The latest market report published by Credence Research, Inc. The global population health management solutions market is growing proficiently, projected to grow at a CAGR of 13.6% during the expected period from 2019 to 2027, starting from US$ 16.65 Bn in 2018.
In recent years, the focus of healthcare has been shifting from an individual-centric approach to a broader, population-based perspective. This transformation is driven by the need to improve patient outcomes, reduce healthcare costs, and deliver more personalized care. Enter the Population Health Management (PHM) Solutions Market, which plays a pivotal role in this shift, leveraging technology and data analytics to provide actionable insights for both healthcare providers and payers.
Understanding Population Health Management
Population Health Management is an integrated approach that focuses on improving the health outcomes of a group by monitoring and identifying individual patients within that group. It involves collecting and analyzing data from various sources to inform healthcare decisions, from preventive measures to specific treatments.
PHM solutions incorporate various tools such as software applications, health information exchanges, data analytics, and patient registries. They enable healthcare providers to identify high-risk patients, devise tailored interventions, and track outcomes over time. Additionally, they provide insights into areas like resource utilization, cost savings, and epidemic trends.
Growth Drivers in the PHM Solutions Market
Several factors are propelling the growth of the PHM Solutions Market:
- Rising Healthcare Costs: With escalating healthcare expenses, there’s a pressing need to reduce costs without compromising on quality. PHM solutions provide a framework to achieve this by focusing on prevention, early intervention, and efficient resource allocation.
- Technological Advancements: Innovations in Artificial Intelligence, Machine Learning, and Big Data analytics are enhancing the capabilities of PHM solutions. These technologies enable more accurate risk predictions and personalized care plans.
- Government Mandates: Governments worldwide are emphasizing value-based care. Regulations are being crafted to promote the adoption of PHM solutions as they align with the broader goals of improving public health outcomes and reducing expenditure.
- Consumer Demand: As patients become more informed, they seek more personalized care experiences. PHM solutions facilitate this by providing a comprehensive view of a patient’s health status and needs.
Browse the Full Report: https://www.credenceresearch.com/report/population-health-management-solutions-market
Challenges and the Way Forward
While the potential of the PHM Solutions Market is vast, challenges remain. Data interoperability, privacy concerns, and the need for substantial investments in infrastructure can be barriers to adoption. Furthermore, the success of PHM is not just about implementing a software solution; it requires a cultural shift towards a more collaborative and proactive approach to healthcare.
However, as technology continues to advance and the benefits of a population-based approach become more evident, it’s likely that the adoption of PHM solutions will become more widespread. As healthcare stakeholders recognize the value of these tools in enhancing patient care, optimizing resources, and reducing costs, the Population Health Management Solutions Market is poised for significant growth in the coming years.
List of Companies Covered:
- Microsoft
- Cerner Corporation
- Epic Systems Corporation
- Koninklijke Philips
- I2I Population Health
- Health Catalyst
- Optum (A Part of Unitedhealth Group)
- Enli Health Intelligence
- Eclinicalworks
- Allscripts Healthcare Solutions
- IBM Corporation
- Healthec, LLC
- Medecision
- Arcadia
- Athenahealth
By Segmentation Type
By Component Type
• Software
• Services
By Mode of Delivery Type
• On-Premise
• Cloud-Based
By End-user Type
• Healthcare Providers
• Healthcare Payers
• Other End Users
By Geography Type
- North America (U.S. and Rest of North America)
- Europe (U.K., Germany, France, and Rest of Europe)
- Asia Pacific (Japan, China, India, and Rest of Asia Pacific)
- Rest of World (Middle East & Africa (MEA), Latin America)
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