Population Health Management Market Overview
A number of factors such as the increasing geriatric population, soaring investments being made by companies offering HIT solutions. Growing prevalence of chronic and lifestyle-associated diseases, mounting healthcare expenditure are the major growth drivers of the population health management market. Population health management refers to the collection of patient data through multiple health information technology resources that are used to analyze data. Healthcare providers use this data to improve their clinical, financial, and operational outcomes.
A surge in the geriatric population plays a pivotal role in the market growth because the old age pool requires extensive care. As older people are highly prone to diseases due to their low immunity levels and prolonged recovery time. Also, the older people create massive demand for better prevention, diagnosis, and treatment solutions because they are highly prone to cancer and CVDs. Owing to which they generate a huge requirement for personalized medicines. The UNDESA forecasts that the global population of individuals aged 65 years or more will grow from 727 million in 2020 to around 1.5 billion by 2050.
Population Health Management Market Revenue Insights
Moreover, the rising incidence of chronic and lifestyle-associated diseases will also propel the population health management market growth, globally. According to the IDF the population of diabetic patients in the age group of 20–79 years will surge from 537 million in 2021 to approximately 643 million by 2030 and 783 million by 2045. Furthermore, the IARC estimates that 1 in 5 people develop cancer during their lifetime. The number of cancer patients increased to 19.3 million in 2020, as per the IARC.
In addition, the mounting healthcare spending is also expected to drive the population health management industry growth. The global current health expenditure per capita increased from $1,064.094 in 2017 to $1,110.268 in 2018 as per the World Bank. In addition the Centers for Medicare and Medicaid Services states that the National Health Expenditure of the U.S. stood at $4.1 trillion in 2020. Accounting for 19.7% of the GDP of the country. Moreover, the Government of India allocated INR 67,112 crore in FY 2020–2021 to the Department of Health and Family Welfare to improve the healthcare sector.
Population Health Management Market Share Analysis
The web-based category, within the delivery mode segment. Accounted for the largest share in the population health management industry in the years gone by. And it is also expected to continue this trend in the foreseeable future. Whereas the cloud-based category is projected to demonstrate the fastest growth in the coming years. Owing to the increasing adoption of cloud platforms in the healthcare industry. Leading providers of web-based and cloud-based population health management solutions are Conifer Health Solutions LLC. Health Catalyst LLC, McKesson Corporation, IBM Corporation, and Wellcentive Inc.
According to P&S Intelligence the North American population health management market generated the highest revenue in the last few years. And it is also expected to retain its dominance in the coming years. The leading position of the region is credited to the massive healthcare spending, presence of developed healthcare infrastructure. And high burden of chronic diseases in the U.S. and Canada. Of North American countries, the U.S. generates the higher revenue due to the existence of the Patient Protection and Affordable Care Act.
Therefore the booming geriatric population, increasing cases of chronic and lifestyle-associated diseases. And surging healthcare spending are the key contributors to the market growth.
This study covers
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
- Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
- Major players operating in the market and their service offerings
