Population Health Management Market Overview
Global Population Health Management Market- Zion Market Research
Global Population Health Management Market Size Analysis
The global population health management market was worth around USD 24.7 billion in 2021 and to grow with a CAGR of approx 12.9 % over the forecast period.
— Zion Market Research
SUITE N202, NEW YORK, UNITED STATE, October 6, 2022 /EINPresswire.com/ — The global population health management market works on the pillars of a wide array of health activities involving remedial & protective care and promotional activities related to health with the coherent delivery model. Some of the outputs of a good population health management system are improved health status, increased responsiveness of the people, presence of equity & efficiency, and resilience of health systems. The huge requirement for capital to set up a robust PHM program may hinder the growth of the global market. Massive growth opportunities are expected in the global market owing to the increasing focus on personalized healthcare whereas the lack of data management capabilities due to the unavailability of trained analysts poses a major challenge to the global market growth. Key players functioning in the global population health management market include Koninklijke Philips, Cerner Corporation, i2i Population Health, Epic Systems Corporation, Optum, Health Catalyst, eClinicalWorks, Enli Health Intelligence, IBM Corporation, Orion Health, Allscripts Healthcare Solutions, HealthEC LLC, Arcadia, athenahealth, Medecision, Cotiviti, and NextGen Healthcare, Inc.
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Population Health Management Market: Industry Prospective
The global population health management market was worth around USD 24.7 billion in 2021 and is estimated to grow to about USD 51.2 billion by 2028, with a compound annual growth rate (CAGR) of approximately 12.9 percent over the forecast period. The report analyzes the population health management market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the population health management market.
Based on components, the Population Health Management market is divided into 2 segments- software and services. The dominance of the software segment can be ascribed to payers’ and providers’ growing use of software solutions to reduce readmissions, boost cost-effectiveness, improve operational efficiency, promote patient engagement, and facilitate data integration and analysis. In terms of services, which frequently require renewal on a time-based basis, including service upgrades and the maintenance of PHM Programs, have been essential in dominating these devices in the global market.
Based on end-user, the Population Health Management market is divided into 3 segments healthcare providers, healthcare payers, and other end users. The implementation of the Affordable Care Act and the Hospital Readmissions Reduction Program (aimed at lowering healthcare costs by using novel population health management solutions) in the United States, as well as the high demand for these solutions among healthcare providers across regions, account for a large share of this segment.
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North America is expected to dominate the global population health management market owing to the rising geriatric population and the number of chronic illnesses in the region. As per a report published by the CDC, around 1 out of every 6 American citizens is anticipated to suffer from 1 chronic disease. The rising number of medical patients coupled with technological advancements in the region is anticipated to aid the regional growth.
Asia Pacific is projected to register a high CAGR during the forecast period owing to increased expenditure on the healthcare sector by government agencies along with private market players. The Asia Pacific market, which includes India, China, Japan, and the rest of Asia Pacific, provides market participants with high-growth opportunities.
Rising medical tourism, the implementation of new ICT guidelines in Japan, investments, and reforms to modernize China’s healthcare infrastructure, India’s rapidly growing healthcare industry, and IT programs in Australia and New Zealand are all driving growth. Furthermore, government initiatives to adopt HCIT, the growing geriatric population, the rising prevalence of chronic diseases, rising healthcare expenditure, and increasing consumer purchasing power are expected to support market growth in this region.
Recent Developments
In March 2021, Phillips Healthcare (Netherlands) and openDoctor have teamed up. As a component of Philips’ Patient Management Solution, this cooperation aims to create an integrated radiological patient interaction platform that uses openDoctor’s real-time online appointment booking capabilities.
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Population Health Management Market: Opportunities
Advance analytics and predictive modeling applications to bring growth opportunities to the global market
Advanced analytics and predictive modeling applications enable healthcare organizations to treat each patient individually to achieve the best possible outcomes. Analytics have increasingly been used to personalize cancer and other disease treatments. In this regard, the UK’s National Health Service (NHS) announced a five-year initiative to sequence the genomes of a large group of people. A new company called Genomics England Limited was formed to carry out this project, and a huge amount has been set aside for it. This project’s findings will be applied to the treatment and research of cancer and other rare diseases.
Population Health Management Market: Challenges
The diversity & complexity of the population health management market may give rise to challenges for its growth
Only a few healthcare organizations have in-house experts who can translate large amounts of data into valuable insights. One of the significant barriers to the growth of the population health management market is a lack of data management capabilities and skilled analysts.
Major markets like Germany, the Netherlands, England, and Australia are also experiencing a severe shortage of HCIT professionals. During the forecast period, the population health management market is expected to be hampered by a lack of in-house IT experts as well as a trained workforce with cross-functional skills.
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Market Segmentation by Region
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of the Middle East & Africa
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