Provider lifecycle management is the comprehensive process of managing healthcare providers’ credentials, compliance, and performance throughout their entire tenure with a healthcare organization. Provider lifecycle management ensures streamlined processes for hiring, credentialing, and managing healthcare providers.
Sizing and Forecast
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 in the historic period can be attributed to regulatory and compliance changes, healthcare quality improvement initiatives, health system globalization, credentialing and accreditation standards, and 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%. The growth in the forecast period can be attributed to data analytics and performance metrics, organizational growth plans, workforce preferences and trends, healthcare market competition, and patient population demographics. Major trends in the forecast period include a focus on sustainability and long-term viability, emphasis on provider engagement and experience, expansion of analytics and reporting capabilities, shift towards cloud-based provider lifecycle management (PLM) solutions, and growth in telehealth and remote credentialing.
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Segmentation & Regional Insights
The provider lifecycle management market covered in this report is segmented –
1) By Solutions: Recruitment, Credentialing, Online Application, Contracting, Data Management, Finder Services
2) By Deployment: On-Premises, Cloud-Based
3) By End User: Hospitals, Laboratories, Clinics, Ambulatory Surgery Centers
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.
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Major Driver Impacting Market Growth
The increasing hospitalization rates are expected to propel the growth of the provider lifecycle management market going forward. The hospitalization rate refers to the proportion of individuals in a population who are admitted to a hospital for treatment over a specified period. The increasing hospitalization rates are due to factors such as an aging population, the rising prevalence of chronic diseases, and the impact of infectious disease outbreaks. Provider lifecycle management facilitates efficient management of healthcare professionals’ onboarding, credentialing, scheduling, and compliance processes within hospitalization settings. For instance, in February 2023, according to the Canadian Institute for Health Information (CIHI), a Canada-based independent, not-for-profit organization, between 2021 and 2022, Canada experienced nearly 2.9 million acute inpatient hospitalizations, marking an increase from the 2.7 million recorded in the previous year of 2020–2021. Therefore, the increasing hospitalization rates are driving the growth of the provider lifecycle management market.
Key Industry Players
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
The provider lifecycle management market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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