Provider Lifecycle Management Global Market Report 2024

The provider lifecycle management market size has grown rapidly in recent years. It will grow from $1.56 billion in 2023 to $1.84 billion in 2024 at a compound annual growth rate (CAGR) of 17.6%. The growth during the historical period can be attributed to several factors, including regulatory and compliance changes, healthcare quality improvement initiatives, globalization of health systems, credentialing and accreditation standards, and the adoption of value-based care models.

The provider lifecycle management market size is expected to see rapid growth in the next few years. It will grow to $3.53 billion in 2028 at a compound annual growth rate (CAGR) of 17.8%. In the forecast period, growth can be attributed to factors such as data analytics and performance metrics, organizational growth plans, workforce preferences and trends, healthcare market competition, and patient population demographics. Major trends expected include a focus on sustainability and long-term viability, emphasis on provider engagement and experience, expansion of analytics and reporting capabilities, a shift towards cloud-based provider lifecycle management (PLM) solutions, and the growth of telehealth and remote credentialing.

The growth of the provider lifecycle management market is expected to be driven by increasing hospitalization rates. Hospitalization rate refers to the percentage of people within a population who are admitted to a hospital for treatment over a specific period. Factors contributing to the rising hospitalization rates include an aging population, higher prevalence of chronic illnesses, and the impact of infectious disease outbreaks. Provider lifecycle management plays a crucial role in efficiently managing healthcare professionals' onboarding, credentialing, scheduling, and compliance processes in hospital settings. For example, the Canadian Institute for Health Information (CIHI) reported in February 2023 that Canada experienced nearly 2.9 million acute inpatient hospitalizations between 2021 and 2022, up from 2.7 million in the previous year of 2020-2021, indicating the driving force behind the provider lifecycle management market's growth.

Leading companies in the provider lifecycle management market are concentrating on developing innovative tools based on models such as shared data models to streamline provider management processes. A shared data model refers to a centralized system or database where information about healthcare providers is stored, managed, and accessed by various stakeholders within or across organizations. For instance, RLDatix, a UK-based healthcare technology company, introduced an Integrated Credentialing and Payer Enrollment Tool in May 2023. This solution offers automated workflows, real-time status tracking, and centralized data management, reducing costs and enhancing efficiency by linking verified practitioner records with payer enrollment tasks through a shared data model. This approach eliminates duplicate data and improves accuracy.

In February 2022, Havas Group, a France-based advertising and public relations firm, acquired Inviqa to strengthen its digital transformation capabilities and expand its technology-driven solutions expertise. Inviqa UK Limited, based in the UK, provides lifecycle management solutions as a full-stack digital product agency.

Major companies operating in the provider lifecycle management market are Broadcom Inc., Infosys Limited, DXC Technology Company, Wipro Limited, Virtusa Corporation, Dassault Systemes SE, PTC Inc., Pegasystems Inc., WNS Limited, Appian Corporation, Hinduja Global Solutions Ltd, Symplr, RLDatix, VerityStream, Unqork Inc., Newgen Software Technologies Limited, Digital Harbor Inc., Simplify Healthcare Technology, Gaine Solutions., Virsys12 LLC, VersionOne.

North America was the largest region in the provider lifecycle management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the provider lifecycle management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the provider lifecycle management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Provider lifecycle management involves managing healthcare providers' credentials, compliance, and performance throughout their tenure with a healthcare organization, ensuring streamlined processes for hiring, credentialing, and management.

The primary solutions for provider lifecycle management include recruitment, credentialing, online applications, contracting, data management, and finder services. Recruitment involves systematically evaluating and selecting candidates for employment, assessing their skills, qualifications, and suitability for specific roles. These solutions can be deployed on-premises or in the cloud, serving multiple end-users such as hospitals, laboratories, clinics, and ambulatory surgery centers.

The provider lifecycle management market research report is one of a series of new reports that provides provider lifecycle management market statistics, including the provider lifecycle management industry global market size, regional shares, competitors with the provider lifecycle management market share, detailed provider lifecycle management market segments, market trends, and opportunities, and any further data you may need to thrive in the provider lifecycle management industry. These provider lifecycle management market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The provider lifecycle management market consists of revenues earned by entities by providing services such as onboarding, credentialing, privileging, ongoing monitoring, and offboarding. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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