The Population Health Management Market size was USD 36.65 billion in 2021 and it is expected to grow to USD 114.56 billion in 2030 with a CAGR of 16.26% in the 2021-2030 period.
Global Population Health Management Market: Overview
Population health management refers to collection of patient’s data through various healthcare information technology resources. This collected data is analyzed into a single and actionable patient record. This helps to reveal opportunities to improve patient’s health record and provider’s financial outcome. The main technology that makes PHM work better is the use of business intelligence and data analytics. Population Health Management bridges the gap between the Clinical and Financial sectors, and analyses the data from a number of resources such as – healthcare payers, hospitals, primary care providers, specialists, pharmacies, public health organizations and patients themselves. There are a number of drivers for the growth of the population health management market; such as – increase in number of elderly people, surge in per capita heath care expenditure, and rise in utilization of Internet of Things (IoT) are the few to mention. However, data breaches and high investment cost may hinder the growth of the market.
Key Insights
- As per the analysis done by our research analyst, the Global Population Health Management Market is estimated to grow with a CAGR 16.26% over the forecast period (2022-2030).
- In terms of revenue, the Global Population Health Management Market size was valued at USD 36.65 billion in 2021 and is estimated to grow to around USD 114.5 billion in 2030.
- Due to various driving factors, the Global Population Health Management Market is predicated to grow at significant rate. Rise in geriatric population worldwide is a key driving factor.
- Based on the Component Segmentation, the services sector dominated the market share.
- Based on the Platform Segmentation, Cloud-based platform services segments dominated the market share.
- Based on the End User Analysis, Healthcare Providers are dominating the market growth.
- By Regional Analysis, North America contributes major share in the market.
COVID-19 Impact:
On set of COVID-19 has made a positive impact on the Population Health Management Market. As the infection was spreading at speedy rate and no effective drug was available for the treatment. Non-essential procedures took a long time, increasing number of COVID-19 cases. The lockdown damaged the transportation system. Apart from these, limited availability of medical care, shortage of medical staff and rising burden of COVID-19 hospitalization had an impact on market growth. Population health management systems enable the Population Health Management systems to easily combine solutions such as Electronic Health Records (EHR), patient management and care management. Increase in number of patient population has resulted in the utilization of HER and EMR records which in turn has benefited Population Health Management Systems Market.
Population Health Management Market: Key Drivers & Restraints:
Driving factors:
- Rise in number of geriatric populations: There is a substantial rise in the number of geriatric people worldwide. This emphasizes the need of geriatric health and long-term care services. This may increase the healthcare cost per person. Thus, here the Population Health Management Market plays an important role so as to decrease the per capita healthcare cost maintaining the quality as it is. So, increase in geriatric population is one of the key drivers of the market.
- Increasing Technological Advancement in Healthcare IT: Improvements in Healthcare IT sector resulted in more accurate population health management market.
Restraints:
- Data Breaching: In Healthcare Industry, approximately one-third of data gets breached. This is because of lack of internal control over patient information, lack of support from top management, outdated policies and procedures and inadequate trained personnel etc.
Population Health Management Market: Opportunities
- Increasing use of Business Intelligence & Data Analytics: Business Intelligence enables the healthcare organizations to determine what type of data they actually want and data analytics techniques help them to analyze and utilize this data, in order to make cost effective and competitive pricing strategies.
Population Health Management Market Scope:
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Attribute
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Details
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Market Size in 2021
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USD 36.65 billion
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Estimated Market Size in 2030
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USD 114.5 billion
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CAGR Growth Rate
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16.26%
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Base Year
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2021
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Forecast Years
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2022-2030.
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Major Regions Covered
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- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East & Africa
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Companies Covered
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- Cerner Corporation (US)
- Epic Systems Corporation (US)
- Koninklijke Philips (Netherlands)
- i2i Population Health (US)
- Health Catalyst (US)
- Optum (US)
- Enli Health Intelligence (US)
- eClinical Works (US)
- Allscripts Healthcare Solutions (US)
- IBM Corporation (US)
- Others
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Report Coverage
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Revenue Forecast, Company Share, Competitive Landscape, Growth Factors, Restraints, Opportunities, Value Chain Analysis, Porter’s Five Forces Analysis, Patent Analysis, Market Attractiveness Analysis by Segments
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Population Health Management Market: Segmentation
- Based on Component: Based on Components, the market is segmented into Services and Software. Of these the Services sub-segment dominated the market growth. The services segment is being driven by the growing preference for in-house systems in hospitals and other care providers to avoid involving third parties to assess patient data. The growing need for integrated healthcare systems is also driving up demand for PHM.
- Based On Platform: Based on platform, the market is segmented into On-premises and Cloud-based platform services. The Cloud based platform services are to experience highest growth during the forecast period owing to its security, increased accessibility etc. But the On-premises segment has dominated the market in 2021. The benefits of on-premise delivery mode include solution customization, the ability to reuse existing servers, and a lower risk of data breaches, which contribute to its increased adoption in the population health management market.
- By End User Analysis: Based on the End User Analysis, the market is divided into healthcare providers, Healthcare payers & others. Healthcare providers segment has dominated the market share in 2021 and will continue the same in forecast period. PHM reduces in-patient stays and the total number of hours that doctors must spend observing patients, which improves clinical outcomes. Thus, providers can concentrate more on providing patient-centered care whereas reducing overall costs.
Regional Insights:
North America dominated the global industry in 2021 and accounted for the highest share of more than 45% due to rapidly increasing federal healthcare mandates to limit rising healthcare costs, improved regulatory requirements, increasing acceptance of EHRs, and intensifying government initiatives focusing on personalized medicine and value-based compensations.
In Asia Pacific, the market for PHM is predicted to experience the fastest growth over the forecast period on account of improving healthcare infrastructure and increasing healthcare spending. The Asia Pacific market, with India, China, Japan, and the Rest of Asia Pacific, is probable to offers high-growth opportunities for the prime market players.
Competitive Analysis:
The key players in the Market are accepting several strategies such as partnerships & expansions, new product launch and acquisitions, for the growth of the PHM Market in the coming years. Some of the major key players in the market are Cerner Corporation, i2i Population Health, Koninklijke Philips, Health Catalyst, Epic Systems Corporation, Optum, Enli Health Intelligence, eClinicalWorks, Orion Health, IBM Corporation, Allscripts Healthcare Solutions, Medecision, Arcadia, Evolent Health Inc., Lumeris, Conifer Health Solutions, and Forward Health Group.
Recent Developments:
- July 2021: In July 2021, Healthix and The Garage announced a partnership to launch a specialized Population Health Management platform for its membership called Municipal.
- December 2020: Cerner Corporation announced that they signed an agreement for the acquisition of Kantar Health, a division of Kantar Group.
Segmentation of Global Population Health Management Market:
By Component
By Platform
By End User
- Healthcare Providers
- Healthcare Payers
- Others
Frequently Asked Questions (FAQs):
Which is the leading segment in the market?
Among End User Analysis, the Healthcare providers are the leading segment in the market.
What are the key factors driving the market?
Growing number of chronic diseases coupled with the increase in number of geriatric populations is key driver of the market.
Which region will contribute notably towards the Population Health Management Market growth?
North America contributes notably towards the Population Health Management Market.
What are the key players in Population Health Management Market?
- Cerner Corporation (US)
- Epic Systems Corporation (US)
- Koninklijke Philips (Netherlands)
- i2i Population Health (US)
- Health Catalyst (US)
- Optum (US)
- Enli Health Intelligence (US)
- eClinical Works (US)
- Allscripts Healthcare Solutions (US)
- IBM Corporation (US)