Population Health Management (PHM) Market Size More Than Doubles to Reach USD 64 Billion by 2029
Population health management (PHM) market is flourishing because of increasing chronic disease burden, growing elderly population, and expanding healthcare IT solutions supported and mandated by the government.
Global population health management (PHM) market is flourishing because of increasing chronic disease burden, growing elderly population, and expanding healthcare IT solutions supported and mandated by the government.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global population health management market (PHM) size at USD 26.9 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global population health management market size to expand at a significant CAGR of 13.35% reaching a value of USD 64.3 billion by 2029. Major growth factors of global population health management (PHM) market include the medical business is rapidly transitioning from a paper-based to a digitalized system, increasing healthcare it solutions are supported and mandated by the government, growing chronic disease burden and growing geriatric population. Also, surging demand from healthcare stakeholders for solutions that enable value-based care delivery has resulted in a move from fee-for-service (FFS) to value-based payment (VBP) models. Growing demand for effective disease control measures will also drive market growth during the period in analysis. However, high investment in infrastructure is anticipated to restrain the market growth.
Global Population Health Management (PHM) Market – Overview
Population health management (PHM) is a focused, all-encompassing approach to collecting and analyzing a patient's health-related data. The bundle includes patient involvement, care coordination, integration, value-based care measurement, data analytics, and health information management. It aims to improve population health, the overall patient experience, and healthcare outcomes. PHM also offers a number of solutions that help to deliver patient-centered care by minimizing readmission rates and ensuring that appropriate and effective medicines are applied. It also allows patients and healthcare practitioners to obtain medical information in real time. As a result, PHM is widely employed by public and private healthcare professionals in both the public and private sectors. PHM methods categorize people into various groups. These techniques are prevalent in the healthcare, pharmaceutical, and insurance industries. The health management system aids in the maintenance and improvement of various groups' health. Population health management is a user-friendly platform that assists in treatment cost reduction by giving cost-effective alternatives. Furthermore, the platform helps service providers and payers manage risk associated with reimbursement rules. The healthcare system has developed dramatically in recent years, becoming more patient-centered.
Impact of COVID-19 on Global Population Health Management (PHM) Market
COVID-19 had a detrimental impact on medical practices of all sizes and healthcare facilities around the world, which has been swamped by the large number of patients who attend them on a regular basis. The rising frequency of COVID-19 in many nations has increased the demand for reliable diagnosis and treatment solutions. Population health management systems have proven to be quite effective in this field, as they enable healthcare providers to easily link solutions like EHR, patient management, and care management with healthcare payer solutions like claim management and payment administration. In addition to data storage, it provides increased security. Patient information is kept private throughout the program. The program has made finance and decision-making in the health sector easier. The healthcare industry is rapidly evolving. EHR systems are used in many hospitals. Positive trends in EHR and population health management solutions have emerged recently. The market outlook for population health management is positive.
Global Population Health Management (PHM) Market– By End User
Based on end user, global population health management market is divided into Healthcare Providers and Healthcare Payers. The healthcare providers segment dominated the population health management market in 2021. PHM improves clinical outcomes by assisting in improved illness management, resulting in shorter in-patient stays and fewer physician observation hours. As a result, clinicians can focus more on patient-centered care while lowering total expenses. Payers are third-party organizations that finance or pay the cost of health-care services. Payers who are proficient in predictive analytics have an advantage over other providers when it comes to understanding population behavior and unstructured clinical material. This competitive advantage is crucial in growing payer demand for PHM software and is likely to significantly propel segment expansion over the forecast period.
Major players operating in Global Population Health Management (PHM) Market include Allscripts Healthcare Solutions, Arcadia, Athenahealth, Cerner Corporation, Color Health, Inc., Conifer Health Solutions, Cotiviti (Verscend Technologies), eClinicalWorks, Enli Health Intelligence (A Cedar Group Technologies), Epic Systems Corporation, Health Catalyst, HealthEC, LLC, HGS Healthcare, LLC, i2i Population Health, IBM Corporation, Innovaccer, and Koninklijke Philips. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Population Health Management (PHM) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Population Health Management (PHM) Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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