The Population Health Management (PHM) market is witnessing unprecedented growth, fueled by the exponential expansion of patient data, increasing emphasis on healthcare IT solutions, and the imperative need to curb rising healthcare costs. PHM, which optimizes health outcomes for specific population segments, is bridging the gap between technology and clinical practice, resulting in improved patient satisfaction and more cost-effective medical care.
A New Era of Coordinated Care
In the past, the healthcare sector faced challenges in coordinating medical services effectively, leading to suboptimal treatment outcomes. However, population health management is changing the landscape by facilitating robust and coordinated care through partnerships among key stakeholders, including healthcare providers, payers, government entities, and communities.
Drivers of Market Growth
Several key factors are propelling the growth of the population health management market. Government mandates and support for healthcare IT solutions are driving adoption. The use of big data analytics is becoming increasingly prevalent, and there is a growing need to control escalating healthcare expenses. In the United States alone, there are more than 370 healthcare IT software and service providers, signaling the markets robust potential.
Tackling Chronic Disease Prevalence
One of the driving forces behind the surge in demand for population health management is the widespread prevalence of chronic diseases. The management of long-term illnesses necessitates the maintenance and monitoring of patient records, resulting in a growing demand for efficient treatment. Chronic diseases, responsible for 71% of all global fatalities, are a significant contributor to this demand. With the aging population projected to reach 1.5 billion worldwide by 2050, the prevalence of chronic diseases is expected to surge, further underscoring the importance of population health management.
Cloud Adoption Accelerates Growth
The market share of cloud-based solutions is on the rise, offering benefits such as improved data management, reduced data loss risk, and simplified regulatory compliance. Organizations are increasingly adopting cloud-based solutions due to their speed, scalability, 24/7 support, and enhanced IT security. The demand for robust cloud storage, access, and data management is driving this trend.
North America Leads, Asia Pacific Emerges
North America leads the global population health management market, driven by substantial healthcare spending and an emphasis on public health. The United States is projected to spend around 4.8 trillion USD on healthcare in 2021, accounting for approximately 20% of GDP. Initiatives such as the Affordable Care Act (ACA) are promoting the use of IT in healthcare and providing opportunities for efficient patient data collection and retention.
The Asia Pacific region is poised for significant growth due to expanding healthcare infrastructure and increased healthcare spending. Governments in countries like India are investing heavily in healthcare, creating opportunities for market expansion. Additionally, the rising incidence of chronic diseases in the region is driving the demand for advanced data analytics and population health management solutions.
Leaders in the Field
Key players in the population health management market include Cerner Corporation, Epic Systems Corporation, Koninklijke Philips, i2i Population Health, Health Catalyst, Optum, eClinicalWorks, Enli Health Intelligence, Allscripts Healthcare Solutions, and many others. These companies are at the forefront of developing innovative solutions to meet the evolving needs of the healthcare industry.
Innovations in Healthcare Technology
In March 2021, Phillips Healthcare partnered with open doctor to create an integrated radiological patient interaction platform, enhancing real-time online appointment booking services. In February 2021, Royal Philips introduced the Philips Medical Tablet, a portable monitoring kit designed to help physicians remotely monitor larger patient groups during emergencies, including the COVID-19 pandemic.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)
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