Provider Lifecycle Management Market Expansion 2024-2033: Growth Drivers and Dynamics

Jul 19, 2024 - 19:39

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Provider Lifecycle Management Market Expansion 2024-2033: Growth Drivers and Dynamics

The provider lifecycle management from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Provider Lifecycle Management Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size -
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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Scope Of Provider Lifecycle Management Market
The Business Research Company's reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Provider Lifecycle Management Market Overview

Market Drivers -
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.

Market Trends -
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.

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

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Regional Insights -
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.

Key Companies -
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

Table of Contents
1. Executive Summary
2. Provider Lifecycle Management Market Report Structure
3. Provider Lifecycle Management Market Trends And Strategies
4. Provider Lifecycle Management Market – Macro Economic Scenario
5. Provider Lifecycle Management Market Size And Growth
…..
27. Provider Lifecycle Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix