Patient Access Solutions Market

Global Patient Access Solutions Market Size (2023 to 2028)

The global patient access solutions market is predicted to value USD 2.08 billion in 2023. The size is estimated to grow at a CAGR of 9.1% during the forecast period and will be worth USD 3.22 billion by 2028.

Patient access refers to the availability of healthcare systems to the patients. the access system explains the healthcare insurance policies and the best ways to provide proper treatment at affordable costs. In addition, the patient access solutions help the consumers understand the government funding and the insurance coverage range and ask for help if necessary. The patient access solution is a part of the affordable care act (ACA). It includes all kinds of care provided by healthcare systems, physician care, community-based assistance, and others. It aims to provide quality and affordable care to the common public. Healthcare settings commonly have departments, portals, and physicians to manage patient access solutions. 

Impact of COVID-19 on the global patient access solutions market:

The COVID-19 pandemic has brought challenging times to various sectors of the world. All businesses suffered losses due to the stringent lockdowns and quarantines due to the constraints on the production and supply of goods. As a result, accessing even ordinary daily life necessities became extremely difficult. The healthcare department was also affected mainly by the pandemic, and the attention of the hospitals was wholly shifted towards the care for covid patients. As a result, the other healthcare department activities were constantly being postponed. The pandemic, however, positively impacted the patient access solutions market. As more patients were admitted to hospitals and sent to COVID-19 wards with 24/7 hospital services and in critical conditions, oxygen cylinders, and ventilators, hospital charges were skyrocketing, and many patients found it challenging to afford them. The need for patient-access solutions to save money and afford treatment increased, pushing the market to grow. Moreover, patient access solutions allowed faster, smoother data transfers, thus improving the crisis. Therefore, the pandemic helped spread awareness about the patient access solutions market.

MARKET DRIVERS:

The growing demand for proper flow of systems and management for unstructured data in the healthcare department, along with the subsequent rise in the patient population, is expected to support the growth of the patient access solutions market. Additionally, the rising healthcare costs, the reduced reimbursement policies, and problems with management denying insurance are driving the market's growth. The patient access solutions market is all done by lowering operational procedures costs and disputing your rejected claims and eligibility for insurance. In addition, the patient access solutions help reduce documentation errors and use automated tracking to avoid misplacing documents. The benefits of the patient access system, especially as healthcare systems become more IT dependent, are pushing the patient access solutions market towards growth. 

The regulatory needs of the healthcare sector and the use of pharmaceutical and medical devices to promote patient access solutions market growth.

Using patient access solutions to maintain the government's regulatory guidelines propels the market's growth. The patient access solution is not only an integral part of the affordable care act (ACA) but also the American recovery and reinvestment act (ARRA) and health information technology for economic and clinical health (HITECH). These policies mandate using EMR/EHR to maintain proper patient records and ensure fast, comfortable, and efficient treatment under affordable circumstances. Furthermore, pharmaceutical and medical device companies also use patient access solutions to maintain brand protection. 

MARKET RESTRAINTS:

The high costs associated with the deployment of patient access solutions, along with the threat of data breaches and unproduced personal data of patients, hinder the growth of the market. Additionally, the lack of skilled professionals in the market could be restraining the development of the patient access solutions market. 

REPORT COVERAGE:

This research report on the global patient access solutions market has been segmented and sub-segmented based on products & services type, delivery mode, end-user & region.

Patient Access Solutions Market - By Products & Service Type:

• Services
  • Support & Maintenance
  • Training & Education
  • Implementation
• Software
  • Eligibility Verification
  • Medical Necessity Management
  • Pre-Certification & Authorization
  • Claims Denial & Appeal Management
  • Payments Estimation Software
  • Claims Payment Assessment Software
  • Other Software

The services segment dominated the patient access solutions market in 2022 and is expected to continue growing during the forecast period. The dominance of the service segment is due to the rising demand for the services provided by the patient access solutions software. Furthermore, the need for a proper system with no unstructured data drives the segment's growth. In addition, the innovations in the patient access solutions software further promote the segment's dominance.

Patient Access Solutions Market - By Delivery Mode:

• Web & Cloud-Based
• On-Premises

During the forecast period, the cloud-based and web delivery mode is anticipated to account for a significant portion of the patient access solutions market based on the delivery mode. The ease of use and popularity of cloud-based and web solutions are to blame for this domination. The simplicity of installation, maintenance, and cheaper costs of a cloud-based system, as well as its flexibility and adaptability in that it quickly adopts new technical advancements, encourage the growth of this market.

Patient Access Solutions Market - By End User:

• Healthcare Providers
• HCIT Outsourcing Companies
• Others

The healthcare providers segment is expected to hold the most significant share of the market during the forecast period due to the increasing usage of patient aces solutions by healthcare providers. In addition, with the rising healthcare expenditures and declining reimbursement, along with the need for an excellent guide to insurance policies and eligibilities, healthcare providers need the system now more than ever, propelling the segment's growth.

Patient Access Solutions Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Due to strict regulations, the need to reduce healthcare costs, the prevalence of numerous private healthcare payers and well-established government payers, and the presence of multiple healthcare IT companies, North America currently dominates the market for patient access solutions and is expected to continue growing during the forecast period. The market in North America is expanding due to several growth reasons, including consumers' increasing preference for co-pay options and an increase in claim denials. Additionally, major market participants are expected to quicken the regional market's expansion rate.

However, Asia-Pacific is anticipated to grow lucratively over the forecast period. Patient access solutions are expected to become more popular due to increased government spending on healthcare and numerous government initiatives to promote higher adoption of healthcare IT solutions in China, India, and Australia. In addition, the development of technology in nations like China and India also contributes to the market growth in the region.

On the other hand, due to the low penetration of advanced medical devices in Latin America, the Middle East, and Africa, the market is anticipated to expand slower than in other regions.

KEY MARKET PARTICIPANTS:

Companies such as AccuReg Software, 3M, Cerner Corporation, Cognizant, Cirius Group Inc., McKesson Corporation, Conifer Health Solutions, LLC, ZirMed Inc., Allscripts, Experian PLC, Epic Systems Corporation, Genentech, Optum Inc., SSI Group, and Takeda Pharmaceutical Company Limited are currently playing a leading role in the global patient access solutions market.