Healthcare Digitalization Fuels Provider Lifecycle Management

According to the latest market research study published by P&S Intelligence, the global provider lifecycle management market is projected to experience substantial growth, with an estimated valuation of USD 1,493.6 million in 2023, expected to reach USD 3,964.6 million by 2030, reflecting a compound annual growth rate (CAGR) of 15.2% during the forecast period.

This growth is primarily driven by the increasing burden of chronic diseases and the adoption of sedentary lifestyles, leading to higher hospitalization rates. Consequently, healthcare providers are seeking efficient solutions to manage the escalating workload, thereby boosting the adoption of provider lifecycle management systems. Additionally, significant government investments in healthcare infrastructure aim to improve patient care quality, further propelling market expansion.

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Key Insights

Segmentation Analysis:​

By Solution: The market encompasses various solutions, including recruitment, credentialing, online application, contracting, data management, and finder services. Among these, credentialing solutions hold a significant share due to the critical need for verifying healthcare providers' qualifications and ensuring compliance with regulatory standards.

Regional and Geographical Trends:​

North America: This region leads the market, attributed to advanced healthcare infrastructure, early adoption of digital technologies, and stringent regulatory requirements necessitating efficient provider management systems.​

Asia-Pacific: The fastest-growing region, driven by increasing healthcare investments, a burgeoning patient population, and a growing emphasis on enhancing healthcare delivery efficiency. ​

Technological Advancements Shaping the Market:​

Artificial Intelligence (AI): The integration of AI in provider lifecycle management solutions enhances data accuracy, reduces administrative burdens, and streamlines processes such as credentialing and recruitment.​

Real-Time Data Access: The demand for real-time data and analytics is rising, enabling healthcare institutions to monitor and improve operations efficiently. For instance, platforms like Infosys's Helix Credentialing module authenticate and validate provider information in real time, reducing manual efforts and time consumption. ​

Competitive Dynamics, Major Players, and Emerging Opportunities:​

Key Players: The market features prominent companies such as Infosys, which offers advanced credentialing modules, and other technology firms providing comprehensive provider lifecycle management solutions.​

Emerging Opportunities: The ongoing digitalization of the healthcare sector presents significant opportunities for market players to develop innovative solutions that enhance interoperability, streamline workflows, and improve patient care quality. Additionally, the increasing focus on reducing clinical errors and optimizing resource utilization drives the demand for advanced provider lifecycle management systems. ​

In conclusion, the provider lifecycle management market is poised for robust growth, driven by technological advancements, regional healthcare developments, and the pressing need for efficient provider management solutions in the evolving healthcare landscape.

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Nom-Powdered Gloves Trending in Medical Gloves Market

The medical gloves market will advance at a rate of 10.8% by the end of this decade, to reach USD 20,435.6 million by 2030. The growth of the industry has a lot to do with the growing risk of infectious ailments, growing elderly populace, soaring healthcare spending, mounting incidence of chronic ailments, and increasing number of surgeries.

On the basis of application, the examination category, was the leader of the industry in the past, and it will grow faster in the years to come as well. This would be because of the growing number of examination procedures, already higher than the count of surgical procedures.

The non-sterile category had the larger share in the past, and it will continue its ascendence in the industry, on the basis of sterility. This is because of the increasing use of non-sterile gloves for medical examinations.

While, the sterile gloves will have a faster growth faster growth by the end of this decade as a result of the rising cases of COVID-19 and easy obtainability of sterile gloves in a various size.

The direct category had the share in the medical gloves market in the past, and it will continue its supremacy in the future.

As per the U.S. Department of Health and Human Services statistics, 1 in 13 persons suffered from asthma in 2019. Furthermore, there were 14.8 million new cases of COPD amongst adults in 2018.

Customers are more in favor of non-powdered medical gloves and not powdered ones due to the non-allergic properties of the non-powdered alternative.

This is trending because of the starch in powered gloves, offering better hand movements and prevention from sticking to each other throughout packaging. Though, the starch can lead to allergic reactions while execution of surgeries. Furthermore, the easy obtainability of non-powdered gloves at a reasonable cost is enhancing their demand.

Rising healthcare spending all over the world is directly proportional to the growing demand for medical gloves.

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External Defibrillator Industry WAS Dominated by North America

The external defibrillator industry will reach USD 8,709.2 million by 2030, powering at a rate of 8.7% by the end of this decade. This is because of the increasing aging population and growing cases of out-of-hospital cardiac arrest.

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As per the Heart & Stroke Statistics report 2020, there are over 356,461 OHCA cases reported every year in the U.S., with around 90% of them resulting in the death of the patient. 

Also, in adults, the utmost common place of OHCA is a residence or home, a public environment, or a nursing home.

External defibrillators used for adults had more than 90% share. With the growing adult patients as opposed to pediatric patients globally, the risk of CVDs is growing. Adults are increasingly susceptible to cardiac diseases as a result of unwholesome lifestyles. 

North America dominated the external defibrillator market, with a share of about 60%. This has a lot to do with the increasing healthcare expenditure, growing incidence of CVDs, increasing elderly population, and budding consciousness of the reimbursements of external defibrillators in VF and pulseless ventricular tachycardia.

