LONDON /PRNewswire/ -- Population Health Management (PHM) Market Size, Share & Trends Analysis Report By Product (Software, Service), By End Use (Payers, Providers, Employer Groups), By Region, And Segment Forecasts, 2019 - 2025
The global population health management market size is expected to reach USD 101.0 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 20.7% during the forecast period. The need for population health services that combine multiple functionalities is increasing, due to the complex nature of care delivery and payment models. PHM solutions can process clinical, financial, and operational data for the improvement of efficiency and patient care. The convenience offered by value-based payment models instead of Fee-for-Service (FFS) is responsible for increased adoption of these solutions by the Accountable Care Organizations (ACOs).
ACOs, consist of hospitals, clinics, doctors, and other caregivers, collaborate with payers for the delivery of high-quality patient care.Private and public insurance providers have introduced various disease management programs, to assist in the treatment of chronic illnesses.
These multidisciplinary efforts are expected to result in effective treatment outcomes and are likely to suggest best suitable courses of action that need to be undertaken. Successful large-scale trials in U.S. have enabled significant advancements in disease management programs.
The market has a healthy mix of vendors offering PHM along with other healthcare IT solutions.Acquisitions and partnerships are the major strategies adopted by the companies operating in the population health management market.
For instance, in 2018 Allscripts announced completion of acquisition of the HealthGrid Holding Company, a developer of enterprise patient engagement solution. The acquisition signifies expansion of the Allscripts FollowMyHealth platform that provides patient engagement solutions focused on connecting consumers with providers.
Further key findings from the report suggest:
• Based on the products, the services segment held majority of the market share in 2018, as healthcare providers prefer in-house maintenance services
• In 2018, healthcare provider held the largest market share of the end-use segment. The providers can focus effectively on patient-centric care and reducing overall costs
• North America was the largest regional market in 2018 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
• Asia Pacific is expected to witness the fastest growth in the forthcoming years due to rising healthcare expenditure and improving healthcare infrastructure
• Allscripts, McKesson Corporation, and Cerner Corporation among others are some of the key players operating in the Population Health Management (PHM) market. Business partnerships and acquisitions are some of the key strategic initiatives undertaken by these companies to strengthen their market presence.
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