- The accountable care solutions market is growing and expected to reach $18.86 billion by 2021 as a result of the continued push for value-based care.
The accountable care market includes healthcare analytics, EHRs, population health, claims management, care management, cloud storage and applications.
According to the Markets and Markets report, the growth of accountable care solutions can be attributed to increased government initiatives and the growing need to curb healthcare costs while advancing IT and big data capabilities.
“In 2015, healthcare provider solutions accounted for the largest share of the Accountable Care Solutions Market covers electronic health/medical records, healthcare analytics, revenue cycle management, patient engagement solutions, population health management solutions, care management solutions, healthcare it integration systems, healthcare information exchange and clinical decision support systems,” the research group stated. “This segment is also expected to witness the highest growth in the next five years.”
Analysts found that healthcare organizations seek to improve profitability of healthcare operations and implement new technology solutions to improve the quality of patient care. New health IT infrastructure deployments are being implemented to both cut back costs over time, while improving patient care.
In conjunction with the growth of accountable care technology solutions, the digital transformation market including cloud computing, mobility services, and big data is also growing rapidly.
According to another report, the digital transformation market is expected to reach $392.15 billion by 2021 across all industries. This growth is is driven by the demand of the Internet of Things (IoT) and the increased innovation offered by digital infrastructure solutions.
Mobile devices are a large part of the digital transformation, Markets and Markets stated. Mobile applications are generating massive amounts of data needing to be logged. Mobile devices have pushed enterprises to adopt bigger and better cloud and big data infrastructure solutions to cope with the increased volume of data.
Cloud deployments are expected to have the fastest growth rate through 2021 because cloud-based deployments provide users with tools to access data via desktops or mobile devices. Cloud has the advantage of easy deployment and with the expected technological advancements in IT infrastructure, is easy to upgrade and cost effective over time.
Analysts reported that cloud-based digital transformation providers are continuing to evolve their cloud solutions to fit the changing demands of IT infrastructure.
The digital transformation market is expected to affect end users the most, adding significance to big data solutions to collect and analyze end user data, increasing the demand for next-generation data storage and data analytics solutions.
The next-generation data storage market is also growing and is expected to grow further in the coming years with an expected value of $144.76 billion by 2022. The drivers for this market are the increasing volume of digital data, increasing proliferation of smartphones, laptops, and tablets, and growth of the IoT market.
The Internet of Things is gaining importance in healthcare due to digital transformation, making it a part of the future of accountable care. The IoT stands to improve the healthcare industry by giving organizations real-time access to data from medical devices in order to improve organization operations and patient care.
The healthcare IoT demands better health IT infrastructure support for a modern digitized environment.
The report, Medical Internet of Things and Big Data, concluded that IoT technology provides valuable data for disease prevention and management. According to the report, beneficial IoT medical devices include “devices that constantly monitor health indicators, devices that auto-administer therapies, or devices that track real-time health data when a patient self-administers a therapy.”
These connected medical devices need the support of the healthcare cloud along with scalable data storage solutions to make use of the data collected. As digital transformation continues to influence accountable care solutions, healthcare organizations need to consider scalable, future-proof cloud, storage, and analytic solutions.