April 15, 2024
Patient Centered Medical Home Market

The Patient Centered Medical Home Market Is Expected To Be Flourished By Increased Personalized Care

Large paragraph: The patient centered medical home model aims to transform primary care by revolving around patient-clinician relationships and providing continuous access to care, comprehensive care management and care coordination and enhanced clinician communication with patients and other providers. The model provides an alternative approach to primary care delivery with a focus on preventive services, wellness care and chronic disease management. It promotes high quality, cost-effective care through a team-based approach led by primary care physicians. The medical home coordinates care across all elements of the broader health care system including specialty care, hospitals, home health care and community services and supports.

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 Dynamics:

Increased personalized care is expected to drive the growth of the patient centered medical home market over the forecast period. The patient centered medical home model places emphasis on providing personalized, continuous and comprehensive care to patients through their own primary care physician. The model aims to enhance patient-clinician relationships and communication which allows for a more personalized approach to care delivery tailored to individual patient needs and preferences. Personalized care has been found to improve health outcomes, patient experience and satisfaction. Furthermore, improved personalized care enhances care coordination and management of chronic conditions leading to reduced health care costs over the long run. Another driver for the market growth is increased prevention and wellness care. The medical home model promotes preventive services, disease screening, health risk assessments, wellness counseling and lifestyle management programs through a holistic approach to improve patient health. Personalized prevention strategies help identify risks early and manage diseases proactively driving better health outcomes.

Segment Analysis

The patient centered medical home market is dominated by the primary care sub segment which accounts for over 60% of the market share. This is because primary care physicians are often the first point of contact for patients within the healthcare system and play a central role in coordinating total care. They can manage chronic conditions, order tests, refer to specialists, and provide preventive care and wellness services.

PEST Analysis

Political: Healthcare reforms around the world are focusing on patient centered care models to provide higher quality and lower cost of care. Various countries are promoting the medical home model through favorable regulations and incentives.
Economic: Rising healthcare costs are putting pressure on governments and insurers to explore new care models like patient centered medical homes that can improve patient outcomes while reducing overall expenditures. Financial incentives are being provided to encourage adoption of this model.

Social: Changing demographics with growing elderly population suffering from chronic diseases is increasing demand for coordinated complex care. People also want convenient access to medical services and prefer a single point of contact for total healthcare needs which the medical home model addresses.
Technological: Adoption of electronic health records and telehealth is enabling enhanced information sharing and remote monitoring between providers and patients. This supports the medical home philosophy of providing integrated longitudinal care through digital technologies.

Key Takeaways

The global Patient Centered Medical Home Market Trends is expected to witness high growth over the forecast period driven by rising demand for value based coordinated care and government initiatives promoting this 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.

Regional analysis:

North America currently dominates the market owing to established reimbursement mechanisms and increasing focus on preventive healthcare in the US. Asia Pacific is expected to be the fastest growing region backed by rapidly aging populations, increasing disease burdens and government plans to modernize primary care infrastructure in countries like India, China and Japan.

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., and Kensington Tours Ltd., and Butterfield & Robinson Inc. Financial support through incentives and integrated digital platforms are helping these players strengthen their service offerings and drive further adoption of the medical home model.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it