The global population health management (PHM) market was estimated at USD 20.7 billion in 2015 which is anticipated to grow at a CAGR of more than 15.0% during the forecast period. Population health management is collection and recording the data of the patient population. It is indicated in analyzing and managing the data about specific disease from the patient populations. Hence, it is a comprehensive approach requiring analysis, action and filling the gap between the patients and the healthcare physicians. It aligns the patients along with the various healthcare physicians allowing more efficiency as well as better revenue.
Government support in reduction of the disease burden and implementation of Affordable Care Act (ACA) has driven the market. Furthermore, the adoption of Healthcare Information Technology (HCIT), growing aging population along with the chronic disease prevalence rate also aids in the growth of the market.
Moreover, the adoption and availability of affordable treatment options for the chronic diseases owing to the growing healthcare expenditure and technological advancement. However, the unavailability of skilled professionals for operating and lack of patients’ data security has led to restrain the growth of the market.
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The global population health management market is broadly categorized into software and services. In 2016, software segment accounted for the largest share of the market and is expected to maintain its dominancy throughout the forecast period. Growth of this segment is attributed to implementation of the Patients Protection & Affordable Care Act as well as the increasing adoption of the population health management system by hospitals and other healthcare centers.
Along with these factors, population health management software consists of web-based and cloud- based solution, owing to be an advantage to the market. This is attributed to the constant providers support in maintaining and upgrading the software enabling reliability on the product. Hence, it is expected to drive the growth of the market over the forecast period.
The global population health management is categorized into healthcare providers, healthcare payers, and employer groups under the end user segment. The healthcare provider was dominated the market in 2016 and is estimated to maintain its dominancy over the forecast period. The growth is attributed to the increasing demand of population health management system and implementation of ACA in hospitals.
Furthermore, the increasing geriatric population and the chronic diseases amongst the population have driven the demand of the population health management system. Thus increasing the growth of the market. However, the employer segment is expected to grow with the fastest rate over the forecast period.
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North America dominated the global market in 2016 and accounted more than 45.0% of the total market in 2016. This can be attributed to the high geriatric population along with rise in chronic disease, more healthcare expenditure, and availability of government funding. Furthermore, the rise in the number of awareness campaigns has driven the market. For instance, in Canada execution of population health approach by Canadian government has led to spreading of awareness and has driven the market.
In coming years, the Asia Pacific region is estimated to increase at a faster extent. Implementation of various population health management programs in Australia as well increasing medical tourism in Asia has driven the market. Furthermore, rising healthcare expenditure and investments by the government also aids in propelling the market. In china, the modernization of the healthcare infrastructure has driven the demand of the population health management.
Entry of various players in the market has led to increase in the competition. Some of the major players are Allscripts Inc, Conifer Health Solution, Cerncer corporations, Accenture, Mckesson Corporation, Epic Corporation inc., eClinical Works and Wockhardt Ltd.
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