OTTAWA, Feb. 08, 2021 (GLOBE NEWSWIRE) -- The global population health management market size was valued at around US$ 24.1 billion in 2019.
Population health management is the combination of data collected from different patients across various health Information Technology (IT) resources. In population health management, the collected data is analyzed and transformed into a single and actionable patient record. Basically, PHM programs use business intelligence (BI) tools to the collective data and provide a complete clinical picture of each patient. This helps the healthcare providers or payers to improve the financial as well as clinical outcomes for patients.
A successful PHM program will provide real-time insights to both administrators and clinicians as well as help them to address and identify the care gap within the patient population. A well-developed care management program is the key to cost savings and better outcomes, especially in the population suffering from chronic disease.
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Growth Factors
Government support and mandates for healthcare IT solutions, the need to curtail the escalating healthcare costs, and increasing use of big data analytics are the key factors that drive the market growth. In addition, developing countries such as Russia, Brazil, South Korea, India, and China are increasing their focus on personalized medicine along with rising focus on value-based medicine projected to offer lucrative growth opportunities for the market players during the analysis period. In addition, increasing digitalization of healthcare systems, rising geriatric population coupled with burden of chronic diseases, and the increasing requirement for affordable treatment options because of rising healthcare costs are the other most prime factors that contribute positively towards the growth of the market.
On contrary, lack of skilled analysts, data breaches, and interoperability issues expected to adversely impacting the growth of this market. Conversely, rising trend for business analytics tools and platforms to enhance the outcome are predicted to boost the market growth in the coming years. Big data, machine learning, and cloud computing are the common technologies that are commonly used to enhance the business output.
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Report Highlights
- North America led the global market in terms of revenue share in 2019 because of an alarming increase in the healthcare costs
- The Asia Pacific PHM market anticipated to exhibits the fastest growth rate over the forecast period due to rising healthcare expenditure along with improving healthcare infrastructure
- On the basis of product, services segment held the largest market share as hospitals and other care providers prefer in-house solution & system
- Software segment contributes prominently towards the value growth market attributed to the increasing adoption of software solutions by providers and payers across the globe
- By end-use segment, healthcare providers captured the maximum value share in the market in 2019 due to significant outcome from medical centers and clinics
- Predictive analytics competency provides payers a benefit over other providers that notably contributes toward the lucrative growth of the segment
Regional Snapshots
North America is likely to dominate the global population health management market due to the increasing prevalence of chronic diseases especially in the aging population, favorable policies & initiatives undertaken by the government, and presence of a well-established healthcare system. As per the data issued by the Agency for Healthcare Research and Quality (AHRQ) in 2016, the United States comprises of more than 626 health systems, as well as 69.7% hospitals were enclosed under the Compendium of the United States Health Systems, and 92% of total patients were discharged from the system hospitals.
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The European market expected to hold the second-largest position in the global population health management market. The market growth in this region is mainly attributed to the funding and support from the government for the development of healthcare sector, rising Research and Development (R&D) activity in the healthcare sector, and increasing healthcare expenditure in the region. As per the Organization for Economic Co-operation and Development (OECD) survey conducted in 2017, average spending per head on healthcare sector in Europe was nearly USD 4,077.
On the other hand, the Asia-Pacific expected to be the fastest growing market during the forecast period due to rising investments in healthcare sector, rising prevalence of chronic diseases, and government initiatives to increase digitalization in the healthcare sector. Countries such as India and China faces numerous problems related to health management because of accelerating growth in population as well as these countries can offer a platform for the market players to grab potential business opportunities.
Key Players & Strategies
Some of the key players operating in the market are Cerner Corporation, Allscripts Healthcare, LLC, Conifer Health Solutions, LLC, Enli Health Intelligence, eClinicalWorks, McKesson Corporation, Optum, Inc., Medecision, Advisory Board, Athenahealth, Inc., Koninklijke Philips N.V., Welltok, and RedBrick Health Corporation among others.
Market Segmentation
By Product
- Services
- Software
By End-Use
- Providers
- Payers
- Employer Group
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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