Fort Collins, Colorado, Oct. 27, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Population Health Management Market was valued at USD 28.6 Billion in 2022 and is projected to value at USD 93.9 Billion by 2032 at a CAGR of 12.7%.
The population health management market is growing due to the rise in geriatric population and chronic diseases, the digitalization of healthcare systems, and the need for affordable treatment options. Accurate data aggregation is crucial for successful disease analysis. One in every six adults suffers from chronic diseases, according to the Centers for Disease Control and Prevention.
Physicians benefit significantly from PHM as it provides them with improved information and analysis, leading to faster recovery and better patient treatment. It also helps identify patients who require immediate assistance, speeding up the treatment process. Additionally, streamlining the tracking and management process reduces the number of ER visits.
Security and privacy concerns are hindering the adoption of population health management in healthcare IT. With PHM containing sensitive personal information like social security numbers, insurance IDs, and medical history, data breaches and thefts in IT infrastructures have increased significantly, posing a threat to patient data. Due to these security issues, the widespread adoption of PHM is being impeded.
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Segmentation Overview:
The global population health management market has been segmented into component, end-use, and region. The market for population health management is dominated by the services segment, which requires periodic renewals for PHM software maintenance and upgrades. Healthcare providers are the primary end-users due to the increase in medical conditions, such as neurology and cardiology, creating a need for patient-centered care and overall cost reduction. PHM improves medical center outcomes by reducing observation hours and in-patient stays at hospitals.
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Population Health Management Market Report Highlights:
- The global population health management market growth is anticipated at a CAGR of 12.7% % by 2032.
- The demand for healthcare IT services is increasing as the medical industry shifts from a paper-based system to digitization.
- North America leads the global PHM market due to its high healthcare infrastructure spending, which accounts for 20% of the country's GDP. Governmental investments and incentives have also helped in the market's growth in the region.
- Some prominent players in the population health management market report include Cerner Corporation, Allscripts Healthcare, LLC, Conifer Health Solutions, LLC, Enli Health Intelligence, eClinicalWorks, McKesson Corporation, Optum, Inc., Medecision, Advisory Board, Athena health, Inc., Koninklijke Philips N.V., Welltok, RedBrick Health Corporation and others.
Industry Trends and Insights:
- Royal Philips has completed an analysis of Tampere Heart Hospital's environmental sustainability, with a focus on the interventional cardiology space and carbon footprint.
- Medecision has joined the Google Cloud Partner Advantage Program to leverage its solutions for the development and distribution of outcome-driven care solutions.
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Population Health Management Market Segmentation:
- By Component: Software, Services
- By End-use: Providers, Payers, Employer Group
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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