Population Health Management Market Size, Trends and Growth Outlook by Component (Hardware and Others), Solution (Data Integration & Management, Analytics, and Others), Delivery Mode (On-Premise and Others), End-User (Healthcare Providers, Others) – Forecast Till 2030
The Population Health Management Market will obtain a value of USD 278.7 billion at CAGR of 19.2% between 2022-2030. Population health management (PHM) is a targeted, all-inclusive approach to compiling and reviewing patient-specific health data. The term “population health management,” or “PHM,” refers to a strategy that is both focused and all-encompassing to the process of obtaining and assessing patient-specific health data. Included are things like data analytics and the administration of health information, as well as care coordination, integration, and the assessment of value-based care. The improvement of patient happiness, public health, and the outcomes of healthcare are given the utmost importance. PHM also provides a number of technologies that enhance the delivery of care that is centred on the patient by lowering readmission rates and ensuring that interventions are both appropriate and effective.
The global population health management market is driven by a number of factors, including an increasing elderly population, the prevalence of chronic diseases, the rise of digital healthcare systems, and an increasing demand for affordable treatment options as a result of rising healthcare costs. In addition, favourable government laws and an increasing number of persons with chronic diseases need longer hospital stays. Surveillance is another reason that is contributing to the rise of the industry. However, as a result of trends in population health management, customers today face challenges that include the administration of vast volumes of healthcare data, greater regulatory compliance, as well as data security and reliability. The possibility of a decline in the quality of services or goods is one of the few factors that is forecasted to hinder the progress of the industry.
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The support that the government provides to the health industry involves educating the general population about these technological advancements. These state-of-the-art computer systems make it possible for hospitals to run perfectly. Because of all of these factors, the value of the market for population health management is expected to considerably increase over the course of the projected year.
The prevalence of chronic diseases is a significant factor that is driving growth in the population health management industry. Patients seeking therapy for chronic conditions typically seek it out in hospitals. In situations involving chronic sickness, there is a greater demand for careful maintenance and monitoring of patient records. In recent years, there has been a sharp increase in the number of people who have chronic conditions and are in need of appropriate care. The greater need for medical care results in an increase in the number of healthcare management services. The high cost of healthcare expenditures is another important factor driving the population health management market. It is paving the way for the use of healthcare information technology.
The developed regions are making the transition to population health management with relative ease. The established medical infrastructure makes it simple to implement these technological advancements. The amount that the health business spends on medical treatment is increasing at a rate of 7% per year. These expenditures are leading to an increase in the number of automated technologies utilised in the medical field. Because of this technology, the number of slip-ups and mistakes that occur when capturing patient data has decreased. Changes for the better will result from the implementation of IT solutions and EHR systems.
Population Health Management Market Segmentation
In terms of their components: Services and Software
Depending on the way of distribution: cloud-based mode of delivery, etc. On-premise manner of delivery
Other end-users, healthcare providers, and healthcare actors are considered to be end-users.
Population Health Management Market Regional Evaluation
Regional study predicts that North America will dominate other areas with a share of 70% of the total market. In North America, demand for electronic health record systems is on the rise. When exceptional reimbursement rules are implemented, there will be a significant increase in the need for population health management systems. The primary contribution is the market for population health management in the United States. Following Europe as the region with the biggest demand is Asia and the Pacific. Opportunities for rapid economic development exist in Japan, India, and China.
The most significant contributor to economic expansion in the Asia Pacific area is the phenomenon of medical tourism. One of the primary contributors to the most rapid market expansion in population health management is a high adoption rate. In Europe, demand is being driven by the prevalence of chronic diseases as well as geriatric pupation. The combination of all of these elements will result in extremely high revenue rates for the region.
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Population Health Management Market Key Players:
Allscripts Healthcare Solutions Inc., Cerner Corporation, McKesson Corporation., International Business Machines Corporation (IBM), Epic Systems Corporation, Health Catalyst., Optum, Inc., Conifer Health Solutions, LLC., Koninklijke Philips N.V., Lumeris, ZeOmega, Healthagen LLC, UnitedHealth Group, and Persivia are some of the companies that are a part of this partnership.
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