GLOBAL POPULATION HEALTH MANAGEMENT MARKET REPORT INSIGHTS
The global Population Health Management market size is expected to reach USD 64.8 billion by 2030, registering a compound annual growth rate (CAGR) of 13.5% during the forecast period, according to a new report by Future Data Stats.
Population Health Management (PHM) is a healthcare approach that focuses on improving the health outcomes of a defined group or population. It involves the use of data analytics and healthcare technology to identify, stratify, and manage patients based on their risk levels, clinical conditions, and healthcare utilization patterns.
The goal of PHM is to provide targeted interventions and care coordination to improve the health of the population while reducing healthcare costs. PHM includes various strategies such as disease management, wellness and prevention programs, care coordination, patient engagement, and population health analytics.
The PHM market encompasses a wide range of products and services, including software and technology platforms, consulting and services, care management solutions, and analytics and data management tools. With the growing demand for value-based care, the market is expected to continue to grow in the coming years.
REPORT HIGHLIGHTS IN THE POPULATION HEALTH MANAGEMENT MARKET
- North America: North America is the largest market for PHM due to the high healthcare expenditure and the presence of a large number of PHM solution providers. The COVID-19 pandemic has accelerated the adoption of PHM solutions in North America.
- Europe: The PHM market in Europe is also growing rapidly due to the increasing burden of chronic diseases and the need to improve healthcare outcomes. The European Union is taking steps to promote the use of digital health technologies, including PHM solutions.
- Asia-Pacific: The Asia-Pacific region is expected to be the fastest-growing for PHM due to the rising healthcare expenditure, increasing adoption of digital health technologies, and growing awareness of the benefits of PHM.
- Chronic Care Management: Chronic care management is the largest segment in the PHM market, accounting for a significant share. This is due to the increasing prevalence of chronic diseases and the need to manage these conditions more effectively.
- Population Health Analytics: Population health analytics is another major segment in the PHM market, as it enables healthcare providers to collect and analyze data to identify health risks and trends, and develop targeted interventions to improve health outcomes.
- Major Companies: Some of the major companies in the PHM market include Cerner Corporation, Allscripts Healthcare Solutions, Inc., McKesson Corporation, Koninklijke Philips N.V., IBM Corporation, Optum, Inc., and Athenahealth, Inc.
INDUSTRY DEVELOPMENTS
There have been several developments in the Population Health Management (PHM) industry globally in recent years. Some of the significant developments include:
- Increasing adoption of value-based care models: The shift towards value-based care has led to increased adoption of PHM solutions as they help healthcare organizations improve patient outcomes, reduce costs, and enhance the overall quality of care.
- Emergence of advanced analytics and artificial intelligence (AI): Advanced analytics and AI technologies are being used in PHM solutions to identify at-risk populations, predict disease progression, and develop personalized treatment plans.
- Focus on patient engagement: Patient engagement is becoming an essential aspect of PHM as it helps patients take an active role in their care. PHM solutions are being developed with patient engagement tools such as mobile apps, wearables, and remote monitoring devices.
- Integration of social determinants of health (SDOH): PHM solutions are increasingly incorporating social determinants of health (SDOH) data to provide a more comprehensive view of patient health and identify factors that impact health outcomes.
- Growing investments and mergers & acquisitions (M&A) activity: The PHM industry has seen significant investments and M&A activity, with companies acquiring or partnering with other players to expand their product offerings and market reach.
EMERGING TRENDS
The Population Health Management (PHM) market is constantly evolving with new emerging trends that are shaping the industry. Some of the emerging trends include:
- Use of Artificial Intelligence (AI) and Machine Learning (ML): AI and ML technologies are being used in PHM solutions to improve patient outcomes and reduce costs. These technologies help in predictive modeling, risk stratification, and personalization of treatment plans.
- Integration of Social Determinants of Health (SDOH): The integration of SDOH data into PHM solutions is becoming more prevalent, providing a more comprehensive view of patient health and identifying factors that impact health outcomes.
- Increasing focus on Behavioral Health: PHM solutions are increasingly focusing on behavioral health to address the growing prevalence of mental health disorders. These solutions incorporate behavioral health data into patient profiles to provide personalized interventions and care.
- Growing demand for Remote Patient Monitoring (RPM): With the increasing adoption of telehealth and remote care, there is a growing demand for RPM solutions that enable patients to monitor their health from home.
- Emphasis on Patient Engagement: Patient engagement is becoming increasingly important in PHM solutions as it helps patients take an active role in their care. PHM solutions are incorporating patient engagement tools such as mobile apps, wearables, and remote monitoring devices to improve patient engagement.
CUSTOMER INSIGHTS
Understanding customer insights is critical for the Population Health Management (PHM) market as it helps companies to develop targeted solutions that meet the needs of their customers. Some customer insights include:
- Healthcare providers: Healthcare providers such as hospitals, clinics, and physician practices are the primary customers for PHM solutions. They are looking for solutions that help them improve patient outcomes, reduce costs, and enhance the overall quality of care. Providers are also looking for solutions that integrate with their existing Electronic Health Record (EHR) systems to improve care coordination.
