Population Health Management Market To Garner Immense Returns With 21.9% CAGR Till 2030, on Acoount of High Demand For Effective Disease Management Strategies | Grand View Research, Inc.

May 25 07:10 2022
Population Health Management Market To Garner Immense Returns With 21.9% CAGR Till 2030, on Acoount of High Demand For Effective Disease Management Strategies | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting
According to new report available with Grand View Research, the global population health management (PHM) industry to grow owing to increasing demand for solutions supporting value-based care delivery by healthcare stakeholders has resulted in a shift from Fee-For-Service (FFS) to Value-Based Payment (VBP) models.

Population Health Management Industry Overview

The global population health management market size was valued at USD 47.5 billion in 2021 and is expected to reach USD 280.8 billion by 2030, registering a CAGR of 21.9% over the forecast period.

The medical industry is rapidly transforming from a paper-based system to a digitized system, accelerating the demand for healthcare IT services. In addition, increasing demand for solutions supporting value-based care delivery by healthcare stakeholders has resulted in a shift from Fee-For-Service (FFS) to Value-Based Payment (VBP) models. The rising demand for effective disease management strategies is also expected to boost the market growth.

Gather more insights about the market drivers, restrains and growth of the Global Population Health Management Market

Due to the COVID-19 pandemic, medical institutions are under tremendous strain, and the healthcare industry throughout the world is being swamped by the high number of patients regularly. In various countries, the rising frequency of COVID-19 has increased the necessity for reliable diagnostic and treatment equipment. Population Health Management (PHM) solutions have proven to be extremely beneficial in this regard, as they enable healthcare providers to seamlessly integrate solutions such as electronic health records, care management, and patient management and healthcare payer solutions such as payment management and claim management.

U.S. population health management market size, by product, 2020 - 2030 (USD Billion)

Additionally, the PHM solutions enable the healthcare industry to provide patient-centric care and help reduce high medical care costs by reducing readmission and providing appropriate and optimum intervention to patients. Furthermore, the rapid global spread of this disease has resulted in lockdowns and restrictions, increasing demand for electronic data transfer and claim management. This is projected to lead to an increase in the use of population health management in the forecast period.

PHM systems classify people into different categories. These methods are commonly seen in the healthcare, pharmaceutical, and insurance industries. The health management system assists in maintaining and improving the health of various groups. Population health management is a patient-friendly platform that aids in the cost-controlling of treatment by presenting cost-effective alternatives. In addition, the platform assists service providers and payers with risk management related to reimbursement policies. In recent years, the healthcare system has evolved significantly and has become more patient-centered.

PHM solutions aim at data-driven healthcare at the population level and enable the segmentation of patients based on common medical conditions and attributes. PHM enables data aggregation, risk stratification, care coordination, and patient communication. The patient care systems have improved, and the use of population healthcare management systems has increased exponentially. As complexity in care delivery, payment models, and clinical needs is increasing, the need for PHM programs that combine multiple functionalities is rising, which can process clinical, financial, and operational data to improve efficiency and patient care.

The adoption of healthcare IT solutions is a result of the growing preference for value-based reimbursement structure and accountable care. In the near future, raising awareness about the adoption of better-personalized medicine is expected to provide significant potential prospects for market players. Furthermore, there are a variety of instruments available, each with its own set of functions in varied care settings. These tools aid in data collecting and enable patients and payers, particularly insurers, to get the most out of their healthcare expenditures. Apart from ensuring access to healthcare, the population healthcare management program also assures that health care is affordable to the general public. Various efforts implemented by hospital administrators and physicians have recently been found to be effective in lowering overall hospital costs, testing new disease risk management models, and improving medication adherence.

In 2010, the U.S. government introduced the Patient Protection and Affordable Care Act, which facilitates high quality of care and reduces costs. This act also encouraged the formation of Accountable Care Organizations (ACOs) that collaborate with payers to deliver high-quality healthcare. The U.S. Department of Health & Human Services plans to devote 50% of Medicare spending to value-based reimbursement. Under the value-based model, the healthcare delivery systems (hospitals, physicians, and other healthcare providers) are held accountable by healthcare buyers (consumers, employers, and government) and payers (private and public). Disease management programs analyze demographic characteristics and healthcare utilization, along with the identification of target high-risk populations.

 

Population Health Management Market Segmentation

Based on the Product Insights, the market is segmented into Software and Services.

  • The services segment dominated the market for population health management and accounted for the largest revenue share of more than 51.0% in 2021. Growing preference for in-house systems in hospitals and other care providers to avoid involving third parties to assess patient data is driving the services segment.

 

Based on the End-use Insights, the market is segmented into Payers, Providers, and Employer Groups.

  • The healthcare providers segment dominated the market for population health management and accounted for a revenue share of 48.7% in 2021.
  • Payers are the third-party entities that finance or reimburse the cost of health services. Predictive analytics competency gives payers an advantage over other providers in interpreting population behavior and unstructured clinical content.

 

Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

  • North America dominated the population health management market and accounted for a revenue share of 46.9% in 2021.
  • In Asia Pacific, the market for population health management is anticipated to experience the fastest growth over the forecast period due to improving healthcare infrastructure and rising healthcare expenditure.

 

Browse through Grand View Research’s Healthcare IT Industry Research Reports.

  • Telehealth Market The global telehealth market size was valued at USD 62.4 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 36.5% from 2022 to 2028. The rising penetration of internet networks and innovation in the smartphone space to enhance global connectivity has enabled addressing gaps in care delivery and availing telehealth services more conveniently.
  • Telemedicine Market – The global cloud security market size was valued at USD 4.88 billion in 2016. It is expected to rise at a CAGR of 13.9% over the forecast period. Cloud computing security also known as cloud security incorporates all plans, policies, and their execution controls essential to safeguard and protect application data, infrastructure as well as compliance adherence associated with cloud.

 

Market Share Insights

  • March 2021: Phillips Healthcare announced its partnership with openDoctor, it aimed to deliver an integrated radiology patient engagement platform.
  • February 2021: Phillip Healthcare launched its full remote emergency solution called Patient Flow Management Solution.
  • March 2018: Cerner Corporation entered into collaboration with Salesforce, a major player in Customer Relationship Manager (CRM), to integrate Salesforce Marketing Cloud and Health Cloud with its cloud-based population health platform, HealtheIntent.

 

Key Companies Profile:

The companies’ strategic initiatives to strengthen their market presence include mergers and acquisitions, providing a customized solution, and business partnership with other key players. Some of the prominent players in the population health management market include,

  • Allscripts
  • McKesson Corporation
  • Cerner Corporation
  • Conifer Health Solutions LLC
  • eClinicalWorks

 

Order a free sample PDF of the Population Health Management Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Web: https://www.grandviewresearch.com

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1888202951
Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United States
City: San Francisco
State: California
Country: United States
Website: https://www.grandviewresearch.com/industry-analysis/population-health-management-phm-market

  Categories: