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Population Health Management Market: Introduction
According to the report, the global population health management market was valued at US$ 25.9 Bn in 2020 and is projected to expand at a CAGR of 15.9% from 2021 to 2028. Population health management is the collection of patient data across multiple health information technology resources, analysis of that data into a single, actionable patient record, and actions through which care providers can improve both clinical and financial outcomes.
In term of mode of operation, the global population health management market has been classified into web-based, cloud-based, and on-premise. Web-based population health management is an extended or advanced version of cloud-based population health management, wherein large organizations, care providers, and insurance organizations have separate storage sections and exclusive access to data compared to cloud-based population health management.
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Resources, services, or applications are made available to users through Internet from cloud computing provider’s server and is known as cloud-based system. Cloud computing is a type of computing that depends on shared computing resources rather than local servers or devices. The software or technology is installed and runs in the same premise. Hence, it is known as on-premise software. On-premise means physically confined within the enterprise, usually in a company’s data center.
Usage of Health IT Forms for Patient Engagement: Key Driver
Initiatives for patient engagement through various heath IT forms have proven to aid population health management. Through various m-health application, compassionate care, patient care, etc. physicians can improve population health management. The utilization of patient portals and patient-generated health data can aid in population health management.
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Technological advancements in electronic health records (EHR), analytics, blockchain technology, and improved population education drive the demand for population health management. These factors are expected to boost the growth of the global population health management market during the forecast period.
Increase in Government Initiatives: Major Driver
The rise in government initiatives for the adoption of digital health products is likely to drive the global market during the forecast period. In the U.S, implementation of the Affordable Care Act (ACA) is likely to play a major role in increasing the use of population health management services in the near future. The ACA eliminates payments for unnecessary re-admissions, making hospitals financially accountable to patients for up to 30 days after they have left the hospital. This involves hospitals and care providers to install population health management-based platforms as a measure to reduce cost burden on patients and improve their quality of services.
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Non-profit hospitals need to conduct certain community activity in every three years and report it to the Internal Revenue Service. The assessment includes information about a hospital’s plans to address identified needs. In order to make the entire process hassle free and avail reimbursement for their services, such non-profit organizations seek interventions from community health care centers or accountable care organizations, which usually purchase population health management storage space and rent it to others.
Hence, increase in government initiatives is projected to drive the global population health management market during the forecast period.
Services Segment to Dominate Population Health Management Market
In terms of component, the global population health management market has been classified into hardware, software, and services. The services segment is anticipated to account for a major market share in 2020, and the trend is expected to continue during the forecast period. The segment is likely to expand at a high CAGR from 2021 to 2028.
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Web-based Segment to Lead Population Health Management Market
Based on operation, the global population health management market has been categorized into web-based, cloud-based, and on-premise. The web-based segment is projected to dominate the global market during the forecast period. Web-based population health management allows simultaneous tracking and measuring progress of providers and patients for multiple centers. This is a key factor propelling the segment during the forecast period.
Key players operating in the global population health management market include Koninklijke Philips N.V., Lumeris, Health Catalyst, McKesson Corporation, Cerner Corporation, ZeOmega, Healthagen LLC, UnitedHealth Group, International Business Machines Corporation, and Persivia.
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