According to a report by Transparency Market Research, the global population health management market is projected to witness a substantial growth during the tenure of 2017 to 2025. The growth of the market is the result growing global population and increasing cases of chronic diseases.
Moreover, the present pandemic of COVID-19 is also a major factor that is boosting the growth of global population health management market during this time frame. The global population health management market shall witness a massive 16.1% CAGR during the tenure of 2017 to 2025. It is also noticeable that the global population health management market shall rise from US$ 18.5 Bn in 2016 to a considerable US$ 69 Bn by the end of 2025, says the new report by Transparency Market Research.
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Population health management (PHM) is a system where individuals are classified in groups. These practices are usually observed in healthcare sector, pharmaceutical industry, and insurance sector. The health management system aids to maintain and improve health conditions of different groups. Population health management is a patient friendly platform, which supports in regulating the treatment costs by providing options of cost-effective alternative options. Further, the platform enables service providers and payers in risk management associated with reimbursement policies.
Broad Range of Application to Help Further Market Development
Further, application of population health management (PHM) system is aiding to improve both clinical care and revenue generation. Thus, care providers are extensively adopting the system. In addition, there are various tools available, each having different functions in diverse care settings. These tools help in data collection and aids to leverage healthcare finances for patient and payers including insurers. Penetration of IT solutions especially in business intelligence solutions and data analytics have been the key factors for advancement in the population health management market.
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Integration of IT solution enable car provider to monitor patients remotely, data collection, and data storage. These factors are likely to boost expansion of the global population health management market. Moreover, growing awareness regarding benefits of personalized medicine is projected to provide significant growth opportunities for the players operating in the market during forecast period.
Besides accessibility of healthcare, PHM program ensures affordability of healthcare to the population at large. Lately, various population health management initiatives undertaken by hospital administrators and clinicians are found to be instrumental in decreasing the overall cost of hospitalization, testing new models in diseases risk management, and improving medication compliance. The rising penetration of IT in the field of healthcare is expected to fuel growth of the market in the coming years.
Benefits offered by population health management systems, such as remote patient monitoring, data integration and data storage is expected to be a driving factor in the market. Rising awareness regarding the adoption of better personalized medicine is anticipated to offer significant growth opportunities for the players operating in the market in the coming years.
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Favorable Regulatory Ecosystem to Help Asia Pacific Generate More Opportunities
During the forecast period, North America population health management market is anticipated to lead globally. Growth trajectory of the regional market will be followed by Europe market. Both these regions are witnessing substantial adoption of PHM in order to bridge the gap in healthcare services and community services, and thus, resulting in better care outcome.
Meanwhile, Asia Pacific population health management market is anticipated to be the fastest growing market. In recent years, the market has witnessed various opportunities in the population health management market. Growth of the market is attributed to approaches of government bodies to leverage population health and application of analytics tools in better care management for the regional population.
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