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Provider Lifecycle Management Market: Comprehensive Analysis & Strategic Overview
Provider Lifecycle Management Global Market Report 2024
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According to The Business Research Company's, The provider lifecycle management market size has grown rapidly in recent years. It will grow from $1.56 billion in 2023 to $1.84 billion in 2024 at a compound annual growth rate (CAGR) of 17.6%. The growth in the historic period can be attributed to regulatory and compliance changes, healthcare quality improvement initiatives, health system globalization, credentialing and accreditation standards, and value-based care models.
The provider lifecycle management market size is expected to see rapid growth in the next few years. It will grow to $3.53 billion in 2028 at a compound annual growth rate (CAGR) of 17.8%. The growth in the forecast period can be attributed to data analytics and performance metrics, organizational growth plans, workforce preferences and trends, healthcare market competition, and patient population demographics. Major trends in the forecast period include a focus on sustainability and long-term viability, emphasis on provider engagement and experience, expansion of analytics and reporting capabilities, shift towards cloud-based provider lifecycle management (PLM) solutions, and growth in telehealth and remote credentialing.
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Market Drivers and Trends:
The increasing hospitalization rates are expected to propel the growth of the provider lifecycle management market going forward. The hospitalization rate refers to the proportion of individuals in a population who are admitted to a hospital for treatment over a specified period. The increasing hospitalization rates are due to factors such as an aging population, the rising prevalence of chronic diseases, and the impact of infectious disease outbreaks. Provider lifecycle management facilitates efficient management of healthcare professionals' onboarding, credentialing, scheduling, and compliance processes within hospitalization settings. For instance, in February 2023, according to the Canadian Institute for Health Information (CIHI), a Canada-based independent, not-for-profit organization, between 2021 and 2022, Canada experienced nearly 2.9 million acute inpatient hospitalizations, marking an increase from the 2.7 million recorded in the previous year of 2020-2021. Therefore, the increasing hospitalization rates are driving the growth of the provider lifecycle management market.
Major companies operating in the provider lifecycle management market are focused on developing innovative tools that work on models such as shared data models to streamline provider management. A shared data model refers to a unified system or database where information about healthcare providers is stored, managed, and accessed by multiple stakeholders within an organization or across different entities. For instance, in May 2023, RLDatix, a UK-based healthcare technology company, launched an Integrated Credentialing and Payer Enrollment Tool, a solution that offers automated workflows, real-time status tracking, and centralized data management. By bridging the gap between enrollment and credentialing processes, the tool promises to reduce costs and improve efficiency. Through a shared data model, it facilitates direct connections between verified practitioner records and payer enrollment tasks, eliminating duplicative data and enhancing accuracy.
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Major Key Players of the Market:
Broadcom Inc., Infosys Limited, DXC Technology Company, Wipro Limited, Virtusa Corporation, Dassault Systemes SE, PTC Inc., Pegasystems Inc., WNS Limited , Appian Corporation, Hinduja Global Solutions Ltd, Symplr, RLDatix, VerityStream, Unqork Inc., Newgen Software Technologies Limited, Digital Harbor Inc., Simplify Healthcare Technology, Gaine Solutions., Virsys12 LLC, VersionOne
Provider Lifecycle Management Market 2024 Key Insights:
• The provider lifecycle management market size is expected to see rapid growth in the next few years. It will grow to $3.53 billion in 2028 at a compound annual growth rate (CAGR) of 17.8%.
• Impact Of Increasing Hospitalization Rates On Provider Lifecycle Management Market Growth
• Innovative Solutions Driving Efficiency In Provider Lifecycle Management
• North America was the largest region in the provider lifecycle management market in 2023
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