Population Health Management (PHM) Market is Poised to Grow at 19.6% Till 2024
According to Data Bridge Market Research new Market report “Global Population Health Management (PHM) Market, By Solution (Software, Services (Consulting, Implementation, Training, Post Sales Maintenance), By Deployment (Web-based, Cloud-based, On Premise), By End-User (Healthcare Providers, Healthcare Payers, Private Employers, Government Organizations), By Geography (North America, Europe, Asia-Pacific, South America, Rest of the World) – Trends and Forecast to 2024”, is projected to reach USD 60.59 billion in 2024, from USD 14.47 billion in 2016, growing at a CAGR of 19.6% in the forecast period 2016 to 2024. The new market report contains data for historic years 2014 & 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
Population health management market solutions help providers to share population health information, gain perspective, insights and act proactively to solve it. PHM solutions are used track the cost of healthcare in a year, in a particular organization. This is not a new idea but use of analytics in healthcare cost estimation is used since a long time. Though the usage of a PHM solution is today’s world can be attributed to few drivers such as access, cost, quality, lifestyle management, demand management, disease management and, care condition among others. PHM is must technology in the threatening economy, as process needs to change from providing healthcare to preventive healthcare. Estimating the major users of healthcare, chronic disease prevalence and identifying trends and proactively preventing healthcare threats will be the new goal of healthcare organization.
According to the KLAS categorization the PHM can be separated into 4 zones of workflow, such as data collection, risk stratification, care coordination and patient outreach. The emerging technological solutions such as big data are implemented significantly in healthcare solutions. With the increasing amount of datasets, owing to the booming market HCIT products and development of the regulatory body’s acceptance of PHM will definitely increase. With rising number of vendors in this market the integration of PHM and EHR is looking rather obvious.
Market Segmentation: Population Health Management (PHM) Market
- Based on solution types the global population health management (PHM) market is segmented into software and services. The PHM software market is expected to dominate the market and is also expected to grow at the highest CAGR 33.7% in the forecast period.
- On the basis of deployment the PHM market is segmented into Web-based, Cloud-based, On Premise.
- Based on end users the population health management (PHM) market is segmented into healthcare providers, payers, private employers and government organizations.
Geographical Segmentation: Population Health Management (PHM) Market
Based on geography the market is segmented into 5 geographical regions, North America, Europe, Asia-Pacific, South America and rest of the world. The geographical regions are further segmented into 24 major countries such as U.S. Canada, Mexico, Germany, France, U.K., Belgium, Switzerland, Belgium, Turkey, Japan, China, Singapore, Brazil, India, Russia, South Africa and many others. U.S. is expected to dominate the market due to rising prevalence of chronic diseases, large healthcare expenditure, and paradigm shift towards value based reimbursements.
Company Landscape: Population Health Management (PHM) Market
The major companies in the PHM market include McKesson Corporation, ZeOmega Inc., Verisk Health Inc., Forward Health Group, Health Catalyst LLC, Athenahealth, Inc., Cerner Corporation, Medecision, Xerox Corporation, Allscripts, Inc., Fonemed Haiti SA, WellCentive, Inc., i2i Population Health, Conifer Health Solutions, LLC, GE Healthcare, Health Business Intelligence Corp, IBM Corporation, QSI Management, LLC, i2i Systems, Inc., OptumHealth, Inc., and Healthagen, LLC among others.