- Government reforms in some countries such as the Affordable Care Act in the U.S. to eliminate the cost of unnecessary readmission for patients is expected to elevate the adoption of population health management services
- Range of population health management tools that enable different patient-centric functions in diverse care settings to favor adoption
Analysts at TMR estimate the population health management market to expand at a CAGR of 15.9% over the forecast period from 2021 to 2028. The rapid penetration of IT solutions for healthcare for benefits of remote patient monitoring, data storage, and data integration is fueling the growth of population health management market.
The rising awareness of the benefits of population health management programs is likely to spur opportunities in the population health management market. The adoption of PHM tools has enabled medical professionals to improve the quality of care, bridge care management gaps by providing suitable healthcare services to patient population, and experience higher profitability.
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North America is anticipated to stay at the forefront among all regions in the population health management market. The population health management market in Asia Pacific is anticipated to display fastest growth in the over the forecast period. This is due to the initiatives of government bodies to leverage population health and application of analytics tools for improved patient care management of population groups in the region.
Population Health Management Market – Key Findings of Report
- Government initiatives to adopt digital health products to reduce cost for patients and improve the quality of patient care services are spurring the adoption of population health management-based platforms. For instance, in the U.S., implementation of Affordable Care Act eliminates payments for unnecessary readmissions for hospitals to bear the financial burden for up to 30 days after the discharge of patients.
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- PHM tools are available in a wide range that have different functions for diverse care settings. Data collection, personalized medicine, assistance with healthcare finances for patients and payers are some offerings of PHM tools.
- Adoption of PHM programs ensure affordability of healthcare for population besides accessibility to healthcare. Of late, various population health management programs deployed by hospital administrators have found to be instrumental in reducing the overall cost of hospitalization, improving medication compliance, and testing new models in disease risk management.
- PHM tools facilitate non-profit hospitals to undertake mandatory routine community activity for their position. The task involves use of population health management tool to provide assessment of an investigating hospital’s plan to address their identified needs. Non-profit hospitals seek assistance of community healthcare centers that usually purchase storage space for population health management applications and rent it to others.
- Utilization of population health management services using home monitoring and tracking applications is anticipated to reduce the need for hospitalization. Integration of multimedia functionalities in PHM tools could help consumers and patients to have increased access to physicians and nursing staff remotely without the need to visit a health center.
- Web-based mode of operation is anticipated to dominate the population health management market over the forecast period
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Population Health Management Market – Growth Drivers
- Key advantages of patient engagement through various IT forms and digital products fuel the growth of the population health management market. Utilization of patient-generated health data via m-health applications helps physicians to improve population health management.
- Technological advancements in analytics, electronic health records, and improved population education drive the demand for population health management platforms
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Population Health Management Market – Key Players
Some of the key players operating in the population health management market are;
- Koninklijke Philips N.V.
- Health Catalyst
- Cerner Corporation
- United Health Group
- McKessoon Corporation
- International Business Machines Corporation
The population health management market is segmented as follows;
Population Health Management Market, by Mode of Operation
Population Health Management Market, by Component
Population Health Management Market, by End-user
- Health Care Providers
- Insurance Providers
- Pharmaceutical Companies
Population Health Management Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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