PUBLISHER: DataM Intelligence | PRODUCT CODE: 1316295
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1316295
The global population health management market reached US$ 21.3 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 54.3 billion by 2030. The global population health management market is expected to exhibit a CAGR of 12.8% during the forecast period (2023-2030).
Several healthcare providers are already offering a variety of population health management policies to customers based on their needs. Health maintenance organisation plans, preferred provider organisation plans, point of service plans, high deductible health plans, and others are examples of these. They also sell population health management policies that include free yearly and bi-annual check-ups as well as further customisation at cheap premium rates.
A chronic illness is a major force driving population health management. Patients with long-term ailments are treated at clinics. For instance, the rising prevalence of chronic diseases such as diabetes, high blood pressure, cancer, and others would fuel the market's growth rate. Chronic diseases, particularly obesity and diabetes, are a major source of concern among the elderly.
For instance, the rising prevalence of diabetes around the world is driving market expansion. According to the International Diabetes Federation, approximately 537 Billion individuals will have diabetes by 2021, accounting for one out of every ten people worldwide. In the case of chronic illness, keeping and monitoring patient records is critical. In recent years, there has been an upsurge in the development of more efficient treatment for chronic sickness. Because of the increase in treatment demand, additional healthcare management services are required. As a result, this aspect boosts market growth.
Several manufacturers invest in research and development to develop innovative products to assist healthcare organizations. For instance, on July 27, 2022, Valenz announced the acquisition of Medical Cost Management Corporation, d.b.a. MCM Solutions for Better Health, and its subsidiary, Med-Care Management, Inc. (MCM), a leading provider of managed care and population health management programmes for self-funded plans across the whole continuum of care. Valenz announced the acquisition of VerifPoint, a credential verification organisation that is now known as VPoint, in May. Thus, this factor boosts market growth.
Implementing PHM requires sophisticated information technology (IT) systems and tools to collect, store, process, and analyze large volumes of health data. This includes electronic health record (EHR) systems, data integration and analytics platforms, population health management software, and secure networking infrastructure. The costs associated with procuring, customizing, and maintaining these IT systems can be substantial.
Due to the COVID-19 outbreak, medical practices of all sizes are under immense pressure, and healthcare facilities worldwide have been overwhelmed by the large number of patients visiting them daily. The increasing prevalence of COVID-19 has driven the demand for accurate diagnosis and treatment devices in several countries.
In this regard, population health management solutions have proven to be very helpful, as they allow healthcare providers to seamlessly integrate solutions such as EHR, patient management, and care management to healthcare payer solutions such as claim management and payment management solutions. Moreover, the rapid spread of this disease worldwide has resulted in lockdowns and restrictions, increasing the demand for electronic data transfer and claim management. This is expected to increase the adoption of population health management in the forecast period.
The Russia-Ukraine conflict is estimated to have a moderate impact on the global population health management market, owing to the low number of key market players in this region. However, the impact of the import and export of raw materials is expected to have little influence over the global population health management market growth over the forecast period.
The global population health management market is segmented based on component, mode of delivery, end user and region.
PHM services are increasingly being demanded by hospitals and other healthcare institutions in order to incorporate third parties in the evaluation of patient data. The need for PHM services is being driven in part by the need for integrated healthcare systems. Furthermore, rising government projects, as well as increased R&D spending by corporations to create unique items, have considerably assisted healthcare institutions.
For instance, on January 05, 2023, Gainwell Technologies has been awarded a $340 million contract for population health management (PHM) services by the California Department of Health Care Services (DHCS) as part of the California Advancing and Innovating Medi-Cal (CalAIM) initiative. DHCS officials have been giving stakeholders with frequent updates on deadlines and how the new service would operate. Thus, the following factors demonstrate segment expansion.
The expanding federal medical mandates to reduce costs, increased government initiatives, increasing adoption of EHRs, and awareness of personalised and value-based reimbursements are the primary reasons driving population health management sector growth in the next years. The presence of significant industry players in the region, as well as company strategy, will drive the region growth.
For instance, on February 09, 2021, IBH (Integrated Behavioural Health, Inc.), a population and digital health services leader, has expanded its portfolio with the purchase of HMC HealthWorks ("HMC"), adding chronic condition management solutions, wellness, and pharmacy specialty services. The acquisition not only expands IBH's services to encompass condition management skills, but it also strengthens the company's experience in behavioural health while also servicing the special demands of Taft-Hartley, Government, Labour, and Trust Funds. As a result, factors promote segment growth.
The major global players in the population health management market include: Allscripts Healthcare Solutions Inc., Cerner Corporation, Conifer Health Solutions, Epic Systems Corporation, International Business Machines Corporation (IBM), Health Catalyst, Koninklijke Philips NV, Mckesson Corporation, Optum Inc., Verisk Analytics, Inc and among others.
The global population health management market report would provide approximately 53 tables, 54 figures and 195 Pages.
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