Patient centered medical home model helps to provide comprehensive and coordinated primary care to patients. It focuses on whole person care by addressing all physical and behavioral health care needs including chronic care management and preventive services. The model emphasizes care management and care coordination through a patient-centered team-based approach which leads to improved outcomes and experience. It facilitates optimal health outcomes by emphasizing access to health care, care management and care coordination through a team-based model.
The global Patient Centered Medical Home Market is estimated to be valued at US$ 18253.24 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity to improve care coordination and patient experience is expected to boost the growth of patient centered medical home market during the forecast period. The patient centered medical home model offers better coordination of care and integration of services which results in seamless experience for patients. It facilitates continuous healing relationships, enhanced access and decreased fragmentation of services. Care management and multidisciplinary teams working in this model can effectively manage chronic conditions, offer preventive care, reduce unnecessary hospitalizations and emergency room visits. This holistic approach ultimately leads to improved outcomes, higher patient satisfaction and quality care at lower costs. Emphasis on care coordination through a centralized patient-centric team can significantly enhance patient experience and clinical outcomes.
Porter's Analysis
Threat of new entrants: New entrants face high capital requirements to establish infrastructure like medical facilities, IT systems, etc. Strict regulations in healthcare sector also act as a barrier.
Bargaining power of buyers: Individual patients have low bargaining power due to inelastic demand for healthcare services. However, large insurance providers can negotiate on pricing and services offered.
Bargaining power of suppliers: Healthcare providers like doctors and nurses have significant bargaining power due to shortage of skilled workforce. This allows them to influence pricing and contracts.
Threat of new substitutes: Some substitute options like telemedicine and home healthcare are emerging. However, physical consultations and treatments still remain highly preferable.
Competitive rivalry: Intense competition exists among existing PCMH players to acquire more patients and contracts. Competition forces facilities to improve quality of services, invest in latest technologies and reduce costs.
SWOT Analysis
Strength: Integrated healthcare services and personalized care plans help improve health outcomes. Collaboration between providers ensures continuity of care.
Weakness: High initial setup and operational costs pose challenges. Transitioning to digital platforms requires investments and training.
Opportunity: Growing prevalence of chronic diseases is increasing demand for coordinated care models. Government support through incentive programs also encourages adoption.
Threats: Interoperability issues between different IT systems limit data access. Reimbursement policies often do not fully cover costs of additional services.
Key Takeaways
The global Patient Centered Medical Home Market Trends is expected to witness high growth over the forecast period driven by increasing chronic disease burden worldwide. The global Patient Centered Medical Home Market is estimated to be valued at US$ 18253.24 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030.
North America currently dominates the market owing to favorable policies supporting coordinated care delivery in the US. Regional analysis reveals that Asia Pacific is poised to be the fastest growing market with countries like China and India pushing for healthcare reforms focusing on patient-centered approaches.
Key players operating in the Patient Centered Medical Home market are Abercrombie & Kent USA, Absolute Travel, Inspiring Travel Company, TCS World Travel, TÜ ELITE, Cox & Kings Ltd., Travcoa, Micato Safaris, Scott Dunn Ltd., Kensington Tours Ltd., and Butterfield & Robinson Inc. Reimbursement policies play a key role in market revenue for players.Those providing additional services require mechanisms to cover related costs. Technology integration capability is another important factor considering growing emphasis on digital platforms.
For more insights, read- https://www.newsanalyticspro.com/patient-centered-medical-home-market-trends-size-and-share-analysis/
