Population Health Management Market: Overview
Population health management (PHM) is a system where individuals are classified in groups. These practice is usually observed in healthcare sector, pharmaceutical industry, and insurance sector. The health management system aids to maintain and improve health conditions of different groups.
Population health management is a patient friendly platform, which supports in regulating the treatment costs by providing options of cost-effective alternative options.
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Further, the platform enables service providers and payers in risk management associated with reimbursement policies. In recent few years, healthcare system has evolved to a great extent and turned out to be patient centric.
Population health management reduces risk stratification, and eases patient communication, data aggregation, and care coordination. As a whole, patient care system has improved.
Hence, use of population health management system has increased exponentially.
As per a report published by Transparency Market Research on Population Health Management Market, it is estimated that the market will chart a lucrative CAGR of 16.1% between 2017 and 2025 (forecast period). In the year 2016, the market stood at a value equivalent to US$ 18,500.0 Mn. At the predicted CAGR, the market value is anticipated to grow equivalent to US $ 69,000 mn by the end of the forecast period.
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Integration of IT Solution with Population Health Management System Has Boosted Market Growth
Further, application of population health management (PHM) system is aiding to improve both clinical care and revenue generation. Thus, care providers are extensively adopting the system. In addition, there are various tools available, each having different functions in diverse care settings. These tools help in data collection and aids to leverage healthcare finances for patient and payers including insurers.
Penetration of IT solutions especially in business intelligence solutions and data analytics have been the key factors for advancement in the population health management market. Integration of IT solution enable car provider to monitor patients remotely, data collection, and data storage. These factors are likely to boost expansion of the global population health management market.
Moreover, growing awareness regarding benefits of personalized medicine is projected to provide significant growth opportunities for the players operating in the market during forecast period.
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Besides accessibility of healthcare, PHM program ensures affordability of healthcare to the population at large. Lately, various population health management initiatives undertaken by hospital administrators and clinicians are found to be instrumental in decreasing the overall cost of hospitalization, testing new models in diseases risk management, and improving medication compliance. The rising penetration of IT in the field of healthcare is expected to fuel growth of the market in the coming years. Benefits offered by population health management systems, such as remote patient monitoring, data integration and data storage is expected to be a driving factor in the market. Rising awareness regarding the adoption of better personalized medicine is anticipated to offer significant growth opportunities for the players operating in the market in the coming years.
Application of Population Health Management Enabling Care Providers to Bridge Care Gap
Advantages of the health management can be noticed as it enable the care providers to address care gaps in patient populations suffering from chronic diseases using real-time insights. In coming years, the population health management market is likely to witness more strategic alliances among industry players during the forecast period. These collaborations will, further, proliferate the market.
The population health management system is comprised of software and hardware. Of these, the service segment accounted for dominant share in the global market in the year 2016. In recent few years, data analysis services and post-scale client services have been witnessing significant uptake among healthcare insurance companies and providers.
Various modes of operation of the population health management system make it favorable for application. And thus, it is widely adopted by professionals.
The managing system are available on-premise, cloud-based, and web-based. The web-based population health management system captured maximum share in the global population health management market in the year 2016. This is followed by cloud-based population health management solutions.
As per market analysts, there will be shift in the trend. Due to ease of use and storage facility, people are likely to incline towards cloud-based segment.
Among various end-users, products and solutions offered in the population health management market is anticipated to unleash significant opportunities to healthcare providers. Rapid adoption of various PHM tools have enabled the medical professional to improve the quality of care, profitability, and plug care management gaps by providing adequate healthcare services to patient population
During the forecast period, North America population health management market is anticipated to lead globally. Growth trajectory of the regional market will be followed by Europe market. Both these regions are witnessing substantial adoption of PHM in order to bridge the gap in healthcare services and community services, and thus, resulting in better care outcome.
Government bodies in the U.S. and the U.K. are underpinning the collaborations by private stakeholders in adoption of PHM. This, in turn, is reducing the health and financial load of chronic diseases.
Meanwhile, Asia Pacific population health management market is anticipated to be the fastest growing market. In recent years, the market has witnessed various opportunities in the population health management market. Growth of the market is attributed to approaches of government bodies to leverage population health and application of analytics tools in better care management for the regional population.
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