What Is The Scope Of The Global Provider Lifecycle Management Market?
Provider lifecycle management is the comprehensive process of managing healthcare providers' credentials, compliance, and performance throughout their entire tenure with a healthcare organization. Provider lifecycle management ensures streamlined processes for hiring, credentialing, and managing healthcare providers.
Provider Lifecycle Management Global Market Report 2024 provides data on the global provider lifecycle management market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Provider Lifecycle Management market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Expected Annual Growth Rates And Market Size Estimates For The Global Provider Lifecycle Management Sector?
The provider lifecycle management market size has grown rapidly in recent years. It is anticipated to increase from $1.56 billion in 2023 to $1.84 billion in 2024, with a compound annual growth rate (CAGR) of 17.6%. This historical growth can be attributed to regulatory and compliance changes, healthcare quality improvement initiatives, health system globalization, credentialing and accreditation standards, and value-based care models. Looking ahead, the market is expected to grow to $3.53 billion by 2028, with a CAGR of 17.8%. This forecasted growth is driven by data analytics and performance metrics, organizational growth plans, workforce preferences and trends, healthcare market competition, and patient population demographics. Key trends expected include a focus on sustainability and long-term viability, emphasis on provider engagement and experience, expansion of analytics and reporting capabilities, a shift towards cloud-based provider lifecycle management (PLM) solutions, and growth in telehealth and remote credentialing.
Which Factors Are Boosting Growth In The Provider Lifecycle Management Market?
The increasing hospitalization rates are projected to boost the growth of the provider lifecycle management market. Hospitalization rates, reflecting the proportion of individuals admitted to hospitals for treatment, are rising due to factors such as an aging population, increased chronic disease prevalence, and the impact of infectious disease outbreaks. Provider lifecycle management supports the efficient handling of healthcare professionals' onboarding, credentialing, scheduling, and compliance processes in hospital settings. For instance, in February 2023, the Canadian Institute for Health Information reported that Canada had nearly 2.9 million acute inpatient hospitalizations between 2021 and 2022, up from 2.7 million in 2020–2021. Thus, increasing hospitalization rates are driving the growth of the provider lifecycle management market.
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What Key Areas Define The Segmentation Of The Global Provider Lifecycle Management Market?
The provider lifecycle management market covered in this report is segmented –
1) By Solutions: Recruitment, Credentialing, Online Application, Contracting, Data Management, Finder Services
2) By Deployment: On-Premises, Cloud-Based
3) By End User: Hospitals, Laboratories, Clinics, Ambulatory Surgery Centers
How Are Emerging Trends Reshaping The Dynamics Of The Provider Lifecycle Management Market?
In the provider lifecycle management market, companies are developing tools based on shared data models to improve provider management. A shared data model is a unified system where information about healthcare providers is stored and managed, allowing access by various stakeholders. For example, in May 2023, RLDatix, a UK-based healthcare technology firm, launched an Integrated Credentialing and Payer Enrollment Tool. This tool offers automated workflows, real-time status tracking, and centralized data management, bridging enrollment and credentialing processes to reduce costs and increase efficiency. It leverages a shared data model to connect verified practitioner records with payer enrollment tasks, minimizing redundant data and improving accuracy.
Which Region Has The Fastest Expansion In The Provider Lifecycle Management Market?
North America was the largest region in the provider lifecycle management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the provider lifecycle management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
