Provider Lifecycle Management: A Leading Driver Behind Impact Of Increasing Hospitalization Rates On Provider Lifecycle Management Market Growth Market Expansion in 2025

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What Will the Provider Lifecycle Management Industry Market Size Be by 2025?
The market for provider lifecycle management has seen a swift expansion in the recent past. The market's size is projected to expand from $1.84 billion in 2024 to $2.17 billion in 2025, a compound annual growth rate of 18.0%. Regulatory and compliance changes, initiatives to improve healthcare quality, global expansion of health systems, standards for credentialing and accreditation, and value-based care models have all significantly contributed to the growth during the historic period.

What's the Long-Term Growth Forecast for the Provider Lifecycle Management Market Size Through 2029?
Expectations are high for significant expansion in the provider lifecycle management market in the coming years, with projections putting its worth at $4.16 billion by 2029, fueled by an impressive compound annual growth rate (CAGR) of 17.7%. This anticipated growth in the forecast period is linked to factors such as data analytics and performance metrics, strategic plans for organization growth, changes in workforce inclinations and trends, competition in the healthcare market, and shifts in patient population demographics. Noteworthy trends anticipated in the forecast period comprise a concentration on sustainability and long-term sustainability, an intensifying spotlight on provider engagement and satisfaction, growth of analytics and reporting abilities, a trend towards cloud-based provider lifecycle management (PLM) platforms, along with a surge in telehealth and remote credentialing.

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What Are the Key Growth Drivers Fueling the Provider Lifecycle Management Market Expansion?
The provider lifecycle management market is projected to grow due to the escalating hospitalization rates. These rates are characterized by the percentage of people in a given population receiving hospital treatment within a fixed timeframe. The surge in hospitalization rates can be attributed to factors like an aging demographic, increasing instances of chronic health conditions, and the effects of infectious disease outbreaks. Provider lifecycle management enables streamlined management of the onboarding, credentialing, scheduling, and compliance processes of healthcare professionals in a hospital setting. For example, The Department of Health, a government department in Ireland, reported in August 2023 that during the 2022/23 period, Northern Ireland witnessed 542,079 inpatient and day case admissions to hospitals. This was an increase of 6.1% (or 31,245 additional admissions) from the 2020/21 numbers. Thus, the uptick in hospitalization rates is fueling the expansion of the provider lifecycle management market.

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What Are the Key Trends Driving Provider Lifecycle Management Market Growth?
Key players in the provider lifecycle management market are concentrating on the creation of cutting-edge tools that function under schemes such as shared data models to enhance provider management. The term shared data model is used to describe a consolidated system or database where the healthcare providers' data is gathered, administered, and accessed by multiple stakeholders within a firm or across various entities. For example, in May 2023, RLDatix, a healthcare technology company based in the UK, introduced an Integrated Credentialing and Payer Enrollment Tool. This tool provides automated workflows, real-time status tracking, and centralized data management. It aims to lower expenses and boost efficiency by connecting the enrollment and credentialing processes. Using a shared data model, it ensures direct interactions between verified practitioner records and payer enrollment tasks, removing redundant data and enhancing precision.

How Is the Provider Lifecycle Management Market Segmented?
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 Companies Are Leading the Charge in Provider Lifecycle Management Market Innovation?
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

Which Regions Are Leading the Global Provider Lifecycle Management Market in Revenue?
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.

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