Investment by pharmaceutical companies in potential drug discovery and clinical trials involving Population Health Management (PHM) software would also contribute to market growth. Well-established health care infrastructure and high demand for health care analytics training and development are the major factors driving the PHM solutions market in the U.S. Moreover, patient rights based health care laws in the U.S. for post-sales client service and demand for system upgrade across the country has widened the scope of PHM application in the U.S. health programs.
PHM solutions are in high demand during epidemics and outbreaks as preventive and control measures for large population groups in the country. PHM platforms provide remote health management offerings such as personal emergency response systems (PERS), medication dispensers, and telemonitoring solutions. These become important components to deal with sudden pressures on health systems to provide medical assistance. These solutions would facilitate this health care provision to huge population groups simultaneously during epidemic and aid in managing operational cost of hospitals and health care organizations. Moreover, various pharmaceutical companies deploy PHM tools to ensure and store clinical trial data illustrating progress of a new or potential drug for chronic diseases such as cancer, diabetes, and cardiovascular ailments. Therefore, the PHM solutions market is anticipated to witness a steep rise in the U.S during the forecast period.
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Key Players of the Population Health Management Solutions Market
Key players operating in the population health management solutions market in the U.S. are Caradigm, Conifer Health Solutions, Health Catalyst, Healthagen, LLC, International Business Machines (IBM) Corporation, Lumeris, NextGen Healthcare Information Systems, LLC, OptumHealth, Inc., Persivia, Premier, Inc., The Advisory Board Company, Verisk Health, Wellcentive, Inc., and ZeOmega, Inc. These key market players are actively engaged in constant innovations and development related to health care technology and service management to maintain their positions in the market.
The PHM services segment is projected to expand at the highest CAGR compared to the software segment. Moreover, cloud-based population health management systems was one of the fastest growing segments of the market. The key factor responsible for its market dominance and significant growth is the increasing uptake of healthcare IT by health care providers, health insurance companies, and pharmaceutical industries and recurring demand for continuing existing health management solutions at population level. The major factor driving the PHM solutions market is the high disease burden on the U.S. health systems which is rising rapidly due to the demographic transition. Furthermore, these PHM tools facilitate database management for monitoring and comparison in health outcomes among population groups under study.
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Population health management (PHM) is a methodical and transparent delivery of services to improve the health status of a given population at a prospective price and to deliver better outcomes at lower cost. PHM programs are designed to keep defined patient populations, especially those with high-risk diseases, as healthy as possible while decreasing the need for costly interventions such as emergency department visits, hospitalizations, and invasive tests and procedures. The PHM services segment (by type of source) and the cloud-based population health management systems segment (by mode of operation) are likely to record fastest growth due to the upward trend in health IT adoption in the U.S. Moreover, the PHM software segment would spearhead the growth of cloud-based PHM solutions in the near future. The population health management solutions market in the U.S. was valued at US$ 3.4 Bn in 2014 and is projected to reach US$ 45.7 Bn by 2023, expanding at a CAGR of 23.9% during the forecast period.
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