Patient Access Solutions Market Size

Patient Access Solutions Market Analysis

The Patient Access Solutions Market size is estimated at USD 2.07 billion in 2024, and is expected to reach USD 3.02 billion by 2029, growing at a CAGR of 7.82% during the forecast period (2024-2029).

The COVID-19 pandemic impacted the global healthcare system and the patient access solutions market. Patient access solutions witnessed a dramatic increase in their adoption rate during the pandemic to mitigate and prevent the spread of COVID-19. Government and public healthcare officials adopted electronic case reporting (ECR) platforms to track the infection spread status. For instance, an article published by the NCBI in March 2022 mentioned that the surge in COVID-19 cases led to increased adoption of cloud-based solutions by pharmacies, hospitals, and other healthcare facilities, resulting in remote access to data, real-time data tracking, and simpler complex physical ecosystem. Thus, the patient access solutions market witnessed significant growth during the pandemic. Besides, digital patient access underwent a major transformation during the pandemic, and consumer preferences have evolved. As a result, the studied market is expected to witness significant growth over the forecast period.

The need to maintain regulatory compliance, the rising importance of denial management, and an increasing number of patients with health insurance are driving the market studied.

Denial management is an essential part of revenue cycle management. Hospitals can investigate every unpaid claim, spot trends, and appeal the rejection of a claim. Through this solution, healthcare providers can also improve their processes to avoid payment issues for future claims. Thus, the rising importance of denial management is driving the need for a patient access solution. For instance, as per the April 2022 published article in the Journal of AHIMA, denial rates for hospitals are on the rise, increasing by more than 20% over the past five years, with average claims denial rates reaching 10% or more. Thus, the rising number of denial claims is creating a need for its proper management, and healthcare providers are shifting toward healthcare IT solutions, such as patient access solutions, to properly analyze denial claims, thereby driving the growth of the patient access solutions market.

Patient portals help encourage better physician-patient relationships and give patients more control over their treatment. They can check lab results, request prescription refills, update insurance information, manage any unpaid balances, and more. Thus, increasing demand for health insurance and accessibility of patient access solutions in maintaining such data is driving the growth of the market. For instance, in November 2021, My Healthcare partnered with global technology providers Amazon and Microsoft to integrate digital clinical solutions across expensive healthcare data to create a patient longitudinal map. This system maintains a database of patients' insurance information and assists doctors working in the field of cardiology, pediatrics, and other fields to ensure better medical outcomes.

However, data privacy and confidentiality may slow down the growth of the market over the forecast period.