Rampant Expansion of Patient Data Boosts Population Health Management Market
Population health management (PHM) refers to the optimisation of health outcomes for a defined segment of the population, including the distribution of such outcomes within the group. In the past, there has been a disconnect between technology, and clinical practice. This circumstance has made it a challenge to coordinate medical services and resulted in suboptimal treatment outcomes. Alternatively, population health management helps care providers overcome these barriers by improving patient satisfaction and reducing medical costs, which is expected to drive population health management market. A successful population health management program thrives on the vision to deliver robust and coordinated care through a well-managed partnership network. It involves participation and collaboration among stakeholders such as providers, payers, the government, and the community.
The main drivers of the growth of the population health management market are government mandates and support for healthcare IT solutions, growing usage of big data analytics, and the need to contain the rising healthcare costs. In the US, there are over 370 IT healthcare software and services. The market participants can anticipate benefits from the rise of emerging economies (such as Brazil, Russia, India, South Korea, and China), a growing emphasis on personalised treatment, and a rising emphasis on value-based medicine throughout the projection period.
Climbing Chronic Disease Prevalence Necessitates Adoption of Population Health Management
A major force behind growing need for population health management is rampant chronic illness prevalence. Long-term illnesses that are treated at hospitals make it imperative to maintain and monitor patient records. Chronic disease has led to an increase in the demand for efficient treatment in recent years. Healthcare management services are required due to the rise in treatment demand. Chronic diseases (NCDs) account for 41 million annual deaths, or 71% of all fatalities worldwide. The continual rise in the prevalence of chronic diseases will increase the demand for PHM for accurate patient data management, thereby pushing the growth of population health management market. Chronic diseases are bigger problems, especially for the senior population, predisposed to obesity, and diabetes. According to the United Nations Database on World Population Ageing 2020, there will be 1.5 billion older people worldwide by 2050, up from 727 million in 2020. Globally around 17 percent of the elderly population in the rural area and 29 percent of the elderly in the urban area suffer from a chronic condition. Therefore, with an increase in ageing population, the rate of chronic disease will grow, which will, in turn, drive population health management market.
Growing Cloud Adoption Fuels Population Health Management Market Growth
The market share of the cloud segment will increase throughout the forecast period. Better data management, reduced risk of data loss, and less concern for regulatory compliance are all benefits of the cloud deployment strategy. With these benefits, more firms are utilizing cloud-based security and safety solutions. Organizations are gradually adopting cloud-based solutions in response to client needs and business goals. The cloud deployment method includes increased speed, scalability, round-the-clock assistance, and enhanced IT security. A key growth enabler has been the growing demand for adequate cloud storage, access, and administration of these enterprises' enormous volumes of data.
North America Remains a Favourable Market on the Back of Ascending Healthcare Spend, and Emphasis on Public Health
North America dominated the population health management industry with a significant revenue share in the forecast period. By 2021, it is anticipated that the United States will spend up to 4.8 trillion USD on healthcare, or about 20 percent of GDP. As a result, the demand for an efficient PHM is growing along with the worrying rise in healthcare expenses. By precisely monitoring the health of the population and its subgroups, the government is putting more effort into providing incentives and making expenditures to enhance the state of the nation's health. The Affordable Care Act (ACA), which the American government enacted to prevent sickness and promote the use of IT in healthcare, will spur market expansion and present opportunities for service providers to gather and retain patient data efficiently. North America’s population health management market is driven by the factors like the demand in the healthcare sector to lower medical expenses, growing usage of information technology in healthcare, cloud computing, regulatory environment, and rising diseases.
The Asia Pacific is expected to see the highest growth in the market for population health management during the forecast period due to expanding healthcare infrastructure and increased healthcare spending. The government of India has set up INR 29.7 billion for 2021–2022. Compared to the prior year, there are 8.48 billion INR in surpluses for the development of medical infrastructure. Thus, the continual rise in healthcare spending will increase the demand for the product. In the Asia Pacific region, the incidence of chronic diseases is predicted to quadruple between 2001 and 2025. Advanced data analytics will be needed to manage the data produced by this rise, which is anticipated to accelerate the expansion of the population health management market in the area. The most significant rise in the Asia Pacific is attributed to medical tourism. Approximately 1.22 million people visited Malaysia in 2019 for medical and healthcare reasons. The demand for PHM software will increase with the region's continual increase in medical tourism.
Global Population Health Management Market: Competitive Landscape
In March 2021, The Netherlands-based Phillips Healthcare and open doctor teamed up. As part of Philips' Patient Management Solution, this cooperation aims to create an integrated radiological patient interaction platform that uses available doctors’ real-time online appointment booking services. In February 2021, Royal Philips, a global leader in health technology, launched the Philips Medical Tablet today, an end-to-end, simple-to-implement portable monitoring kit designed to assist physicians in remotely monitoring bigger patient groups during emergencies COVID-19 pandemic. Clinical staff may provide patient care outside of the hospital setting thanks to the Medical Tablet's integration with Philips' cutting-edge IntelliVue XDS software, which enables remote access to patient monitoring data.
Few of the players in the population health management market include Cerner Corporation (US), Epic Systems Corporation (US), Koninklijke Philips (Netherlands), i2i Population Health (US), Health Catalyst (US), Optum (US), eClinicalWorks (US), Enli Health Intelligence (US), Allscripts Healthcare Solutions (US), Orion Health (New Zealand), HealthEC LLC (US), Medecision (US), IBM Corporation (US), athenahealth (US), Arcadia (US), Conifer Health Solutions (US), Cotiviti (US), NextGen Healthcare, Inc. (the US), Lightbeam Health Solutions (US), SPH Analytics (US), Citra Health Solutions (US), Innovaccer (US), Lumeris (US), Evolent Health, Inc. (US), and Forward Health Group (US).
The Global Population Health Management Market is Segmented as Below:
By Mode of Delivery
By End Users
Key Elements Included In The Study: Global Population Health Management Market:
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