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Sep 8, 2020 2:00 PM ET

Accountable Care Solution Market size forecast to reach $12.3 billion by 2025




iCrowd Newswire - Sep 8, 2020

Accountable Care Solution Market size is forecast to reach $12.3 billion by 2025, growing at a CAGR of 13.67% during the forecast period 2020-2025. Increasing the ability to quickly access computing & storage resources when needed without the requirement for a large technical staff and rising need to curtail rising healthcare are the major factors driving the growth of the market. Escalating demand for biologics therapeutics for the treatment of chronic disease and growing initiative for e-Health is set to further enhance the overall market demand for accountable care solutions during the forecast period 2020-2025.
Product and Services- Segment Analysis
The Electronic Health Record segment held the largest share in the Accountable Care Solution Market in 2019 and is estimated to grow at a CAGR of 15.19% during the forecast period 2020-2025. The electronic health record is a digital version of a patient’s paper chart. They are realtime, patient-centered records that make information available instantly and securely to authorized users. One of the key features of an electronic health record is that health information can be created and managed by authorized providers in a digital format capable of being shared with other providers across more than one health care organization. The Electronic Health Record is set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2020-2025 owing to its features to share information with other health care providers and organizations as they contain information from all clinicians involved in a patients care.
Delivery Mode – Segment Analysis
The web and cloud mode of delivery held the largest share in the Accountable Care Solution Market in 2019. This is attributed to the increasing adoption of cloud platforms and rising applications of cloud analytics as it allows organizations to incorporate data from the source. Healthcare physicians are using the web and cloud-based devices such as tablets and computers to securely access and manage patients’ medical images and radiology reports. One application simplifies image sharing among doctors across organizations, as well as between doctors and patients, bolstering care coordination initiatives for providers associated with accountable care solutions. The platform sits on top of current imaging repositories such as picture archiving and communication systems and makes images easily available to anyone authorized to view them including the patient. Web and Cloud mode of delivery virtually eliminates unnecessary and redundant images from being taken by other providers caring for the same patient, thereby helping to lower costs. Furthermore, patient safety and outcomes can be improved owing to triage times that are faster, and providers can make more informed decisions during critical episodes of care. Web and Cloud are set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2020-2025 owing to the improving care and reducing cost.
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Geography – Segment Analysis
North America dominated the Accountable Care Solution Market in 2019 with a share of more than 44.23%, followed by the Asia Pacific owing to technological advancements. High requirement of management of big data generated from the hospital and other healthcare facilities and growing popularity of software in the management of data reduces the manpower leading to increased adoption of accountable care solution market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2020-2025 owing to the growing initiative for medical tourism, e-Health, and quality healthcare infrastructure.
Drivers – Accountable Care Solution Market  
  • Increasing the ability to quickly access computing & storage resources when needed without the requirement for a large technical staff and rising need to curtail rising healthcare 
Increasing the ability to quickly access computing & storage resources when needed without the requirement for a large technical staff and rising need to curtail rising healthcare is increasing the growth of the accountable care solution market. Healthcare is shifting from traditional fee for service reimbursement models towards value-based payment. It encourages collaborations among providers from different parts of the continuum of care aiming for improving individual patient care, enhancing population health, and reducing care costs. It has a basic set of technology needs that must be met if there are to succeed and thrive. These requirements generally center on the ability to enable real-time sharing of clinical and financial data among disparate systems, providers, and organizations. Current health IT contributions offer a starting point and address some of these requisites to a degree. Existing hospital information systems, electronic health records (EHRs) and health information exchanges (HIEs) possess some of the functionalities necessary to support governance, operations, and clinical goals and objectives.  Thus, increasing the growth of the accountable care solution market during the forecast period 2020-2025.
  • The rising demand for healthcare analytics and electronic health record in healthcare and cloud computing acceptance
The rising demand for healthcare analytics and electronic health record in healthcare and cloud computing acceptance is increasing the growth of the accountable care solution market. Accountable care solutions hinge on the development of end-state technologies that support the electronic exchange of clinical information, longitudinal care records, care coordination (especially between acute and ambulatory environments), reports for payment distribution, and data collection for measuring progress against goals. Accountable care solution comes in various shapes and sizes, a one-size-fits-all approach to technology and not yield a customized solution that conforms to the unique workflows. Instead, some fundamental requirements and characteristics linked to the ACO business model is set to drive overall healthcare information technology (IT) innovation. Thus, increasing the growth of the accountable care solution market during the forecast period 2020-2025.
Challenges – Accountable Care Solution Market
  • Lack of IT domain knowledge and unwillness to adopt new technology  along with sklled workforce 
Some of the factors which can impede the growth of the Accountable Care Solution Market are strict regulations associated with the lack of IT domain knowledge and unwillingness to adopt new technology along with the skilled workforce. Inadequate patient engagement, low usage of the internet solution, lack of interoperability and data security concerns related to cloud-based solutions is estimated to hinder the market growth of the accountable care solutions market.
Accountable Care Solution Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Accountable Care Solution Market. In 2019, the Accountable Care Solution Market share is consolidated by the top ten players present in the market. Accountable Care Solution, the top 10 companies are Epic System Corporation, Cerner Corporation, Allscripts Healthcare Solutions Inc., United Group Inc., IBM Corporation, NextGen Healthcare, Optum Inc., Zeomega Inc., and Verisk Health among others.

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Acquisitions/Product Launches
  • In June 2019, Optum Inc., acquired DaVita Medial Group.
  • In December 2019, NextGen Healthcare acquired OTTO Health.
Key Takeaways
  • North America dominated the Accountable Care Solution Market in 2019 owing to technological advancement and the growing popularity of software in the management of data. The Accountable Care Solution Market scope for different regions will be provided in the final report.
  • The rising demand for healthcare analytics and electronic health record in healthcare and cloud computing acceptance is likely to aid in the market growth of Accountable Care Solution Market.
  • Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Accountable Care Solution Market report.
  • Lack of IT domain knowledge and unwillingness to adopt new technology along with the skilled workforce is set to create hurdles for the Accountable Care Solution Market.
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