Wilmington, Delaware, United States, May 09, 2023 (GLOBE NEWSWIRE) -- The global population health management market stood at US$ 25.9 billion in 2022 and the global market is projected to reach US$ 86.9 billion in 2028. Global industry is anticipated to expand at a CAGR of 15.9% between 2021 and 2028.
Chronic illness is the main driving force in the population health management sector. One in three of all adults suffer from multiple chronic conditions globally. 6 in 10 adults in the U.S. suffer from chronic diseases. Patient record maintenance and surveillance are very important in these kinds of cases of chronic illness. Demand for effective treatment has surged to a great extent due to chronic sickness such factor increases the market growth.
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Several manufacturers invest in research and development to develop innovative products to assist healthcare organizations, for example- Allscripts announced its agreement to sell the CarePort Health business to WellSky Corp in 2020 with a payment of approximately USD 1.35 billion, and, Health Catalyst, Inc. announced the launch of its Population Health Foundations solution in 2019. Thus, this factor boosts market growth.
Several companies are investing in developing new products and collaborating with other companies to increase market growth. Phillip Healthcare launched its full remote emergency patient flow management solution in 2021. Cerner Corporation collaborated with Salesforce, a major Customer Relationship Manager (CRM) player, in 2018. Aim was to combine Salesforce Marketing Cloud and Health Cloud with its cloud-based population health platform, HealtheIntent, resulting in a factor that boosts the market growth.
Witnessing that the high costs of operating room equipment are limiting its use, mostly in low-income countries, and will largely impede the population health management (PHM) market's growth rate. Arranging the whole system with proper equipment demands a major cost impeding market growth.
Key Takeaways of Market Report
- Global population health management market to generate absolute dollar opportunity worth US$ 86.9 billion until 2028.
- Global population health management market from 2023 to 2028 is 15.9%
- Global population health management market is currently valued at US$ 30.9 billion in 2021.
- Global population health management market stood at US$ 25.9 billion in 2020.
- Market value of the global population health management from 2018 to 2022 is 15.1%
- North America is said to have a 15% market share with the United States.
- North American market region is estimated to cross US$ 37.4 billion in 2028
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Global Population Health Management Market: Growth Drivers
- Population health market solutions enable the healthcare industry to provide patient-centric care and help reduce high medical care costs by reducing readmission and providing appropriate and optimum intervention to patients. Rapid global spread of this disease has resulted in lockdowns and restrictions, increasing demand for electronic data transfer and claim management. Projected to lead to an increase in the use of population health management in the forecast period.
- Adoption of healthcare IT solutions is a result of the growing preference for value-based reimbursement structure and accountable care. Raising awareness about the adoption of better-personalized medicine is expected to provide significant potential prospects for market players in the near future.
- Variety of instruments are available, each with its own set of functions in varied care settings where these tools aid in data collecting and enable patients and payers, particularly insurers, to get the most out of their healthcare expenditures.
- Population healthcare management program also assures that healthcare is affordable to the general public. Various efforts implemented by hospital administrators and physicians have recently been found to be effective in lowering overall hospital costs, testing new disease risk management models, and improving medication adherence.
Global Population Health Management Market (PHM): Regional Landscape
- North America dominated the population health management market and accounted for a revenue share of 15%. Total healthcare spending in the U.S. is expected to reach up to US$ 37.4 billion in 2028. Alarming increase in healthcare costs is, in turn, escalating the demand for an effective PHM.
- The Asia Pacific market for population health management is anticipated to experience the fastest growth over the forecast period due to improving healthcare infrastructure and rising healthcare expenditure. The incidence of chronic diseases is expected to double from 2001 to 2025 in the Asia Pacific region.
Global Population Health Management Market: Key Players
- Lumeris
Strategies
Lumeris enables health systems to co-produce better health with consumers in their communities through the deployment of comprehensive, technology-enabled population health services and insurance products.
Opportunities
- Manage total cost of care, quality, and patient satisfaction
- Enhance enterprise value potential
- Deliver high-value care
- Expand your value-based payer contracts
- Deploy technology, people and process for population health
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Global Population Health Management Market: Segmentation
Mode of Operation
- Web-based
- Cloud-based
- On-premise
Component
- Hardware
- Software
- Services
End-user
- Health Care Providers
- Insurance Providers
- Pharmaceutical companies
- Others
Regions covered
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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