Accountable Care Solutions Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Accountable Care Solutions Market Analysis

The Accountable Care Solutions Market size is estimated at USD 2.24 billion in 2024, and is expected to reach USD 3.76 billion by 2029, growing at a CAGR of 10.92% during the forecast period (2024-2029).

The pandemic affected the market. During the COVID-19 pandemic, patient portals and their message platforms allowed remote access to health care, and an increased portal messaging utilization by patients to address healthcare issues about COVID-19 (in particular, symptoms, self-assessment, and tests and results) has been seen during the pandemic, as stated in the research article published in the National Library of Medicine in May 2022. Additionally, in February 2022, DC Health launched a web-based portal, 'Digital Vaccine Record (DVR),' that gives district residents secure, easy, and free access to their official COVID-19 vaccination records. DVR is an official electronic vaccination record drawn from the District of Columbia's Immunization Information System (DOCIIS), is accessible on smartphones, tablets, and laptops, and includes a QR code. When scanned by a SMART Health Card reader, it displays the same information as the paper vaccine card provided by the Centers for Disease Control and Prevention (CDC).

Thus, new portals and services launched by the government and private sectors for various purposes during the pandemic are other factors that are expected to contribute to the accountable care solutions market growth over the forecast period.

Factors such as the emergence of big data in healthcare, government regulations, and initiatives to promote patient-centric care, and increasing demand to curtail healthcare costs are expected to increase market growth during the forecast period. As per the data updated by the Information Services Group in January 2022, new business models are currently emerging that encourage the payers and providers to improve collaboration among them. Additionally to run effective care management, claims information is insufficient, thus, the payers need to integrate clinical data, lab data, etc., which means they need a flexible, and external-focused operating model. So, payers and providers are expected to focus more on working collaboratively and developing electronic health records and patient portals. This is expected to lead the payers to adopt more accountable care solution approaches that will benefit both. Additionally, per the current regime insurers are required to get prior approval for launching a new product. But in June 2022, the Insurance Regulatory and Development Authority of India (IRDAI) extended the 'Use and File' procedure for all the health insurance products and almost all the general insurance products under the health insurance business. This is anticipated to require digitization in healthcare systems to gather patient data and the need for accountable care solutions will increase, driving the market growth.

Furthermore, the strategic activities of healthcare payers in the market are increasing by the day. This is anticipated to drive market growth over the forecast period. For instance, in April 2022, health action company Icario launched a program called Digital Bridge, which aims to help Medicaid and Medicare plans improve broadband access and digital literacy for members. This program will leverage Icario's expertise in personalized health communications to create a plan to ensure that members are able to access available resources for low-cost or free broadband. Such plans are expected to enhance the market growth over the forecast period. Similarly, in October 2021, Cerner Corporation launched Cerner RevElate. As part of an effort to better match Cerner's potent research and development resources with those solutions most required by caregivers around the world, Cerner invested in advancing patient accounting capabilities and enterprise-wide technology optimization, which led to the creation of Cerner RevElate. Similarly, in November 2021, the Blue Cross witnessed a collaboration with Blue Shield. The partnership was intended to launch a new accountable care organization working with rural hospitals and community providers to provide better medical care to its beneficiaries.

However, data security and privacy concerns and high investments required for supporting infrastructure are expected to hinder market growth.

Accountable Care Solutions Market Trends

This section covers the major market trends shaping the Accountable Care Solutions Market according to our research experts:

Electronic Health/Medical Records Segment is Expected to Hold a Significant Market Share Over the Forecast Period

Accountable Care Solutions Industry Segmentation

Per the report's scope, accountable care solutions are required to improve healthcare facilities given to patients and limit rising costs for medical expenses. The Accountable Care Solutions Market is segmented by Product & Services (Electronic Health/Medical Records, Healthcare Analytics, Revenue Cycle Management Solutions (RCM), Claims Management Solutions, Payment Management Solutions, Support and Maintenance Services, and Others), Deployment (On-premise and Web & Cloud-Based), End User (Healthcare Providers and Healthcare Payers) and Geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.