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Impact Of Increasing Hospitalization Rates On Provider Lifecycle Management Market Growth Driver: Leading Transformation in the Provider Lifecycle Management Market in 2025
Provider Lifecycle Management Market Size
The market size for provider lifecycle management has seen significant expansion over the last few years. It's projected to increase from $1.84 billion in 2024 to $2.17 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 18.0%. Factors that have shaped this historical growth include regulations and compliance shifts, initiatives for enhancement of healthcare quality, healthcare system globalization, standards for credentialing and accreditation, along with models of value-based care.
The market for provider lifecycle management is predicted to experience substantial growth in the upcoming years. It's projected to increase to $4.16 billion by 2029, with a compound annual growth rate (CAGR) of 17.7%. The expansion during the forecasted timeframe can be largely accredited to the factors such as data analytics and performance metrics, strategies for organizational growth, trends and preferences in the workforce, competition in the healthcare market, and demographic trends among the patient population. Key trends anticipated during the forecast period encompass a priority on sustainability and long-lasting viability, focus on the engagement and experience of providers, amplification of analytics and reporting abilities, transition towards cloud-based provider lifecycle management (PLM) solutions, and the surge in telehealth and remote credentialing.
What Are the Main Catalysts for Growth in the Provider Lifecycle Management Market?
The provider lifecycle management market's growth is predicted to surge forward as hospitalization rates continue to climb. This rate symbolizes the number of individuals in a specified population that require admission to a hospital for treatment within an established time frame. Aging populations, the growing incidence of chronic diseases, and infectious disease outbreaks are among the factors contributing to the rise in hospitalization rates. Within the context of a hospital setting, provider lifecycle management optimizes the management of healthcare professionals' onboarding, credentialing, scheduling, and compliance procedures. To illustrate, the Department of Health in Ireland declared in August 2023 that Northern Ireland's 2022/23 period saw 542,079 inpatient and day case admissions to hospitals. This represents a 6.1% (equal to 31,245 additional admissions) rise compared to data from the 2020/21 period. Therefore, the escalating hospitalization rates are promoting the expansion of the provider lifecycle management market.
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Which Leading Companies Are Shaping the Growth of the Provider Lifecycle Management Market?
Major companies operating in the provider lifecycle management market are 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
What Are the Major Trends Shaping the Provider Lifecycle Management Market?
Key players in the provider lifecycle management industry are concentrating on the creation of innovative tools that leverage models like shared data models to make provider management more seamless. A shared data model offers a uniform system or database that stores, manages, and provides access to information about healthcare providers to various stakeholders within or between entities. For example, RLDatix, a British healthcare technology firm, in May 2023 introduced an Integrated Credentialing and Payer Enrollment Tool. This tool gives automated workflows, real-time status monitoring, and centralized data management. By eliminating the barriers between enrollment and credentialing processes, the tool can decrease costs and increase efficiency. The tool uses a shared data model to provide direct connections between validated practitioner records and payer enrollment activities, reducing duplicate data and improving precision.
What Are the Key Segments of the 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
Subsegments:
1) By Recruitment: Talent Sourcing, Job Matching, Candidate Screening, Interview Scheduling, Onboarding Solutions
2) By Credentialing: License Verification, Background Checks, Certification Verification, Compliance Monitoring, Privileging Management
3) By Online Application: Application Tracking Systems (Ats), Job Portal Integration, Candidate Self-Service Portals, Digital Document Submission, E-Signature Integration
4) By Contracting: Contract Management Software, Contract Negotiation Tools, Electronic Signature Solutions, Compliance And Regulatory Contract Tools, Contract Renewal Management
5) By Data Management: Centralized Data Repositories, Data Security And Privacy Solutions, Analytics And Reporting Tools, Data Integration And Interoperability, Data QualityAnd Validation Services
6) By Finder Services: Provider Search And Matching, Provider Network Management, Credentialed Provider Directories, Real-Time Availability Tools, Geolocation-Based Finder Services
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Which Region Dominates the Provider Lifecycle Management Market?
North America was the largest region in the provider lifecycle management market in 2024. 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.
What Is Covered In The Provider Lifecycle Management Global Market Report?
- Market Size Analysis: Analyze the Provider Lifecycle Management Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Provider Lifecycle Management Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Provider Lifecycle Management Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Provider Lifecycle Management Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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