Population Health Management Market Booms as Healthcare Organizations Prioritize Patients’ Health – Exclusive Report by MarketsandMarkets™
Population Health Management (PHM) is a rapidly growing field of medicine that is focused on the health of entire populations, rather than individual patients. It is a holistic approach to improving the overall health of a population, which includes a wide range of activities including disease prevention, health promotion, and the coordination of health services.
Population Health Management Market in terms of revenue was estimated to be worth $27.8 billion in 2022 and is poised to reach $53.3 billion by 2027, growing at a CAGR of 13.9% from 2022 to 2027 according to a latest report published by MarketsandMarkets™.
The key factors driving the growth of the market include the growing prevalence of chronic diseases, the increasing adoption of healthcare IT solutions, and government initiatives to promote population health management. In addition, technological advancements in the field of population health management such as the development of artificial intelligence (AI) and machine learning (ML) solutions, and the growing focus of healthcare providers on patient-centric care are also expected to drive market growth.
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The software segment accounted for the largest share in the population health management market, by component
The population health management market, by component, is segmented into software & services. In 2021, the software segment accounted for the largest market share. Factors such as the technological advancements in IT solutions and big data analytics, the growth of cloud computing, and the increasing penetration of the Internet across the globe are driving the growth of the software segment.
By mode of deployment, the cloud-based segment registered the highest growth in the population health management market, in 2021.
The cloud-based segment is projected to register the highest growth in the market. The large share of the segment is attributed to the advantages offered by cloud-based solutions such as, share and integrate information from disparate locations or systems in real-time and in the generation of database registries, help curtail costs incurred in the purchase of hardware and the licensing of software.
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North America dominated the population health management market in 2021
North America accounted for the largest share of the market in 2021, followed by Europe and Asia Pacific. The large share of North America in the global market can be attributed to the stringent government regulations supporting the use of EHRs, the need for reducing healthcare costs, need for value-based care, as well as the presence of a large number of healthcare IT companies, such as Cerner Corporation (US), i2i Population Health (US), Health Catalyst (US), Optum (US), Conifer Health Solutions (US), and Epic Systems Corporation (US).
Key Market Players
Cerner Corporation (US), Epic Systems Corporation (US), Koninklijke Philips (Netherlands), i2i Population Health (US), Health Catalyst (US), Optum (US), Enli Health Intelligence (US), eClinicalWorks (US), Allscripts Healthcare Solutions (US), IBM Corporation (US), HealthEC LLC (US), Medecision (US), Arcadia (US), athenahealth (US), Cotiviti (US), NextGen Healthcare, Inc. (US), Conifer Health Solutions (US), SPH Analytics (US), Lightbeam Health Solutions (US), Innovaccer (US) are the major players in this market. These companies are majorly focusing on the strategies such as agreements, collaborations, partnerships, and service launches in order to remain competitive and further increase their share in the population health management market.
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