Population Health Management Market Insight
Market Research Future (MRFR) confirms that the population health management market 2020 can advance at an impressive rate of 22.4% between 2018 and 2023 (evaluation period0. We will provide COVID-19 impact analysis with the report, along with an in-depth review post the coronavirus disease outbreak.
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Key Boosters and Deterrents
The COVID-19 outbreak has fast become a full-fledged pandemic, with population health management emerging as a crucial defense in the battle against the SARS-CoV-2 infection. In the healthcare sector, organizations are increasingly deploying big data and analytics resources to track the pandemic, monitor resource usage, and identify people that can be vulnerable to the novel coronavirus. In a bid to effectively monitor patient population, organizations are trying to strengthen their grip on data, which is present in multitudes across the healthcare industry. Connecting the population’s health determinants with the clinical information could be favorable for proactive care, especially in the context of the novel coronavirus, thereby boosting the demand for population health management.
Predictive analytics, AI and machine learning have been gaining major foothold following the global lockdown post pandemic, since these technologies are being increasingly used by vendors to connect to the population. Health management as a whole is witnessing a surge because of the rising emphasis on Accountable Care Organizations (ACOs) and value-based payment (VBP). Besides, public and private insurance vendors have been introducing several disease management programs to facilitate the treatment of chronic disorders and illnesses worldwide. Surge in healthcare spending and the growing need for advanced value-based healthcare across diverse care settings could ensure continued expansion of the population health management market.
With the aim to boost product portfolio and extend global presence, various manufacturers adopt strategies such as mergers, acquisitions and new product launches. Most of the market firms that supply PHM services are striving to interact more with healthcare systems as well as organizations, which has led to growth in high level networking across the healthcare sector. For instance, in September 2020, Cerner, a leading population health management vendor partnered with Isle of Wight and Hampshire integrated healthcare system to supply its population health management software that facilitates data aggregation from several healthcare providers in the area. The platform will enable various clinicians and healthcare workers to deal with at-risk populations; in addition to identifying the gaps in healthcare and analyzing the investments to spend effectively on the population’s outcomes.
Population Health Management Market Segmental Insight
The population health management industry can be dissected based on component, solution, delivery mode and end-user.
The component section comprises hardware, services and software.
The solutions covered in the market study are analytics, data integration and management, care coordination and patient engagement.
The delivery mode-based key segments are web-based, on-premise, app-based and cloud-based.
Government organizations, healthcare payers, healthcare providers, and more are some of the top market end-users considered in the MRFR report.
Population Health Management Market Regional Study
The regional study of the population health management market includes Europe, Asia Pacific/APAC, MEA/Middle East & Africa as well as the Americas.
There is a strong possibility that the American market can take the lead in the years ahead, given the rapid expansion of the geriatric population suffering from chronic illnesses and the strong presence of a thriving healthcare industry. Supportive government initiatives coupled favorable schemes and policies also induce significant market expansion in the region. A few additional factors that promote market growth in the Americas include the presence of federal mandates that work on bringing down the healthcare costs, surge in regulatory needs, sharp penetration of EHRs, and the escalating focus on value-based reimbursements as well as personalized medicines.
The European market can expect to take the second lead during the review period, on account of the government support and huge funding for the healthcare sector and the surge in research and development activities in recent years. The notable growth of the healthcare industry owing to the rising spending on advanced technologies like big data analytics and AI also enhance the market size in the region.
With the potential to attain the fastest growth rate in the ensuing years, APAC has emerged as a promising market, thanks to the escalating cases of chronic diseases and the surge in investments in the healthcare system. Government initiatives promoting digitalization across the healthcare industry and the burgeoning population in China and India could offer numerous potential opportunities to the reputed players in the market.
Population Health Management Market – Leading Industry Competitors
The report profiles some of the leading industry competitors, namely ZeOmega, Health Catalyst, UnitedHealth Group, Optum, Inc., Koninklijke Philips N.V., International Business Machines Corporation (IBM), Healthagen LLC, Epic Systems Corporation, Persivia, Conifer Health Solutions LLC., McKesson Corporation., Lumeris, Allscripts Healthcare Solutions Inc., Cerner Corporation, and more.
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