According to the latest report by IMARC Group, titled “Population Health Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global population health management market reached a value of US$ 48.6 Billion in 2021. Population health management (PHM) is a holistic approach to improving clinical health outcomes through enhanced care coordination and patient engagement. It includes comprehensive and authoritative strategies, such as compliance programs, health economics, outcome assessments, healthcare reforms, care coordination, and resource management. PHM assist healthcare providers in identifying and addressing care gaps, promoting wellness through evidence-based decision support, and improving the overall patient experience. It also aids in improving clinical efficiency, ensuring patient-centric care by reducing readmission rates, ensuring appropriate and optimum interventions, and providing real-time monitoring and access to medical information. PHM is a patient-friendly platform that aims to improve the population's health by enhancing health decisions and supporting wellness.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Population Health Management Market Trends:
The increasing adoption of information technology (IT) solutions in the healthcare industry is one of the key factors driving the market growth. PHM solutions are widely used for processing clinical, financial, and operational data to improve efficiency and patient care. In addition, it enables data aggregation, risk stratification, care coordination, and patient communication, allowing clinicians to make informed decisions leading to better outcomes and reduced treatment costs. Furthermore, the rising geriatric population prone to chronic and acute medical ailments, such as cardiovascular diseases (CVDs), diabetes, and neurological diseases that require continuous surveillance and patient care, is acting as another growth-inducing factor. Additionally, the integration of big data analytics to improve patient outcomes, enhance care management, and address social determinants of health is providing an impetus to the market growth. Moreover, shifting trends from fee-for-service (FFS) to value-based payment (VBP) in medical reimbursement that requires coordination and communication between clinicians across various specialties to improve the overall quality of care is creating a positive outlook for the market. Other factors, including increasing adoption of the Internet of Things (IoT) in healthcare, favorable initiatives by several governments across the globe to promote public health, and rising preference for personalized medicines, are anticipated to drive the market growth.
On account of the aforementioned factors, the market value is expected to reach US$ 163.3 Billion by 2027, exhibiting a CAGR of 21.30% during 2022-2027.
- On the basis of component, the market has been bifurcated into software and services.
- Based on the mode of delivery, the market has been categorized into cloud-based, web-based, and on-premises.
- On the basis of the end user, the market has been classified into healthcare providers, healthcare payers, employer groups, and government bodies.
- On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being Allscripts Healthcare Solutions Inc., Athenahealth Inc., Cerner Corporation, eClinicalWorks, Health Catalyst Inc., International Business Machines Corporation, Koninklijke Philips N.V., Lightbeam Health Solutions, McKesson Corporation, Nextgen Healthcare Inc., Optum Inc. (UnitedHealth Group Incorporated) and Symphony Performance Health Inc. (Press Ganey Associates).
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