New York, USA, March 02, 2023 (GLOBE NEWSWIRE) -- Population Health Management Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Population Health Management Market Information By Component, Solution, Delivery Mode, End-User and Region - Forecast till 2030", the market size was valued at USD 68.4 billion in 2021 and is projected to grow from USD 81.5 billion in 2022 to USD 278.8 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 19.20% during the forecast period (2022 - 2030).
Market Dynamics
A rise in the older population, a rise in the amount of money spent on healthcare per person, and a rise in the use of the Internet of Things (IoT) for healthcare are some of the major market drivers boosting the PHM industry. The global market for population health management is being driven by a number of factors, including the aging population, the burden of chronic diseases, digital health systems, and the growing desire for affordable treatment options due to rising healthcare costs. Healthcare information technology is advancing technologically, and demand for it is rising, which is driving the market's expansion.
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Report Scope:
| Report Attribute | Details |
| Market Size | USD 278.8 Billion |
| CAGR | 19.20% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Component, Solution, Delivery Mode and End-User, |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing elderly population and demand for cheap treatment choices |
| Increasing technological advancements in healthcare information technology |
Technical advancements in healthcare IT have led to better, more precise population health management programs. This has increased the acceptability of population health management, which integrates data aggregation from various sources, for a range of healthcare goals. According to the Centers for Disease Control and Prevention (CDC), 1 in 6 adults in the US have at least one chronic condition, and 1 in 4 persons have two or more. Electronic health records (EHR), analytics, blockchain technology, and improved population education are all contributing to the industry's growth. It is expected that the aforementioned factors, together with population health management market developments, including adjustments to the reimbursement model, would further promote adoption and propel market growth. As a result, this element is fueling the market CAGR.
Also, there are several opportunities for IT goods and services in the healthcare industry. Several healthcare-related processes are being improved by hospitals and healthcare service providers. Only a few of the numerous healthcare activities include managing patient care operations, healthcare delivery, reporting or MIS, and data integration across multiple departments, including pathology, radiology, intensive care, and others. Hospitals can use technology to share information, refer patients, and raise awareness of specific conditions. The major goal is to develop a comprehensive health information management system across the organization to improve the delivery of healthcare services, which will be made possible by technological improvements. The use of cloud-based healthcare SaaS applications is growing. Small healthcare facilities and independent clinics have long employed cloud technology. Yet, in order to cut operating costs, many corporate hospitals are switching to the cloud.
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Population Health Management Market Competitive Analysis
Manufacturing locally to cut operational costs is one of the main business methods manufacturers use in the global population health management industry to benefit customers and grow the sector. The population health management sector has recently given medicine some of the most important advantages.
The renowned companies in the population health management are
- Forward Health Group
- Epic Systems Corporation
- Lumeris
- Koninklijke Philips
- Citra Health Solutions
- Population Health
- Conifer Health Solutions
- Health Catalyst
- Cotiviti
- Orion Health
- Arcadia
- HealthEC LLC
Segmentation
The software sector is anticipated to develop at a higher rate than any other segment. In 2021, the market of population health management revenue was dominated by this segment.
Data Integration & Management, Analytics, and Others make up the market segmentation of population health management segmentation by solution. The analytical sector dominated market expansion in 2021 and is anticipated to experience the fastest growth during the forecast period, 2022–2030. In order to manage the data generated by this sudden rise in the number of chronic disease patients, which is predicted to accelerate the market's growth, data analytics will be required.
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Market data for population health management has been divided into On-premise and Cloud delivery modes. The on-premise category dominated the market in 2021 and is anticipated to grow at the fastest rate from 2022 to 2030. This is due to its numerous advantages, which include a reduced risk of data breach, the opportunity to personalize medical solutions, and the ability to utilize existing servers and storage infrastructure.
Healthcare providers, healthcare payors, and governmental entities make up the three segments of the worldwide population health management market. The healthcare providers category dominated the market in 2021 and is anticipated to grow at the fastest rate from 2022 to 2030.
Population Health Management Market Regional Analysis
The market for population health management in Asia Pacific is expanding at the quickest rate. This may be influenced by the increasing medical tourism in the region. Due to the high rate of adoption of new ICT standards in Japan, rising investments to modernize China's medical infrastructure, and the quick growth of India's medical sector, these three countries currently hold the majority of the market share in APAC. Moreover, the India market grew the fastest in this area, while China's population health management market had the greatest market share.
The market for population health management in Europe is anticipated to expand significantly between 2022 and 2030.
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The expansion of the home healthcare sector and increased patient knowledge of PHM are to blame for the rise in market revenue. Expanding healthcare infrastructure and increased consumer adoption of IT healthcare solutions are other factors fueling the market's revenue growth. Moreover, the market for population health management in the UK had the biggest market share, while the market in Germany had the quickest rate of expansion.
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