Population Health Management (PHM) Market Growth by 2030: New Product Launches and Research for Population Health Management
According to the current analysis of Reports and Data, the global Population Health Management (PHM) market was valued at USD 24.82 Billion in 2021 and is expected to reach USD 74.61 Billion by year 2030, at a CAGR of 13.0%.
According to the survey conducted by the Organization for Economic Co-operation and Development (OECD), in per capita terms, health spending in 2017 is estimated to have reached USD 4069 million average across the OECD. This is roughly 70% more than OECD countries spend on education for each citizen. In the United States, the average spend is expected to have risen above USD 10 000 for the first time in 2017. Per capita spending was also significantly above the OECD average in Switzerland (USD 8 009), Luxembourg (USD 7 049) and Norway (USD 6 351).
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Population health management is an accumulation and assessment of patient’s data from various multiple health information technology resources. Population health management assists in scrutinising the condition of the patient and segmenting the patients based on disease. It also helps in improving clinical outcomes and lowering the cost of treatments. PHM programs use business intelligence (BI) tool to aggregate data and provide a comprehensive clinical picture of each patient. Using that data, providers can track, and hopefully improve, clinical outcomes while lowering costs. Key recent developments in Population Health Management Market: In May 2019, Cerner, a global health platform and innovation company, launched Anuva Health, its new near-site heath network offering, which provides person and virtual health care services for employers looking to provide a unique benefit to employees to support improved health and lower costs, and it is very cost-effective solution for employers.
Mergers and acquisitions have been put into effect for the improvement in disease management and clinical outcomes. For instance, in March 2019, Allscripts announced a strategic partnership with Opargo which focused on delivering integrated technology to improve health care efficiency and reduce schedule churn through real-time schedule optimization.
Further key findings from the report suggest:
- The medical industry is rapidly transforming from a paper-based system into a digitized system, which is accelerating the demand for healthcare IT services. In addition, increasing demand for solutions supporting value-based care delivery by stakeholders has resulted in a shift from Fee-for-Service (FFS) to a Value-based Payment (VBP) models
- In August 2020, Allscripts, a global leader in healthcare technology, announced that it has achieved full accreditation with the Healthcare Network Accreditation Program (HNAP) for Allscripts PayerpathTM and also ePAP accreditation for ePrescribe from the Electronic Healthcare Network Accreditation Commission (EHNAC). EHNAC’s HNAP accreditation recognizes excellence in health data processing and transactions, and ensures compliance with industry-established standards and HIPAA regulations
- In January 2017, Conifer Health Solutions announced that Alameda Health System (AHS) has engaged the company to provide Value-Based Care services to support HealthPAC, a comprehensive health access program for eligible enrolees of Alameda County, California. Conifer Health will provide population health management and nurse consulting services to help the four-hospital system better serve a population of 33,000 HealthPAC members
- Population Health Management (PHM) market is fastest growing at a CAGR of 6% in Asia Pacific due to growing prevalence of chronic disorders, rising expenses, rocketing healthcare infrastructure and little initiatives by government to make it more digitalised
- Services segment holds the largest share valued at USD 16390.3 million in 2020 because hospitals and other care providers prefer an in-house system instead of involving third parties to assess their patient data
- Payers segment is growing at a robust CAGR of 26.3% in 2020 and is expected to continue the same during the forecasted period. Payers are third-party entities, for instance insurance carriers, who finance or reimburse the cost of health services and increasing demand for PHM software for payers is expected to propel the growth of this segment
- Europe is the second largest region with a share of 25.2% due to the high acceptance rate of Population Health Management platforms in countries such as Germany, U.K. due to high awareness among the people about the advantages of PHM, immense public-private investments toward chronic disease management, developed health care infrastructure, and high incidence of the diseases
- Web-Based segment held the largest share of the market in terms of revenue i.e., USD 10653.7 million in 2020, followed by Cloud-Based segment i.e., USD 6392.2 million attributed to the minimal software and hardware requirements for using web-based PHM solutions and increasing adoption of web-based services by healthcare providers
- North America regional segment dominated this market with a share of 50% owing to immense strategic initiatives, mergers and acquisitions, funding by the government to focus on improving national health by tracking accurately the health of population
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
Allscripts, McKesson Corporation, Cerner Corporation, etc
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Population Health Management (PHM) Market Segmentation:
Product Type Outlook (Revenue, USD Billion; 2019-2030)
- Post-Sale and Maintenance Services
- Consulting Services
- Training and Education Services
- Implementation Services
Delivery Mode Outlook (Revenue, USD Billion; 2019-2030)
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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