The Patient Centered Medical Home (PCMH) model aims to transform primary care into a model where care is accessible, continuous, comprehensive, patient-centered, coordinated, and focused on quality and safety. The PCMH coordinates care across various specialties, facilities, and management of chronic diseases to improve health outcomes. It incorporates team-based care led by physicians to deliver whole-person care beyond just medical issues. This boosts patient and provider satisfaction while avoiding duplicative tests or uncoordinated treatment plans. The global PCMH model strengthens the doctor-patient relationship with a single point of contact. It emphasizes preventive care and disease management over acute episodic visits. This leads to early detection and treatment of issues and avoids high-cost emergency department visits and hospital admissions.
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 key trends:
One of the key trends in the patient centered medical home market is the growing adoption of healthcare IT solutions. Integrating healthcare IT tools streamlines workflows, improves access to patient records, facilitates coordination of care, and enhances chronic disease management. This, in turn, improves quality of care and clinical outcomes. Vendors are offering various healthcare IT solutions such as electronic health records, population health management tools, patient portals, telehealth platforms, and others that are compatible with the PCMH model. Technological advancements have made healthcare IT more affordable and user-friendly to drive their adoption even in small independent practices. This growing reliance on healthcare IT is expected to fuel revenue growth of the global patient centered medical home market over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the initial capital requirement and expertise required to set up a patient centered medical home is moderately high.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many players operating in the market providing similar services. However, switching costs for buyers are low.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many suppliers providing similar services required to run a patient centered medical home.
Threat of new substitutes: The threat of new substitutes is low as there are limited substitutes available for the services provided through a patient centered medical home.
Competitive rivalry: The competitive rivalry is high as the major players are focusing on expanding their service offerings and geographic presence.
Key Takeaways
The global Patient Centered Medical Home Market Trends is expected to witness high growth. It aims to transform primary care by implementing a team-based approach focussed around the whole person’s needs and coordinated care. 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.
Regional analysis:
North America is expected to dominate the global market during the forecast period. This is mainly attributed to high adoption of patient centered medical homes and growing focus on population health management in the region.
Key players:
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. The major players are focusing on new service launches and partnerships to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.