Population health management solution aggregates all data from different healthcare platform (Diagnostics, Pharmacy, and Billing Department in healthcare facility) related to the patient. The data is analyzed and presented in comprehensive actionable form to healthcare providers for efficient clinical outcome and to save overall healthcare cost. Population healthcare management tracks individuals amongst vast group of patients by applying business intelligence tools to different set of data and create single document, which is easy to analyze and clinical decision can be taken over same by each member across the healthcare ecosystem. Population healthcare management offers various advantages such as it improves quality of healthcare due to comprehensive picture provided by collection of multiple data points on one platform with better tracking of patient. Pharmaceutical healthcare management solutions saves unnecessary healthcare cost. Moreover, it allows better clinical management in case of chronic disease using information technology-based approaches. Healthcare management allows healthcare provider to fill healthcare gap for instance, lack of coordinated effort amongst stakeholder in health care, lack of effective patient monitoring, and others. This gap can be filled by promoting real time data access and monitoring. This can be done by monitoring diagnostic data, prescription data, billing data, and other health care data, which can be assessed and addressed in case of care gap. For healthcare insurer, population healthcare management allows the value-based reimbursement rather than simple payment transfer and helps in business decision making process. Overall PHM promotes better health for population and reduces hospital admissions.
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Population healthcare management market is expected witness significant growth during the forecast period, owing to increasing prevalence of chronic disease globally. Chronic disease such as cancer, cardiovascular disease, diabetes, asthma (chronic lung disease) account for the major healthcare burden annually. For instance, according to the World Health Organization data in 2017, around 40 million people die each year due to chronic disease, which accounts for 70% of all deaths globally. Cardiovascular diseases is responsible for 17.7 million death annually, followed by cancers (8.8 million deaths), respiratory diseases (3.9million deaths), and diabetes (1.6 million deaths). Population healthcare management solutions offers better clinical management of this disease. Increasing number of geriatric population worldwide is expected to further propel growth of population healthcare management solutions over the forecast period. For instance, according to Population Prospect report by United Nations in 2017, around 962 million people were aged 60 or above across the globe, which accounted for 13% of the global population, and by 2030 geriatric population in the world is estimated to be 1.4 billion, which is growing at annual rate of 3%. Increasing healthcare cost is also expected to drive growth of population health management market over the forecast period. Technological advancements in big data analytics is expected to fuel growth of population health management, owing to ease in management of vast data with precision in quality healthcare to individual.
On the basis of region, population health management solution market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold a dominant position in the market, owing to U.S. with highest per capita expenditure on healthcare which is valued at US$ 9,146 according to statistics provided by the World Economic Forum in 2016. This cost could be saved with the greater application of population health management solutions resulting in quality comprehensive care with reduces hospital admissions. This would also lower the burden on health care infrastructure with shortage of physicians and hospitals beds. Furthermore, increasing number of patients with chronic disease is another driver for growth of market. For instance, according to the National Cancer Institute around 1,735,350 new cases of cancer was diagnosed in the U.S. in 2018, and around 609,640 cancer related death was reported in same year.
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Moreover, reducing number of uninsured people would also benefit the market. According to U.S. Census Bureau data, in 2016, around 8.8% or 28.1 million people were without health insurance coverage, which is lower than 2015, in which 9.1% or 29.0 million people were uninsured. Europe is expected to be second lucrative market, owing to rising geriatric population. For instance, according to Europa Statistics in 2017, around 19% of Europe population was over 60 in age, which would rise to 25% in near future. Asia Pacific region offers potential opportunity for growth of the population health management solution market, owing to highest number of deaths caused due to chronic disease. Over 12 million and around 80% worldwide chronic disease death are reported from this region according to World Health Organization (WHO) factsheet in 2017. Healthcare infrastructure in this region is slowly improving, which would also promote adoption of population health management solution.
Some of the key players operating in the population health management solution market include Allscripts, Inc., Cerner Corporation, Conifer Health Solutions, Healthagen, LLC, OptumHealth, Epic Corporation, Inc., Philips Wellcentive, eClinicalWorks, Health Catalyst, LLC, IBM Corporation, i2i Population Health, Verscend Technologies, Inc., Caradigm, and Care Evolution.
Key players are focused on adopting strategies such as mergers and acquisitions activity, in order to improve the market footprint. For instance, in August 2017, Allscripts acquired McKesson Corporation’s hospital and health system IT business and Enterprise Information Solutions for US$ 185 million in cash.
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On the basis of component, the global population health management solution market is segmented into:
On the basis of medium, the global population health management solution market is segmented into:
- Web-based Medium
- Cloud-based Medium
On the basis of end-user, the global population health management solution market is segmented into:
- Insurance Provider
- Ambulatory Care Provider
On the basis of region, the global population health management solution market is segmented into:
- North America
- Latin America
- Asia Pacific
- Middle East
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