The public access category had the largest share of revenue of more than 30% in the recent past. The increase in the occurrence of SCAs and the mandate obtainability of automated external defibrator in public access settings are the important factors for the growth of the industry.

For instance, the U.S. and numerous APAC and European nations has established legislation needing the fitting of these devices in public spaces. These devices have been applied in locations as schools, stadiums, community centers, recreation centers, health clubs, transportion centers, shopping centers, airlines, government buildings, and offices because of this.

It is because of the increasing elderly population all over the world. The demand for external defibrillator will be on the rise, in the years to come.

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North America Is Dominating Automated External Defibrillator Industry

The total value of the global automated external defibrillator market was USD 1,677.3 million in 2021, and it will rise at a growth rate of above 8.6% shortly, reaching USD 3,520.5 million by 2030, according to P&S Intelligence. This growth can be ascribed to the improvements in the AED technology, growing count of strategic growths among main players, and increasing occurrence of cardiac illnesses.

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LifeVest uninterruptedly screens the patient’s heart, and in case of the finding of an irregular heart rhythm, generates a shock to bring back the usual heart rhythm. Unlike orthodox counterparts, contemporary implantable cardioverter defibrillators (ICDs) have removed the requirement for inserting a separate pacemaker in patients. Such improvements in technology have impacted the development of the industry.

AEDs used on adult patients held a gigantic revenue share, of approximately 95.6%, in the automated external defibrillator industry, in 2021. This can be credited to the more quickly growing count of adult patients than pediatric patients thought-out the globe.

For example, according to the World Bank, there were approximately 75 million grown-up patients (in the generation of 15 years and above) and 25 million pediatric patients (in the age range of 0–15 years) throughout the globe.

In the coming few years, Pre-hospital care and EMS providers are projected to continue with the dominant in terms of holding the largest share in the automated external defibrillator market. 

The increasing occurrence of SCA and directed the availability of such devices at all pre-hospital-care and emergency sceneries are the main reasons for growing the need for such systems.

In recent years, North America was the largest industry for the automated external defibrillator and held approximately 60% share in the worldwide industry. This can be credited to the better-quality healthcare infrastructure, the existence of well-known players, and the rise in the elderly populace in the continent.

Also, the increasing occurrence of CVDs and the growing count of AED installations have boosted the industry development in North America.

Hence, the improvements in the AED technology, growing count of strategic growths among main players, and increasing occurrence of cardiac illnesses are the major factors driving the automated external defibrillator market.

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North America Is Dominating Bioelectric Medicine Industry

In 2022, the bioelectric medicine market was worth around USD 21,532.1 million, and it is projected to advance at a 5.2% CAGR from 2022 to 2030, hitting USD 32,345.8 million in 2030, according to P&S Intelligence.

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This growth can be credited to the increasing frequency of hearing conditions, neurological disorders, and cardiovascular disorders, Furthermore, the rising government and private healthcare investments, including in bioelectric medicine as well as electroceuticals research, are projected to boost the market growth.

Based on the product, implantable cardioverter defibrillators are most commonly used, mainly because of their extensive variety of applications. Such medical devices use electrical stimulation and are widely utilized in the treatment of arrhythmias, such as ventricular tachycardia, atrial flutter, and atrial fibrillation. Furthermore, they are also utilized in combination with other treatments, like operations or medications.

In 2022, the arrhythmia category had the largest market share, approximately 60%, and is also predicted to witness the highest growth in the future as well. This can be credited to the growing patient population suffering from arrhythmias throughout the globe who utilizes implantable cardioverter and cardiac pacemakers’ defibrillators.

The growth in the occurrence of neurological illnesses, including learning disabilities, epilepsy, autism, neuromuscular disorders, attention-deficit/hyperactivity disorder, cerebral palsy, and brain tumors, coupled with the rising healthcare investments and the arrival of new products in bioelectric medication, such factors are projected to boost the market in the future.

For example, as per the WHO, epilepsy is the most-frequent neurological syndrome throughout the world, as nearly 50 million people are suffering from this disorder. Moreover, it is observed that if the disorder is identified and treated in its early stages, almost 70% of individuals could live a seizure-free lifespan.

In 2022, North America led the bioelectric medicine market, with a market share, of approximately 40%. This can be credited to the high R&D expenditure, the existence of key players, increasing acceptance of technologically enhanced machines, and the huge number of infirmaries in the continent. Furthermore, the increasing healthcare investment is the main contributor to regional growth.

Moreover, the APAC industry is projected to experience the fastest development in the coming few years. This can be accounted for by the snowballing occurrence of several health syndromes, including cardiac arrhythmias, epilepsy, cardiac arrhythmias, Alzheimer's illness, and spinal cord injuries, increasing government expenditure in order to improve healthcare infrastructure, and the presence of many clinical labs in the region.

In 2022, the implantable electroceutical devices category had approximately 80% market share. Mainly due to the snowballing occurrence of numerous cardiovascular and neurological sicknesses.

Hence, the increasing frequency of hearing conditions, neurological disorders, and cardiovascular disorders, are the major factors propelling the bioelectric medicine industry.

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