Growing use of healthcare IT solution and technologies is driving growth in the global population health management market.
Growing use of healthcare IT solution and technologies is driving growth in the global population health management market. Rising emphasis on providing better healthcare facilities to the masses has further augmented growth in the population health management services. Patients who require immediate attention and those having high-risk diseases use population health management services that help them in reducing cost while visiting emergency department, invasive tests and procedures, and during hospitalizations.
Additional benefit of using population health management is that it provides real time insights to clinicians and administrators. It further enables them to identify the care management gap within risk patient population. With all these advantages, there are higher chances of the global population health management market to reach US$ 69 bn by the end of 2025. To reach this figure the market is likely to rise at 16.1% CAGR between 2017 and 2025. Rising incidence of chronic diseases such as diabetes and cardiovascular diseases is also projected to fuel demand in the global population health management market.
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Government Policies to Support Growth in Expanding Population Health Management Market
Implementation of the Affordable Care Act in the U.S. is the best example to support the growth of population health management. This act supports prevention of diseases and adoption of HCIT, thus, focusing on installing population health management. Moreover, growing need for affordable treatment options as the cost of health service is high and advancing IT and big data capabilities are other few significant factors driving demand in the global population health management market.
Additionally, increasing focus on value-based medicine and rising focus on personalized medicine based on analytics are also accelerating adoption of population health management services. Factors like reluctance to migrate from legacy systems and lack of data management capabilities and skilled analysts are few hindrances that need to be met for the global population health management market to grow at a substantial rate.
Data Analysis Services Witnessing Extensive Demand
The key components in the population health management market comprise software, services, and hardware. Of these, the services segment contributed to the majority of share in the global market in 2016. Over the past few years, data analysis services and post-sale client services have been seen substantial uptake among health care insurance companies and providers. PHM tools are increasingly being adopted by professionals.
The various modes of operations are cloud-based, on-premise, and web-based. The web-based PHM held the leading share in the global market in 2016. This is trailed by the cloud-based PHM solutions. However, with time, this segment will see copious opportunities, fueled by large business value that healthcare providers will be leveraging on transitioning to cloud.
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Adoption of PHM for Healthcare Providers in Care Management Gaps Gathers Traction
Among the various end users, solutions and products offered in the population health management market hold extraordinary potential in health care providers. Rapid adoption of various PHM tools have helped them improve the quality of care, plug care management gaps, and improve profitability of healthcare services to patient population. Other end use segments are insurance providers and pharmaceutical companies
The various key regional markets comprise North America, Europe, and Asia Pacific, apart from the rest of the world (RoW) region. Of these, North America currently leads the pack, and is trailed by Europe. Both these regional markets are witnessing the adoption of PHM in closing the gap between health and community services in gravitating toward better care outcomes. Governments especially in the U.S., the U.K., and Germany are supporting collaborations by private stakeholders in adopting PHM in reducing the health and economic burden of chronic diseases. Australia and Japan have emerged as the top markets.
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On the other hand, Asia Pacific is a fast emerging market. The region in recent years has witnessed vast latent opportunities in the population health management market. This can be attributed largely to the focus of governments in leveraging population health approaches and analytics tools in better care for the regional population. The Middle East and Africa and Latin America are still at nascent stage. Opportunities will rise further in these markets on back of focus of their health care systems in making care delivery affordable and accessible.
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