Population Health Management Market is Expected to Grow at a CAGR of 12.8% from 2022 to 2028
As stated in our extensive report; providing insight on Component, Mode of Delivery, End Users and Region; the Global Population Health Management Market accounted for USD 24.2 Billion in 2021.
Population Health Management (PHM) is the gathering of patient data from various resources of healthcare information technology and systems, the processing of that data into a single, actionable patient record, and the actions taken by health providers to enhance clinical and financial outcomes. Population Health Management tries to enhance the health outcomes of a group by monitoring and identifying individual patients within that group. Using a business intelligence (BI) tool, Population Health Management programs frequently aggregate data and provide a comprehensive clinical picture of each patient. With this data, providers can track and potentially improve healthcare outcomes while lowering costs. The rising elderly population and increasing burden of chronic diseases, as well as the digitalization of healthcare systems and the increasing need for cheap treatment alternatives due to rising healthcare expenses, are driving the population health management industry. Furthermore, the growing percentage of people suffering from chronic diseases, which necessitate a long period of surveillance and hospitalization, as well as favorable government policies, are helping the market's growth.
The increasing need to limit escalating healthcare costs is anticipated to augment the growth of the Population Health Management Market during the forecast period. The total expense of healthcare has risen considerably in recent years. The demand for healthcare services is driven by factors such as the increasing percentage of older people, growing costs of health insurance, and the rising occurrence of chronic conditions worldwide. Further, the rise inpatient readmissions, medical errors, and administrative expenditures also contribute to the high cost of healthcare services. According to the United Nations Population Division, the worldwide aging population will grow from 880 million in 2011 to 2 billion by 2050, accounting for 22% of the global population. If nothing is done, healthcare costs will rise by 25% by 2030, owing mostly to the aging population. In addition, according to the CMS and the National Health Statistics Group, per capita, healthcare spending in the United States was USD 11,582 in 2019. According to OECD forecasts, public spending on health and long-term care in OECD countries will rise from roughly 6% of GDP today to over 9% by 2030, and up to 14% by 2060. Governments and healthcare systems all around the world are focusing on adopting Population Health Management solutions effectively to reduce rising healthcare expenses.
However, the high investments in infrastructure to set up robust Population Health Management programs along with rising data breach concerns are expected to hamper the growth of the market in the years to come. Moreover, the increase in focus on personalized medicine and value-based medicine is expected to create immense opportunities for the growth of the market in the years to come.
North America dominated the Global Population Health Management Market in 2021. This is attributable to the increasing regulatory requirements across the region and federal healthcare mandates to curb the rising healthcare costs. Furthermore, the rising adoption of EHRs along with a growing focus on personalized medicine in the region is also expected to fuel the regional growth of the market.
Some of the prominent players operating in the Global Population Health Management Market include Cerner Corporation (US), Epic Systems Corporation (US), Koninklijke Philips (Netherlands), i2i Population Health (US), Health Catalyst (US), Optum (US), Enli Health Intelligence (US), eClinicalWorks (US), Orion Health (New Zealand), Allscripts Healthcare Solutions (US), IBM Corporation (US), HealthEC LLC (US), Medecision (US), Arcadia (US), Athenahealth (US), Cotiviti (US), NextGen Healthcare Inc. (US), Conifer Health Solutions (US), SPH Analytics (US), Lightbeam Health Solutions (US), Innovaccer (US), Citra Health Solutions (US), Evolent Health Inc. (US), Lumeris (US), Forward Health Group (US) and others.
Browse the full Report - Population Health Management Market Size, Share & Trends Analysis Report by Component (Software, Services), by Mode of Delivery (On Premise Mode of Delivery, Cloud -Based Mode of Delivery), by End Users (Healthcare Providers, Healthcare Payers, Other), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)