Population Health Management Solution Market
Overview:-
Population health management solution is a practice of collecting all the data related to the patient from various healthcare platforms such as pharmacy, diagnostics, and billing department in healthcare facility. The data is further monitored and analysed in comprehensive actionable form to improve health outcomes of a group of patients in minimum overall healthcare cost. Individuals amongst a group of patients are tracked by applying business intelligence tools by population healthcare management. A single document is created using different sets of data, which is easy to analyse and helps in effective clinical decision making for every individual across the healthcare ecosystem. It has various benefits such as better tracking of patient with the improvement of healthcare quality as it gives one comprehensive picture of collection of multiple data points. It also saves unnecessary cost on healthcare sector with better clinical management as it uses innovative approach of information technology. Healthcare management leads to the fulfilment of healthcare gap by the healthcare provider. These healthcare gaps are ineffective in monitoring of patients and coordination limitation amongst stakeholder in health care, etc. These limitations could overcome by promoting appropriate monitoring and real time data access. This could be followed by tracking billing data, prescription data, diagnostic data, and other health care data. Population healthcare management permits the value-based reimbursement for healthcare insurer, rather than simple payment transfer. It supports businesses in decision making process, reduces hospital admissions and promotes better health for population.
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Market Drivers:-
Increasing prevalence of chronic disease across the world leads to upward growth of the population healthcare management market during the forecast period. The major chronic diseases that are caused annually are cardiovascular disease, diabetes, cancer, chronic lung disease such as asthma and many more. In 2017, World Health Organization reported that around 40 million people or 70% of overall deaths globally are due to chronic diseases. Among all the chronic diseases, cardiovascular diseases cause maximum number of deaths of around 17.7 million deaths annually. These are followed by 8.8 million deaths from cancers, 3.9million deaths from respiratory diseases, and 1.6 million deaths from diabetes.
Moreover, another factor to propel growth of the population healthcare management solution market is increasing number of geriatric population across the world. In 2017, U.S. formed a population prospect report estimating a number of population that are aged 60 or above in the world, which is accounted to be 962 million, i.e., 13% of the global population. It is expected that the population of older people would reach up to 1.4 billion at annual rate of 3% by 2030. Other factors to drive growth of population health management solution market are increasing costs of healthcare as it helps in saving cost and development in big data analytics that manages huge data of every individual with precision in quality healthcare.
Key Players:-
The key players operating in the population health management solution market consists of Verscend Technologies, Inc., Caradigm, Allscripts, Inc., IBM Corporation, Cerner Corporation, Health Catalyst, Conifer Health Solutions, Philips Wellcentive, Healthagen, OptumHealth, LLC, Epic Corporation, Inc., eClinicalWorks, LLC, i2i Population Health, and Care Evolution.
Mergers and acquisitions activity are adopted by key players as growth strategies in order to enhance their market share. For instance, in August 2017, Enterprise Information Solutions, and McKesson Corporation’s hospital and health system IT business was acquired by Allscripts for US$ 185 million.
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Regional Analysis:-
The population health management solution market is segmented on the basis of region into Europe, Middle East, Asia Pacific, Africa, Latin America, and North America. Among everyone, North America holds the dominant position in the population health management system. According to World Economic Forum statistics in 2016, the highest per capita expenditure on healthcare is possessed by U.S. amounting to US$ 9146. This amount could be recurred when the population health management solutions performs its application, which would lead to quality comprehensive care and low hospital admissions fees. The application of population health management solutions would also lead to fulfilment of required number physicians and hospitals beds in healthcare infrastructures. The reduction in number of people without insurance would also thrive the market. In 2016, U.S. Census Bureau data estimated 28.1 million people, i.e., 8.8 % of U.S. citizens were without the coverage of health insurance, which was less as compared to 2015, when 29.0 million or 9.1 % of people were uninsured. For Instance, in 2018, the National Cancer Institute reported that around 1,735,350 new cases are diagnosed of cancer among which around 609,640 people led to death in the U.S. Therefore, market could be benefited by reduction in number of uninsured people across the world.
Europe holds the second position in the profitable market due to greater number of old age population in the region. In 2017, Europe Statistics demonstrated that around 19% of the European population consists of people more than 60 ages and would give rise to 25% in coming future.
Asia Pacific region has the highest risk of deaths due to chronic disease, providing potential opportunity for the population health management solution market to grow. According to World Health Organization (WHO), in 2017, it was reported that around 12 million people or 80% worldwide deaths from chronic diseases are from this region. However, there is an improvement in healthcare infrastructure in this region that promotes the population health management solution growth.
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