are some of the key advantages associated with web and cloud-based solutions.
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