Growing at a CAGR of 15.2% between 2024 and 2030, the provider lifecycle management market value is expected to reach USD 3,964.6 million by 2030.
The increasing awareness among patients regarding early disease diagnosis and improved patient care, rising number of government initiatives to boost the healthcare infrastructure, and urgent need to reduce the burden on healthcare professionals are expected to drive the growth of the provider lifecycle management market.
The lack of transparency, integration, and efficiency in provider lifecycle workflow has resulted in significant problems and struggle for both healthcare payers and providers. This is because conventionally, provider lifecycle management is done in an isolated manner, thus leading to issues such as a poor quality of provider data and lack of operational efficiency. The above-mentioned reasons have led to a significant focus on the consolidation of work processes and data in healthcare organizations in order to hasten providers’ onboarding, thereby improving their satisfaction. Additionally, the decrease in operational costs across several departments and continuous improvement in provider data accuracy are the other major advantages of these solutions boosting the market growth.
The utilization of this platform has resulted in a significant reduction in manual effort, onboarding time, and millions of dollars in potential savings. Moreover, the increase in patients’ awareness regarding early disease diagnosis leads to frequent hospital visits, due to which medical professionals need to give their undivided attention to them. This results in little or no time for the necessary administrative tasks and paperwork. These factors drive the adoption of provider lifecycle management solutions as they digitize many of these tasks and even automate them, when integrated with EHRs and other healthcare IT platforms.
Providers’ data is quite complex and includes information on their affiliation to medical institutions, location of practice, accreditations, board certifications, educational background, and medical license. Hence, any inadequacies in the management of this data can result in errors, thereby leading to a significant loss of money and time. Therefore, the complexity of provider data is a major reason these platforms are being increasingly adopted. Furthermore, the rising need among the providers of healthcare insurance to effectively regulate reimbursements and detailed records of claims is offering lucrative growth opportunities to the sector.
The hospitals category leads the provider type segment with a market share of 40% in 2023.
This is because hospitals are the primary choice for care among patients, due to the availability of adequate facilities and skilled professionals. Additionally, the vast majority of medical practitioners are found in hospitals, due to which it becomes extremely crucial for these institutions to manage their data effectively. Hospitals must be technologically advanced enough to securely gather, store, handle, analyze, and share the wide variety of providers’ data in the premises. Therefore, it has become absolutely crucial for them to have the proper software tools, to avoid errors and save time.
As per our regional analysis, APAC is expected to witness the fastest growth during the projection period. This is because of the rising number of patients and the increasing incidence of health issues among the elderly population. For instance, a study by the Asian Development Bank has claimed that by 2050, 1 in 4 individuals will be older than 60 years in the Asia-Pacific region. This growing patient base is significantly increasing the demand for medical attention; therefore, the increasing burden of healthcare practitioners would foster the regional market expansion.
Furthermore, the adoption of advanced technologies in the healthcare sector, growing medical tourism industry, rising expenses on medical services, and escalating volume of surgical procedures in Asian countries will propel the demand for these platforms.
Within the region, Japan is a significant contributor to the growth of the market. This is attributed to the increasing prevalence of chronic illnesses, significant presence of the older population, supportive government policies to improve healthcare, and the country's already highly advanced healthcare system.
Key players in the market are Infosys Limited, Wipro Limited, Virtusa Corporation, Pegasystems Inc., Newgen Software Technologies Limited, Unqork Inc., Simplify Healthcare Technology, and Virsys12 LLC.