Value-based Healthcare Services Market: Introduction
Value-based health care is a type of service, and the providers, such as hospitals, are paid on the basis of patient experience, cost, efficiency, quality, health outcome of the patient. The cost is lowered due to an increase in pressure to improve care and lower cost by intense competition between the providers. Value-based healthcare services are found to be beneficial to society, suppliers, payers, providers and most importantly, patients. They focus on helping patients recover rapidly and avoid chronic diseases to achieve better health at lower costs. Overall health care spending for society is reduced by value-based health care service. Commonly used value-based health care models are pay for patient-centered medical home, bundled payments, accountable care organization, and performance.
Key Drivers, Restrains, and Opportunities of Global Value-based Healthcare Services Market
- Value-based healthcare services are developing rapidly, which is a major factor that is estimated to drive the global value-based healthcare services market during the forecast period. According to a survey by NEJM Catalyst, approximately 40% of U.S. health care workers think that at some point in the future, value-based reimbursement would be the primary revenue model for the U.S. However, the lack of internet connectivity and desired health care infrastructure in developing countries of Asia Pacific is expected to restrain the global value-based healthcare services market during the forecast period.
- The COVID-19 pandemic is posing a huge challenge to the whole world since 2020. This infection leads to multiple organ failure, pneumonia, severe and acute respiratory disorders and in severe cases, death. COVID-19 has prompted the launch and modification of care delivery to more virtual models. It also has proven the high value of remote monitoring. Providers are monitoring patients’ health status and behaviors via devices and wireless apps more often, instead of visiting the office. Not only is virtual care more convenient and less expensive, but it also flags changes in behaviors or health status in real-time. Currently, issues are addressed immediately instead of waiting for changes to escalate into expensive visits to the emergency room or medical specialists.
- Governments of developing countries are making significant investments to modernize healthcare infrastructure in their respective countries, which is likely to increase access to healthcare. This is expected to increase the demand for value-based healthcare services. An increase in the prevalence of chronic diseases, such as cancer and diabetes, in developing countries presents lucrative opportunities in the global value-based healthcare services market.
North America to Capture Major Share of Global Value-based Healthcare Services Market
- North America is expected to account for a major share of the global value-based healthcare services market due to a rise in the demand among patients for more affordable, convenient, and immediate care. Moreover, well-established healthcare infrastructure and hub for key industry players are major drivers of the value-based healthcare services market in the region.
- The value-based healthcare services market in Asia Pacific is estimated to expand at a rapid pace during the forecast period owing to a rise in providers’ growing business imperative to meet those three patient demands. Moreover, a boom in artificial intelligence and machine learning technologies that power telemedicine capabilities in Asia Pacific is likely to propel the market in the region.
Key Players Operating in Global Value-based Healthcare Services Market
The global value-based healthcare services market is highly concentrated due to the presence of key players. Growth strategies adopted by leading players are likely to drive the global value-based healthcare services market.
Key players operating in the global value-based healthcare services market are listed below:
- Deloitte Touche Tohmatsu Limited
- Siemens Healthcare GmbH
- Veritas Technologies LLC
- McKesson Corporation
- NXGN Management, LLC.
- Koninklijke Philips N.V.
Global Value-based Healthcare Services Market: Research Scope
Global Value-based Healthcare Services Market, by Model
- Accountable Care Organization (ACO)
- Patient-Centered Medical Home (PCMH)
- Pay For Performance (P4P)
- Bundled Payments
Global Value-based Healthcare Services Market, by Deployment
Global Value-based Healthcare Services Market, by Platform
Global Value-based Healthcare Services Market, by End-user
- Insurance Companies
Global Value-based Healthcare Services Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.