The latest market report published by Credence Research, Inc. “Global Population Health Management Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global population health management market was valued at US$ 21,079.9 Mn in 2017, and is expected to reach US$ 81,539.8 Mn by 2026, expanding at a CAGR of 16.3% from 2018 to 2026
Population health management is an organized program specifically designed to provide maximum health status to patients seeking treatment for chronic ailment and precise management of financial, clinical and analytical aspect of healthcare domain. Rampant growth in IT healthcare segment and business expansion strategies adopted by insurance companies will bolster the market growth during the forecast period. Significant rise in cost related to healthcare and necessity to protect patient data provides lucrative market opportunity for PHM service providers globally.
Healthcare services are reigning the product segment for population health management market. Paradigm shift from paid service to value based healthcare delivery drive the market growth for healthcare services. Hospitals opt for services to create and in house system to assess patient data. Software segment is expected to grow at a rapid pace owing to the increasing demand for integrated healthcare system. Ability to manage multiple function pertaining to healthcare on a single platform and well managed network will provide the necessary impetus for the future growth of software solutions.
Healthcare providers are leading the end user segment for population health management. Inherent features such as excellent disease management with refined clinical outcomes drive the market growth for healthcare providers worldwide. It has adopted patient centric care and has been successful in drastically reducing the cost burden associated with healthcare. Payers are third party insurance companies which provide reimbursement for the cost incurred during treatment. Proficiency in predicting analytical competency pertaining to population behavior and unstructured clinical outcomes will propel the healthcare payers market in the near future.
North America is the largest regional segment for population health management and holds 36% market share. The chief factors responsible for its promising growth are rising prevalence of chronic ailment and increasing financial support and monetary aid provided to healthcare segment by the government. Europe represents 32% and is holding the second position in the regional segment on account of significant rise in the number of healthcare service providers. Asia Pacific accounts for 21% share owing to the significant rise in IT-healthcare segment and rise in per capita income.
Software companies providing services pertaining to population health management are Cerner Corporation, Healthagen LLC, Health Catalyst, IBM Corporation, Koninklijke Philips N.V., Lumeris, McKesson Corporation, Persivia, Inc., ZeOmega, UnitedHealth Group.
Key Market Movements:
- Significant rise in the number of patients seeking treatment for chronic illness
- Increasing demand for IT-healthcare segment to streamline services pertaining to healthcare on a single platform
- Emerging healthcare providers possessing capability in disease management with refined clinical outcomes