NEW YORK, April 29, 2019 (GLOBE NEWSWIRE) -- The global population health management market size was valued at USD 15.9 billion in 2017 and is expected to witness a CAGR of 25.2% during the forecast period 2018-2024. The key factors driving the growth of the market includes government support, increasing need to opt for cost-effective treatment options, increasing adoption of healthcare information technology (HCIT), and disease management programs by public and private insurance providers. The growing geriatric population and the increase in the prevalence of chronic diseases requiring proper health management also drive the growth of the market.
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Different governments across the globe are taking initiatives to improve healthcare infrastructure and investing huge capital to robust the public healthcare system. With the major focus of developed and developing countries to provide universal healthcare to its entire citizen, governments are adopting software and services for population health management.
Explore key industry insights in 53 tables and 31 figures from the 142 pages of report, Industry Insights by Offering (Software, Services [Consulting, Training & Education, Implementation, Post-Sale & Maintenance]), by Mode of Delivery (Cloud based, Web based, On Premise), by End-User (Healthcare Payers, Health Providers, Government Bodies, Employer Group)”
Government support is key to the growth of the population health management market across the globe
The increasing healthcare cost has led to the demand for the efficient healthcare management systems. Providers, patients, and payers require working in synergy to improve healthcare outcome and provide best care to all in need.
Government in different countries are mediating and establishing synergy among all the stakeholders to cover all its citizens under its health programs and provide value based outcome to its citizens. Healthcare in several countries is majorly dependent on its public health care infrastructure. Population health management systems deliver effective and sustained consumer engagement. Implementation of population health management systems in public healthcare infrastructure lowers the healthcare costs and improves the healthcare outcomes.
Cloud-based mode of delivery is anticipated to witness highest demand in the coming years
The web-based mode of delivery led the population health management market in 2017. This leap over the cloud-based and on-premise mode of delivery options is due to the large adoption of web-based approach by healthcare providers, and also the reduced cost of installation and requirement of hardware and software systems. Meanwhile, the cloud-based mode of delivery is gaining popularity with an increasing rate of adoption. The cloud-based population health management market is expected to witness the highest growth during the forecast period due to the advancement in remote data storage technology and remote access of information.
On the basis of offering, the population health management industry is categorized into software and services, where services are expected to witness high demand and projected to observe faster growth during the forecast period. Based on end user, the market is categorized into healthcare payers, healthcare providers, government bodies, and employer group. Healthcare providers hold the largest market share of more than 80% in 2017, due to the reduced healthcare management gap as a result of population health management solutions.
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Asia-Pacific population health management market to outgrow at a CAGR of 27.4% during the forecast period
Asia-Pacific is expected to witness significant growth at a CAGR of 27.4% during the forecast period. The growth is driven by the rising geriatric population base and increasing prevalence of chronic diseases. The region has also witnessed increased healthcare expenditure to improve the healthcare infrastructure and government initiatives for disease management programs that will drive the regional market growth in the coming years.
North America held the largest share of 48.8% in the global population health management market in 2017, majorly due to factors such as increase in awareness towards the benefits of population health management, the rise in demand to reduce healthcare cost, government initiatives to offer disease management programs, and the implementation of health reform such as the affordable care act (ACA) in U.S.
Key players focus on acquisition as growth strategy in the population health management industry
The key players of the population health management industry are witnessing an expansion of their businesses by acquisitions of other new innovators. For example, in December 2017, Koninklijke Philips N.V. announced the strategic acquisition of VitalHealth, a provider of cloud-based population health management solutions. The VitalHealth acquisition is an addition to the company’s earlier acquisition of Wellcentive in 2016 and is intended to strengthen Philips’ HealthSuite digital platform.
Some of the key players operating in the global population health management market include McKesson Corporation, Cerner Corporation, Health Catalyst, LLC, Wellcentive, Inc., Conifer Health Solutions, LLC, Allscripts Healthcare Solutions, Inc., Verscend Technologies, Inc., UnitedHealth Group, and IBM Corporation.
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