The global Population Health Management Market size accounted for USD 36.65 billion in 2021 and it is projected to surpass around USD 114.56 billion by 2030, growing at a CAGR of 16.26% from 2022 to 2030.
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As the medical industry increasingly transitions from a paper-based system to a digital one, there is a growing need for healthcare IT services. The shift from fee-for-service (FFS) to value-based payment (VBP) models has also been prompted by the expanding demand among healthcare stakeholders for solutions enabling value-based care delivery. Additionally, it is predicted that the market would expand as a consequence of the growing demand for effective disease management strategies.
The PHM market is boosted and population health is improved overall because of its comprehensive, authoritative solutions for improving systems and regulations that impact healthcare quality, accessibility, and outcomes. Business intelligence (BI) technology is frequently used by PHM programs to collect data and present a complete clinical picture of each patient. The information can be used by clinicians to monitor healthcare outcomes and, presumably, to improve they while lowering costs.
Another factor pushing stakeholders in the medical sector to switch from free-for-services to value-based payment models is the high demand for the services that make up value-based care delivery. The demand for effective disease management systems has also significantly increased in recent years, which is anticipated to grow in the domain.
PHM classifies people into different categories. These methods are frequently applied in the healthcare, insurance, and pharmaceutical industries. The health management system aids in maintaining and enhancing the health of various groups of individuals. Population health management is a patient-friendly tool that helps keep healthcare expenditures in check by offering affordable treatment alternatives. The technology also aids in the risk management of payers and service providers related to reimbursement policies. The healthcare system has changed dramatically and shifted its focus to the patient in recent years.
COVID-19 Impact:
COVID-19 has had a positive impact on the population health management sector. The length of non-essential procedures contributed to an increase in COVID-19 cases because there was no treatment that effectively controlled the infection, and it was spreading swiftly. The lockdown hurt the transportation network. In addition to these, the market expansion was impacted by the lack of access to medical care, a staffing shortage in the medical industry, and the elevated cost of COVID-19 hospitalization. Population health management systems make it easier to combine technologies like electronic health records (EHR), patient management, and care management. As the number of patients has expanded, so has the use of HER and EMR data, the use of HER and EMR records has increased as a result of a growth in the number of patients, which has been advantageous to the Population Health Management Systems Market.
Growing factors
An increasing need to stop healthcare costs from rising
Over the past few decades, the price of providing healthcare has climbed dramatically. Especially in the wake of the COVID-19 epidemic, there is a rapid increase in the demand for healthcare services worldwide. The demand for healthcare services is also increasing as a result of expanding demands for high-quality medical treatment, aging populations worldwide, and rising health insurance costs.
Globally, the prevalence of genetic, infectious, and other chronic diseases is rising, which is increasing demand. Additional factors contributing to rising healthcare expenses include patient readmissions, medical errors, and administrative costs. As a result, it is anticipated that these factors will spur market growth over the course of the projection year.
Restraining factors
High infrastructure spending to establish a strong PHM program.
The limited availability of operating room equipment and the high price of equipment is limiting market expansion. This limits growth and will impede the population health management (PHM) market's growth, particularly in developing countries.
Opportunity
Increasing attention on value-based healthcare
More people are becoming aware of value-based healthcare.
Value-based medicine entails a reevaluation of healthcare as well as the gathering and processing of results-driven data. Businesses in the healthcare industry can utilize business intelligence (BI) to find the data they actually need, analyse it, evaluate it, and then use it to achieve a competitive edge by better understanding costs and benefits as a whole. It also makes all processes transparent, enabling an analysis of each transaction's worth, utility, and results.
Globally, the current healthcare paradigm cannot continue, thus governments, health insurance companies, and healthcare organizations are searching for creative methods to reduce costs. Additionally, healthcare organizations will increasingly be forced to rely on these new approaches because of the expanding volume and accessibility of healthcare data as well as the growing requirement to provide patients with excellent care.
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 - (U.S. Canada)
- Europe - (U.K., France, Germany, Italy, Spain, Rest of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest of 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 Highlights
Based on Component: The services segment dominated the market for PHM and accounted for the maximum revenue share of more than XX% in 2021. The increasing necessity for integrated healthcare systems is also responsible for the growing demand for PHM. The software sector, which accounted for the highest portion of the global market in 2021, and is expected to dominate the market during the forecast period.
Based On Platform: The Cloud-based platform services are to experience the highest growth during the forecast period owing to their security, increased accessibility, etc. But the On-premises segment has dominated the market in 2021.
By End User Analysis: According to end-user analysis, the market is segmented into healthcare payers, healthcare providers, and others. The market share has been controlled by the healthcare providers category since 2021 and will remain so over the projection period. The second category covers government agencies that recently demonstrated a desire to gather information about the population's health.
Regional Insights:
In terms of geographical analysis, Asia Pacific, Europe, Latin America, and Africa are projected to have modest development due to lower investment in R&D and lack of infrastructure, while North America is predicted to dominate the worldwide market due to the rising elderly population. The North American population health management market was accounted for a revenue share of over 45% In 2021. This can be attributed to the region's advanced healthcare infrastructure and extensive use of healthcare information technology, along with the presence of key players and their products. In Asia Pacific, the market for PHM is predicted to experience the fastest growth over the forecast period owing to the growing disposable income over the years
Recent developments
In 2020 February. All scripts and Manorama Info solutions had joined forces (India). The arrangement was made to enable Manorama to combine the Lifeline Suite of solutions with the All-scripts interoperability platform, dbMotion Solution, enabling the company to broaden its reach into India and other developing markets.
To further enhance patient communications and increase total operational efficiency in more than 30 locations of the nonprofit healthcare organization, eClinicalWorks (US) and Witham Health Services (US) joined in June 2022.
List of Key Players in the 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)
- Others
Global Population Health Management Market Segment as Follows:
By Component
By Application
By End User
- Healthcare Providers
- Healthcare Payers
- Others
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