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.
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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.
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·
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.
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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.
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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.
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