The population health management market is projected to reach USD 42.54 billion by 2021 from USD 13.85 billion in 2016, at a CAGR of 25.2% in the next five years (2016 to 2021).
Increasing focus on value-based medicine
Future healthcare trends are expected to be more quality-oriented as they will focus on the quality of services provided and on generating novel approaches to value-based medicine and care management. Gradually, most hospitals are recognizing that traditional approaches to patient care, quality assurance, and cost management are too inefficient to keep pace with the emerging challenges. Therefore, population health management programs and data analytics initiatives will be among the top investment priorities for hospitals in logistics management, health information exchange (HIE), and predictive analysis of diseases.
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Governments, health insurance companies, and healthcare providers are seeking new opportunities to reduce costs as the current healthcare model is unsustainable. Additionally, the growing volume and availability of healthcare data, coupled with the increasing need to deliver quality care to patients, will require healthcare organizations to increasingly rely on these new methodologies. This will also serve as a strategic initiative for healthcare organizations to differentiate themselves from their competitors and take advantage of the growth opportunities, which in turn will further boost the population health management market over the coming years.
Huge infrastructure investments required for robust population health management program
Population health management is a capital-intensive market. Presently, the majority of healthcare providers across the globe have inadequate infrastructure, which includes technology, staff, data, and other resources, to manage complex healthcare cases. In order to manage an entire population, providers need to heavily invest in the development of IT infrastructure, including expanding storage and processing capabilities; and developing web-based and mobile tools such as Android and iOS apps to ensure patient participation and health information exchange.
The investments required to develop such infrastructure poses a serious challenge for the already financially strained healthcare providers. Additional investments will also be required to maintain the infrastructure not only at the site of care, but also remotely, as healthcare services are expected to be delivered at the patients’ homes in order to increase efficiency and cut costs. Additionally, the financial benefits of population health management are not realized immediately, thus making stakeholders reluctant to make huge investments. This serves as a challenge for the population health management market.
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