Global Population Health Management Market Opportunities, CAGR Status, and Business Growth
Global Population Health Management Market – Overview
Population health management is the aggregation and analysis of patient data across multiple health domains and data resources, so as to improve both clinical and financial outcomes. The explosive growth of healthcare data availability which includes clinical data, market data etc. is creating a new set of opportunities and challenges for healthcare industry.
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The global population health management market is growing with the rapid pace; mainly due to the technological innovation. According to a recent study report published by the Market Research Future, the global population health management is booming and expected to gain prominence over the forecast period growing rapidly. The market is forecasted to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2023).
Notably, extreme need to fill in the gap between expenditure and outcomes is the key factor driving the population health management market. It is observed that in the year 2012 digital healthcare data was estimated to be around 500 petabytes and is expected to reach 25,000 petabytes by 2020. On the other hand there has been deterioration in clinical outcomes in spite of huge expenditure on healthcare. The U.S. alone spend a whopping 16% of its GDP on healthcare in 2015. Despite this huge GDP expenditure the United States doesn’t even rank in the top 10 best public health care systems with countries such as Denmark ranking higher than it.
Other factors such as digitization and computerization of data coupled with the growing processing power and inter-connectivity of systems, and demand for value-based care delivery are also fuelling the growth of the market.
Despite these significant driving factors, technical errors such as differential file formats, differential data sources, and security concerns such as legal restrictions, data security and privacy concerns are expected to impede the market growth.
On considering the recent trends, it is observed that with the rise in development of healthcare sector, adoption of the advanced technology, and IT services have also been escalating.
Global Population Health Management Market – Competitive Analysis
The global population health management market is currently dominated by few players. IBM is one of them by holding a strong share in the market. IBM is a U.S. based company that manufactures and markets computer hardware and software and offers hosting and consulting services in areas ranging from mainframe computers to nanotechnology. The prime emphasis of the company is on digital revolution by improving data, cloud, and mobile and social security. The company has entered various collaboration to expand their product portfolio and market share. For instance, on 11 Oct 2016, IBM entered a global strategic alliance with Siemens Healthineers in Population Health Management (PHM). The main aim of this alliance is to help health systems to deliver value-based care to patients. IBM is also driven by its innovative product, and services. On February 21, 2017, IBM Watson launched new machine learning and artificial intelligence (AI) initiatives with special focus on population health management, advanced imaging analytics, and care coordination.
Cerner Corporation is also one of the leading player in population health management market. On April 13, 2015, Cerner Corporation and Qualcomm Life, Inc. teamed up to extend Cerner’s medical device connectivity capabilities beyond the hospital to the home.
Global Population Health Management Market – Regional Analysis
Most of the existing market players are concentrated in the Americas owing to well-established market and high healthcare expenditures. According to the Centers for Medicare & Medicaid Services, in 2015, U.S. healthcare spending increased 5.8% reaching USD 3.2 trillion Canadian healthcare specifically was stressed by an advancing demographic move. The increase of insurance coverage because of health care reform (Affordable Care Act, 2010) in the U. S. additionally prompted an expansion in health care spending.
The regulatory changes in the U.S. such as implementation of Affordable Care Act and Hospital Readmissions Reduction Program coupled with Medicare initiative to penalize unnecessary patient readmissions will strengthen the position of the U.S.
Some of the key players in the population health management market are Allscripts Healthcare Solutions Inc., Cerner Corporation, McKesson Corporation., International Business Machines Corporation (IBM), Epic Systems Corporation, Health Catalyst. , Optum, Inc., Conifer Health Solutions, LLC., Koninklijke Philips N.V., Lumeris, ZeOmega, Healthagen LLC, UnitedHealth Group, and Persivia.
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