NEW YORK, Nov. 23, 2022 /PRNewswire/ — According to the latest market research study published by P&S Intelligence, from $29.19 billion in 2021, the population health management market size will grow to $101.89 billion in 2030, at a 14.9% CAGR. The major driver for the adoption of such solutions is the rapid shift of the healthcare sector from paper to digital platforms.
Digital health involves the usage of connected medical devices, mobile and desktop-based health applications, and telehealth. All these technologies make tracking the health of people easier, thereby aiding governments and healthcare providers in ensuring the wellbeing of the population as a whole.
Government Support for Population Health Management Key Market Driver
The growing population continues to demand cost-effective healthcare, because of the burgeoning disease burden and medical expenses. Thus, governments around the world are implementing a range of regulations to bring a revolution in the healthcare sector and make the services affordable for the masses.
For instance, the CMS Center for Medicare and Medicaid Innovation, National Strategy for Quality Improvement, and Patient-Centered Outcomes Research Institute were all established in the U.S. upon the passage of the Patient Protection and Affordable Care Act (ACA).
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Healthcare Providers Are Biggest Contributors of Revenue to IT Vendors
- Healthcare providers hold a more than 45% share in the market on account of the government efforts to encourage these users to adopt advanced IT software, to make healthcare cheaper.
- The focus of healthcare providers is on reducing the rate of hospital readmissions and medical bills, both of which have become a major economic burden.
- Moreover, cloud-based population health management solutions are becoming popular among care providers, as this deployment mode allows users to minimize their IT investments and gain scalability.
Cloud Deployment To Grow at Higher Rate
Consistent with the need to reduce medical expenses, the deployment of population health management solutions on the cloud is expected to rise rapidly over this decade. This deployment not only makes it cheaper for users to avail of such solutions without much IT investment, but also makes the services available to almost everyone with a working internet connection.
Browse detailed report on Population Health Management Market Size, Share, Trends and Growth Analysis 2022-2030
North America Largest User of Population Health Management Solutions
With a revenue share of more than 45%, North America is the most-significant user of population health management software and services. The U.S. encourages healthcare entities to use EHRs and EMRs, via incentives, in order to make interoperability among hospital departments possible. Moreover, by studying real-time patient data, personalized treatments can be devised, which will, eventually, improve outcomes and reduce medical bills.
Solution Adoption To Rise Fastest in Asia-Pacific
In the coming years, the APAC region will likely witness an about 15% CAGR in the adoption of population health management solutions. This can be credited to the growing medical tourism sector in regional countries. Moreover, the market is driven by the established healthcare IT guidelines in Japan and the improvement of the medical infrastructure in China and India.
Global Population Health Management Market Report Coverage
By Delivery Mode
By End User
- Healthcare provider
- Healthcare payer
- Other end users
- North America
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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SOURCE P&S Intelligence