Report Ocean has released a research study titled “Population Health Management Market 2023 Forecast to 2031 Analysis by Market Trends.” This study offers precise economic forecasts, global assessments, and country-level insights. It provides a comprehensive view of the competitive market and includes an in-depth supply chain analysis to identify significant industry changes. The study explores the current market status, anticipated future growth, technological advancements, investment opportunities, market economics, and financial data. It thoroughly examines the market and offers insights based on a SWOT analysis of the industry.
Population Health Management Market is valued approximately at USD 22.9 Billion in 2020 and is anticipated to grow with a healthy growth rate of more than 11.5% over the forecast period 2021-2027. Population Health Management refers to the collection of patient data through health information technology resources to improve both clinical and financial outcomes. The global Population Health Management market is being driven by growing number of chronic diseases which demand for better healthcare services, an expanding healthcare industry, increasing demand for affordable treatment along with value-based medicines, and rising digitalization of healthcare systems.
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For instance: in January 2021, Digital health company Zyter developed Zyter Smart Hospitals with the 5G-ready platform that connects a hospital’s disparate data systems, departments, people, and the latest Internet of Things (IoT) technology devices. Furthermore, the indulgence of favorable government initiatives and increasing investments from the large players to improve health infrastructure, will provide new opportunities for the global Population Health Management industry. For instance: in the financial year 2021-22, Indian government increased the budget allocation for health and well being’ by 137 per cent to Rs. 2.23 lakh crore from the previous year’s budget estimate of over Rs. 94,000 crore. However, unstable data privacy laws in the certain countries and lack of skilled workers who can operate digitization in healthcare sector efficiently may impede market growth over the forecast period of 2021-2027.
The key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World are considered while regional analysis of the global Population Health Management Market. North America is the leading region across the world in terms of market share due to developed healthcare infrastructure, rising diseases and adoption of Internet-of-Things in the region. Whereas Asia-Pacific is anticipated to exhibit the highest CAGR over the forecast period 2021-2027, due to the investments and reforms to modernize healthcare infrastructure and availability of skilled technicians in the region.
Major market player included in this report are:
Cerner Corporation
Epic Systems Corporation
Koninklijke Philips
i2i Population Health
Health Catalyst
Optum
Enli Health Intelligence
eClinicalWorks
Orion Health
Allscripts Healthcare Solutions
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MARKET OVERVIEW
Here’s a comprehensive breakdown of key points concerning the Population Health Management (PHM) market, offering insights and analysis within the industry:
- Market Growth and Size: The PHM market has been experiencing substantial growth due to the increasing focus on preventive healthcare and value-based care models. It has become a key component in managing the health of defined populations. The market size has expanded, driven by the demand for solutions that improve outcomes and reduce costs.
- Technological Advancements: Advancements in healthcare technology, such as Big Data analytics, AI, machine learning, and interoperable electronic health records (EHRs), have transformed PHM solutions. These technologies enable the analysis of large datasets to identify at-risk populations, predict outcomes, and personalize interventions.
- Shift Towards Value-Based Care: The industry’s move from fee-for-service to value-based care models has fueled the adoption of PHM solutions. These tools aid healthcare providers and organizations in improving patient outcomes, enhancing care coordination, and reducing unnecessary costs by focusing on preventive measures and population-level health management.
- Patient-Centric Approach: PHM solutions are increasingly emphasizing a patient-centric approach by focusing on patient engagement, empowerment, and personalized care plans. Engaging patients in their health management leads to better adherence to treatment plans and healthier lifestyles, contributing to improved population health.
- Data Security and Privacy: With the use of extensive patient data for analysis and decision-making, ensuring data security and privacy compliance (such as HIPAA in the U.S. or GDPR in the EU) is critical. PHM providers must implement robust security measures to protect sensitive patient information.
- Interoperability and Data Integration: Seamless interoperability among various healthcare IT systems, including EHRs, wearable devices, and patient portals, is crucial for effective PHM. Integration of diverse data sources allows for a comprehensive view of a patient’s health, aiding in proactive care management.
- Remote Patient Monitoring (RPM): The adoption of RPM solutions within PHM has surged, especially after the COVID-19 pandemic. RPM enables continuous monitoring of patients outside traditional healthcare settings, allowing for early intervention, reducing hospital admissions, and improving patient outcomes.
- Collaboration and Care Coordination: PHM emphasizes collaboration among various stakeholders in healthcare, including physicians, care teams, payers, and community organizations. Effective care coordination and communication among these entities are essential for successful population health initiatives.
- Population Health Analytics and Predictive Modeling: Advanced analytics and predictive modeling tools play a crucial role in PHM. These tools enable healthcare providers to identify high-risk populations, forecast disease outbreaks, and allocate resources efficiently to address population health needs.
- Market Consolidation and Partnerships: The PHM market is witnessing consolidation through mergers, acquisitions, and partnerships. Healthcare organizations are collaborating with technology vendors to develop comprehensive PHM solutions that encompass data analytics, care management, and patient engagement.
The detailed segments and sub-segment of the market are explained below:
By Component:
Software
Services
By Mode of Delivery:
Web-based
Cloud-based
On-premise
By End-Use:
Healthcare Providers
Healthcare Payers
Employer Groups
Government Bodies
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
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