Population Health Management Solutions Market to Grow at a CAGR of 17%

From the last few years, the population health management market is witnessing significant growth in the adoption of health IT solutions like EHR because of the rising geriatric population and the increasing prevalence of the chronic disease. As per the United Nations, the worldwide geriatric population is expected to increase from 962 million in 2017 to over 2.1 billion by 2050. This is expected to increase the burden of chronic diseases as well as add more pressure on healthcare spending. However, several private and government organizations have already started taking efforts to improve the healthcare outcome and reduce the financial burden by offering favorable reimbursement policies and incentive programs to hospitals.

Population health management solutions also help in reducing healthcare spending. Various initiatives were undertaken globally to curb healthcare spending is expected to drive the demand for population health management solutions. For instance, shifting trends from volume-based to value-based care is further boosting the adoption of population health management solutions.

Key Players

Some of the prominent players in the global population health management market are Allscripts, McKesson Corporation, Cerner Corporation, Conifer Health Solutions, LLC., eClinicalWorks, McKesson Corporation, Optum Inc, Koninklijke Philips N.V., and Athenahealth, Inc.

Mergers and acquisitions and strategic collaborations are the key strategies adopted by the market players to maintain competitiveness.

In October 2015, IBM acquired Merge Healthcare — a provider of medical image processing and interoperability. Post this acquisition, Merge Healthcare became a part of IBM Watson Health’s business unit. This acquisition would accelerate IBM’s client capabilities to cross-refer and analyze medical images against the data points on the IBM Watson’s health cloud.

In January 2017, IBM Watson Health announced a research collaboration with the U.S. FDA to enable the use of blockchain technology for secure healthcare data exchange.

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Integration of Wearable Technology to offer Lucrative Opportunities

For better understanding, we have broadly segmented the population health management market by components, end-user, and mode of delivery. Based on components, the population health management market is segmented into software and services. In 2018, the services segment dominated the global market in terms of revenue and is expected to witness the same growth in the years ahead. On the other hand, the software segment is likely to leave a significant impact on the global market by growing at the fastest CAGR. This can be attributed to increasing R&D activities to provide an integrated software solution for strengthening population health management. The integration of wearable technologies and IoT is further generating lucrative opportunities for the development of software solutions. Wearable technology tracks the health parameters — such as sleep patterns and heart rate — that are crucial for monitoring health. With the development of innovative population health-based software, the health system can collect, track, and analyze health data to devise most precise therapies for the patients. End users are also likely to spend a huge amount of wearable technology in the coming years.

By end-user, the global population health management market is categorized into healthcare providers, payers, and employers.

Strategies Undertaken to Aid Healthcare in Digital Transition

By mode of delivery, the population health management market is segmented into web-based, on-premises, and cloud-based solutions. In 2018, the web-based solution was found to be the major contributor to the global market revenue because of easy and anywhere access to the portal and no need to install any software to access the information. However, the cloud-based solutions segment is expected to grow at the fastest CAGR over the forecast period since healthcare is experiencing huge pressure to operate in real-time and provide access to the healthcare information of patients across multiple healthcare locations. In addition, key cloud technology providers are undertaking various strategies to improve the operational efficiencies of healthcare providers. Amazon, Microsoft, IBM, and Google are among the large cloud service providers, which are assisting healthcare providers in digital transition.

The Asia Pacific to Witness Dynamic Growth

Geographically, Asia Pacific market is expected to witness the fastest growth during the forecast period. This can be attributed to the huge burden of the geriatric population in several countries such as Japan, China, and India. The geriatric population is more prone to have chronic diseases. This will compel the government and healthcare providers to offer better care at low prices without putting financial pressure on patients. As per World Bank statistics, the geriatric population in Japan has increased from 22% in 2010 to 27% in 2017. Thus, the adoption of population health management solutions is increasing gradually to address the chronic disease burden. Gradually increasing spending on EHR or EMR in this region is expected to boost the market growth. In 2018, Australia spent around USD 1.26 billion on implementing EHR and EMR.

Population Health Management Market Segmentation

By Component

• Software
• Services

By End-Users

• Healthcare providers
• Payers
• Employers

By Mode of Delivery

• On-premise
• Web-based
• Cloud-based

Regions Covered:

Americas

• North America
• The U.S.
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Rest of South America

Europe

• Western Europe
• UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe

Asia-Pacific

• China
• India
• Japan
• South Korea
• Australia
• Rest of Asia-Pacific

MEA

• The Middle East
• Saudi arabia
• Qatar
• UAE
• Rest of the Middle East
• Africa