New York, United States, Oct. 09, 2024 (GLOBE NEWSWIRE) -- From the last few years, the population health management market is witnessing significant growth in the adoption of health IT solutions like EHR because of rising geriatric population and increasing prevalence of chronic disease. As per the United Nations, the worldwide geriatric population is expected to increase from 962 million in 2017 to over 2.1 billion by 2050. This is expected to increase the burden of chronic diseases as well as add more pressure on healthcare spending. However, several private and government organizations have already started taking efforts to improve the healthcare outcome and reduce the financial burden by offering favorable reimbursement policies and incentive program to hospitals.
Population Health Managementsolution also help in reducing healthcare spending. Various initiatives were undertaken globally to curb healthcare spending is expected to drive the demand for population health management solutions. For instance, shifting trend from volume-based to value-based care is further boosting the adoption of population health management solutions.
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Integration of Wearable Technology to offer Lucrative Opportunities
For better understanding, we have broadly segmented the population health management market by components, end-user, and mode of delivery. Based on components, population health management market is segmented into software and services. In 2018, the services segment dominated the global market in terms of revenue and is expected witness same growth in the years ahead. On the other hand, the software segment is likely to leave significant impact on global market by growing at the fastest CAGR. This can be attributed to increasing R&D activities to provide integrated software solution for strengthening population health management. Integration of wearable technologies and IoT is further generating lucrative opportunities for the development of software solutions. Wearable technology tracks the health parameters—such as sleep patterns and heart rate—that are crucial for monitoring health. With the development of innovative population health-based software, health system can collect, track, and analyze health data to devise most precise therapies for the patients. End users are also likely to spend a huge amount on wearable technology in the coming years.
By end user, the global population health management market is categorized into healthcare providers, payers, and employers.
Strategies Undertaken to Aid Healthcare in Digital Transition
By mode of delivery, the population health management market is segmented into web-based, on-premises, and cloud-based solutions. In 2018, web-based solution was found to be the major contributor to the global market revenue because of easy and anywhere access to portal and no need to install any software to access the information. However, the cloud-based solutions segment is expected to grow at the fastest CAGR over the forecast period since healthcare is experiencing huge pressure to operate at real-time and provide access to the healthcare information of patients across multiple healthcare locations. In addition, key cloud technology providers are undertaking various strategies to improve operational efficiencies of the healthcare providers. Amazon, Microsoft, IBM, and Google are among the large cloud service providers, which are assisting the healthcare providers in digital transition.
Asia Pacific to Witness Dynamic Growth
Geographically, Asia Pacific market is expected to witness the fastest growth during the forecast period. This can be attributed to the huge burden of geriatric population in several countries such as Japan, China, and India. The geriatric population is more prone to have chronic diseases. This will compel the government and healthcare providers to offer better care at low prices without putting financial pressure on patients. As per World Bank statistics, the geriatric population in Japan has increased from 22% in 2010 to 27% in 2017. Thus, the adoption of population health management solutions is increasing gradually to address the chronic disease burden. Gradually increasing spending on EHR or EMR in this region is expected to boost market growth. In 2018, Australia spent around USD 1.26 billion on implementing EHR and EMR.
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Competitive Players
- Allscripts
- McKesson Corporation
- Cerner Corporation
- Conifer Health Solutions LLC.
- eClinicalWorks
- Optum Inc
- Koninklijke Philips N.V.
- Athenahealth, Inc.
Recent Developments
- In October 2022, A population health management and analytics tool was found to improve patient outcomes in primary care practices signed up for the Centers for Medicare and Medicaid Services Comprehensive Primary Care Plus (CPC+) program, according to research by HEALTHeLINK and the Milbank Memorial Fund.
- November 2022, An eight-county area in upstate New York will benefit from improved medical services thanks to Bassett Healthcare Network's partnership with Andreessen Horowitz.
Segmentation
- By Component
- Software
- Service
- By End User
- Healthcare providers
- Payers
- Employers
- By Mode of Delivery
- On-Premise
- Web Based
- Cloud Based
- By Region
- North America
- Europe
- APAC
- LATAM
- MEA
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