|Market Size in 2020||Market Forecast in 2028||CAGR (in %)||Base Year|
|USD 2.35 Billion||USD 9.26 Billion||18.7%||2020|
Value-Based Healthcare Services Market
The Value-Based Healthcare Services Market accounted for USD 2.35 Billion in 2020 and is expected to reach USD 9.26 Billion by 2028, growing at a CAGR of 18.7% from 2021 to 2028.
Value-based healthcare is a type of payment service which are offered to the providers such as hospitals for providing excellent patient experience, quality care facilities, and cost efficiency among others. These services are found to be extremely beneficial for both providers and payers. It is helping to create an efficient healthcare sector as the overall unnecessary spending on the sector reduces and quality improves.
The covid-19 pandemic has led to a tremendous shift in the healthcare sector. As the world was hit by the wave of coronavirus, the recognition and need to deploy quality healthcare for each and everyone has increased a lot. The pandemic has led to a boost in the global market and with the situation not seeming to improve the growth of the value-based healthcare market is huge.
There are various factors leading to the growth of the value-based healthcare market. As more countries are developing, they are focussing on quality healthcare that can be provided to the residents. The people are also becoming more aware and conscious of the healthcare and facilities which are being provided to them. As new illnesses and long-term diseases are rising up, a new good and quality healthcare system has become the need of the hour.
The Accountable Care Organization (ACO) segment held a share of over 12% in 2020. There are different models through which value-based healthcare services can be adopted. For instance, an Accountable Care Organization (ACO) is one of the types where a group of doctors, hospitals, and other healthcare providers, come together voluntarily to give coordinated high-quality care to their Medicare patients. Patient-Centered Medical Home (PCMH), Pay For Performance (P4P), and Bundled Payments form the model segment.
There are a lot of areas where value-based healthcare may be adopted. Hospitals constitute a significant portion of this, as the services are installed and regulated here. With hospitals focusing on not only expanding their infrastructure but improving it, the demand for advanced technologies is expected to rise. Thanks to digitization, hospitals are capable of accommodating millennial models to offer improved patient care. The government also uses the services in order to provide quality to the residents.
North America has a structured and organized healthcare sector. The demand for quality healthcare facilities has grown significantly over a period of time, as it leads the market for several years. However, it has now been slowly falling under the maturity period due to the utilization of resources. Thus, growth in the region may not be prominent in the coming years. But it may continue to be one of the major users of the market.
The Asia Pacific region is projected to grow at a CAGR of around 16% over the forecast period. The Asia Pacific is expected to be the fastest-growing region in the value-based healthcare services market. The developing region has invested in the healthcare sector due to the increasing demand. People also are being conscious of the healthcare facilities being provided to them. There are a lot of government-supported policies which may act as a catalyst for the growth of value-based healthcare services in the region.
|Report Attributes||Report Details|
|Report Name||Value-Based Healthcare Services Market Report|
|Market Size in 2020||USD 2.35 Billion|
|Market Forecast in 2028||USD USD 9.26 Billion|
|Growth Rate||CAGR of 18.7%|
|Number of Pages||160|
|Key Companies Covered||Siemens Healthcare GmbH, Veritas Technologies LLC, Genpact, McKesson Corporation, NXGN Management LLC., 3M, Koninklijke Philips N.V., NextStep Solutions, and Athena Healthcare, among others.|
|Segments Covered||By Model, By Deployment, By End Use, and By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Historical Year||2016 to 2020|
|Forecast Year||2021 - 2028|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
Some of the key players in the value-based healthcare services market are
These companies adopt various strategies in order to boost their presence and capitalization. For instance, Siemens Healthcare GmbH, a leading company in the market, focuses on continuously innovating the core business, expanding its diagnostic offerings as well as taking a leading role in supporting clinical decision-making based on artificial intelligence.
The value-based healthcare services market is segmented as follows:
The value-based healthcare services market was valued at USD 2.35 Billion in 2020.
The value-based healthcare services market is expected to reach USD 9.26 Billion by 2028, growing at a CAGR of 18.7% between 2021 to 2028.
Some of the key factors driving the value-based healthcare services market growth are, as countries are developing, they are focussing on quality healthcare which can be provided to the residents and people are also becoming more aware and conscious of the healthcare and facilities which are being provided to them.
The North America region held a substantial share of the value-based healthcare services market in 2020. This is attributable to the increasing demand in the U.S. The adoption rate of cloud-based data management services is very high in the region.
Some of the major companies operating in the value-based healthcare services market are Siemens Healthcare GmbH, Veritas Technologies LLC, Genpact, McKesson Corporation, NXGN Management LLC, 3M, Koninklijke Philips N.V., NextStep Solutions, and Athena Healthcare, among others.