Population Health Management Market Growth & Trends
The global population health management market size is expected to reach USD 280.8 billion by 2030, expanding at a CAGR of 21.94% over the forecast period, according to a new report by Grand View Research, Inc. The healthcare industry is shifting toward the adoption of healthcare IT solutions, including electronic health records (EHR) and population health management (PHM) for value-based compensation. PHM solutions can process clinical, financial, and operational data that help improve efficiency and patient care. The health management program is also witnessing changes in medical reimbursement due to the increasing emphasis on value-based payment models.
Furthermore, PHM assists in the stratification of at-risk population groups and the identification of high-cost diseases. Besides, the increasing use of machine learning and artificial intelligence in analytics is likely to drive the market’s growth. With rapid advancements in technology, PHM is likely to offer a win-win situation for healthcare providers. For instance, the use of data analytics is expected to help reduce costs, increase productivity, and offer improved clinical outcomes.
Furthermore, the key participants are engaged in strategies such as product launches, collaborations, partnerships, and joint ventures among others to expand their global footprints and product portfolio. Alternatively, rising strategic acquisitions, new product launches, and partnerships deals are other factors fueling market expansion.
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Population Health Management Market Report Highlights
The services product segment held a majority of the market share in 2022, as healthcare providers prefer in-house maintenance services
The cloud-based segment is anticipated to register the fastest growth rate over the forecast period, as it offers the end-user faster, more effective, and more efficient clinical outcomes
The healthcare providers end-use segment held the largest market share in 2022. The providers can focus effectively on patient care and reducing overall costs. The large market share is attributed to the implementation of value-based care using healthcare analytical tools
North America was the largest regional market in 2022 and is likely to retain its position over the forecast period, as the providers, payers, providers-payers, and accountable care organizations promote the use of PHM services
In Asia Pacific, the market is expected to witness the fastest growth in the coming years due to rising healthcare expenditure and improving healthcare infrastructure in the region. Acquisitions and business partnerships with other market players are some of the strategic initiatives undertaken by key players to strengthen their market presence
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