- Healthcare payers: Healthcare payers such as insurance companies, government agencies, and employers are also significant customers for PHM solutions. They are looking for solutions that help them manage their populations, reduce healthcare costs, and improve the overall health of their members.
- Patients: Patients are becoming increasingly engaged in their care, and they are looking for solutions that help them take an active role in their health. They are looking for solutions that provide personalized care, enable remote monitoring, and integrate with their existing health technologies such as wearables and mobile apps.
- Care managers: Care managers play a critical role in PHM, and they are looking for solutions that help them manage their patient populations efficiently. They are looking for solutions that provide actionable insights, enable care coordination, and integrate with their existing care management tools.
- Employers: Employers are becoming more involved in their employees' health and are looking for solutions that help them reduce healthcare costs and improve employee productivity. They are looking for solutions that provide wellness and prevention programs, enable remote monitoring, and integrate with their existing employee health programs.
KEY GROWTH DRIVING FACTOR
There are several key growth driving factors of the Population Health Management (PHM) market. Some of the significant factors include:
- Increasing focus on value-based care: The shift towards value-based care is driving the demand for PHM solutions as they help healthcare organizations improve patient outcomes, reduce costs, and enhance the overall quality of care.
- Rising healthcare costs: The increasing healthcare costs are driving the demand for PHM solutions as they help healthcare organizations reduce costs by preventing readmissions, identifying at-risk populations, and optimizing care delivery.
- Technological advancements: The advancements in technology such as artificial intelligence (AI), machine learning (ML), and predictive analytics are driving the development of more advanced PHM solutions that improve patient outcomes and reduce costs.
- Growing prevalence of chronic diseases: The growing prevalence of chronic diseases such as diabetes, cardiovascular diseases, and cancer is driving the demand for PHM solutions as they help healthcare organizations manage these conditions more effectively and reduce healthcare costs.
- Increasing demand for personalized care: Patients are becoming more engaged in their care and are looking for personalized care solutions. PHM solutions provide personalized care by leveraging patient data to develop tailored treatment plans.
- Government initiatives and regulations: Government initiatives and regulations such as the Affordable Care Act (ACA) and the Medicare Access and CHIP Reauthorization Act (MACRA) are driving the adoption of PHM solutions by incentivizing healthcare organizations to improve patient outcomes and reduce costs.
VALUE CHAIN ANALYSIS
The Value Chain Analysis of the Global Population Health Management (PHM) Market is an essential tool used to understand the different components and how they work together to create value. Here is a breakdown of the value chain analysis:
- Input suppliers: The input suppliers provide the necessary resources for developing PHM solutions, including hardware, software, and data analytics tools.
- Technology developers: The technology developers design and develop PHM solutions using the inputs provided by the input suppliers. They are responsible for creating solutions that meet the needs of healthcare providers, payers, and patients.
- Solution providers: The solution providers are companies that offer PHM solutions to healthcare providers and payers. They are responsible for implementing and maintaining the PHM solutions for their customers.
- Healthcare providers and payers: The healthcare providers and payers are the end-users of PHM solutions. They use these solutions to improve patient outcomes, reduce costs, and enhance the overall quality of care.
- Patients: Patients are the ultimate beneficiaries of PHM solutions. They benefit from personalized care, improved patient outcomes, and better overall health.
- Regulators and policymakers: Regulators and policymakers play an important role in shaping. They create regulations and policies that incentivize healthcare providers and payers to adopt PHM solutions and improve patient outcomes.
POPULATION HEALTH MANAGEMENT (PHM) MARKET SEGMENTATION
By Product and Service:
- Software
- Services (Consulting, Implementation, Training, Maintenance, and Support)
- Hardware
- Others
By Mode of Delivery:
- Web-based
- On-premise
- Cloud-based
By End-User:
- Healthcare Providers (Hospitals, Clinics, Ambulatory Care Centers, Physician Practices, and Others)
- Healthcare Payers (Insurance Companies, Government Agencies, Employers, and Others)
By Geography:
- North America (U.S. and Canada)
- Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe)
- Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa
Some of the Major Players in the Population Health Management (Phm) Market
- Allscripts Healthcare Solutions, Inc.
- Cerner Corporation
- Koninklijke Philips N.V.
- Epic Systems Corporation
- McKesson Corporation
- Health Catalyst, Inc.
- IBM Corporation
- Optum, Inc. (UnitedHealth Group)
- Athenahealth, Inc.
- Medecision, Inc.
- Verscend Technologies, Inc. (formerly Verisk Health)
- Change Healthcare Holdings, Inc.
- ZeOmega Inc.
- Lumeris, Inc.
- i2i Population Health