The Global Population Health Management (PHM) Market was valued at USD 27.89 Billion in 2022 and is projected to reach a value of USD 73.61 Billion by 2030, growing at a CAGR of 12.9%.
Population health management solutions authorises stakeholders in the healthcare sector to deliver patient-centric care and help in decrease the high costs coupled with healthcare by reducing readmissions, ensuring that only appropriate and optimum interventions are provided to patients.
These solutions smooth workflows by ensuring that the processes in care delivery function smoothly.
Government mandates and backs-up for healthcare IT solutions, wide use of big data analytics, and the need to curtail the escalating healthcare costs are the key factors driving the growth of the population health management market.
Moreover, the evolving of emerging economies increases the focus on personalized medicine, and the rising focus on value-based medicine are projected to further provide lucrative growth opportunities for market players during the forecast period.
However, data breaches, lack of skilled analysts, and interoperability issues are adversely impacting the growth of this market.
Global Population Health Management (PHM) Market: Overview
Any hospital is dependent on its patients’ health information. Technology adoption is accelerating in a variety of businesses. As a result, the efficiency of the organization is robust.
In numerous instances, patient information is disorganized. It leads to a host of problems in the medical area.
This is where a population health management system can help by compiling and recording manageable patient data. It’s a business intelligence system that simplifies patient storage.
Government requirements and support for healthcare IT solutions, the growing use of big data analytics, and the need to curb escalating healthcare costs are the primary factors driving the growth of the population health management market.
However, data breaches, a shortage of experienced analysts, and interoperability concerns limit the market’s growth.
Key Trends: Growth Determinants and Challenges:
- Need to curtail escalating healthcare costs
Factors such as increasing health insurance premiums, the rising number of elderly people, the growing demand for quality healthcare services, and the growing incidence of chronic disorders accelerate the demand for healthcare services across the globe.
Other factors contributing to the high expenditure on healthcare services are patient readmissions, medical errors, and administration costs.
Governments and healthcare systems across the globe are focused on controlling the rising healthcare costs with the effective utilization of PHM solutions. The successful adoption and implementation of these solutions are expected to save billions of dollars for healthcare systems worldwide.
- Rising focus on personalized medicine
Advanced analytics and predictive modelling applications enable healthcare organizations to treat each patient in a personalized way in order to produce the best possible outcomes. Over the years, analytics has increasingly been applied to personalize the treatment of cancer and other diseases. Genomic data can also give insights into the reasons for bacterial and viral resistance to medicines in a population.
Additionally, it can help patients with rare diseases understand the origins of their conditions. The availability of relevant data, coupled with the presence of effective analytics tools, will enable doctors to treat their patients in a better way.
This, in turn, has the potential to create a new and innovative way of approaching population health management and change the way cancer and other diseases are presently treated around the world.
Segmental Analysis of Global Population Health Management (PHM) Market:
Based on Component
- Software
- Services
The software segment accounted for the largest share of the market. The dominance of this segment can be attributed to the increased adoption of software solutions by payers and providers to reduce readmissions, increase cost-effectiveness, improve operational efficiency, enhance patient engagement, and aid data integration and analysis.
Based on Mode of Delivery
- On Premises Mode of Delivery
- Cloud- Based Mode of Delivery
The On-premise solutions segment accounted for the larger market share of 63.9% in 2020. The advantages offered by the On-premise mode of delivery, such as customization of solutions, reduction in the risk of data breaches, and the ability to reuse existing servers and storage hardware are supporting its increased adoption in the population health management market.
Based on End-Users
- Healthcare Providers
- Healthcare Players
- Other End Users
The large share of this segment is attributed to the implementation of the Affordable Care Act and Hospital Readmissions Reduction Program aimed at lowering healthcare costs by using novel population health management solutions in the US, as well as the high demand for these solutions among healthcare providers across regions.
Based on Region
NORTH AMERICA (Canada, US), EUROPE (Spain, UK, Germany, Italy, France), ASIA-PACIFIC (India, China, Thailand, Japan, South Korea), LATIN AMERICA (Colombia, Brazil, Mexico, Argentina), MIDDLE EAST & AFRICA (UAE, Saudi Arabia, South Africa)
North America accounted for the largest share of the global population health management market. Factors such as growing federal healthcare mandates to curb the rising healthcare costs, increasing regulatory requirements, growing adoption of EHRs, and rising government initiatives focusing on personalized medicine and value-based reimbursements are expected to drive market growth in North America.
Competitive Landscape:
- Epic Systems Corporation
- Koninklijke Philips
- i2i Population Health
- Health Catalyst
- Optum
- Enli Health Intelligence
- eClinicalWorks
- Orion Health
- Allscripts Healthcare Solutions
- IBM Corporation
- HealthEC LLC
- Medecision
- Arcadia
- athenahealth
- Cotiviti
- NextGen Healthcare, Inc.
- Conifer Health Solutions
- SPH Analytics
- Lightbeam Health Solutions
- Innovaccer
- Citra Health Solutions
- Evolent Health, Inc
- Lumeris
- Forward Health Group
- Others
Recent Developments:
In March 2021, Phillips Healthcare (Netherlands) partnered with openDoctor (US). This partnership is aimed at delivering an integrated radiological patient engagement platform that leverages openDoctor’s real-time online appointment scheduling services as part of Philips’ Patient Management Solution.
In February 2021 Phillips Healthcare (Netherlands) launched Patient Flow Management Solution. The product offers full remote information access and enables a fully portable setup in emergency situations.
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Major questions answered in the report:
- Which regional segment is accounted for the largest market share of global population health management market?
- Which leading companies are offering aid to the global population health management market?
- What are the growth factors and challenges in the global population health management market?
Key Takeaways from the report:
- Deep-insights on regional analysis.
- Analysis of different segments along with growth factors, challenges and trends.
- The Global Population Health Management Market was valued at USD 27.89 Billion in 2022 and is projected to reach a value of USD 73.61 Billion by 2030, growing at a CAGR of 12.9%.
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