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global Population Health Management (PHM) market size was USD 29.47 billion in 2022 and is expected to reach USD 160.23 billion in 2032, and CAGR of 20.7%

NEW YORK, NY, UNITED STATES, May 5, 2023 /EINPresswire.com/ -- The Population Health Management (PHM) market is expected to experience significant growth over the next decade, with a projected revenue CAGR of 20.7% from 2022 to 2032. This growth is being driven by various factors, including the increasing prevalence of chronic diseases, rising healthcare costs, and the shift towards value-based healthcare. PHM involves the collection and analysis of patient data, followed by the implementation of targeted interventions to improve the overall health outcomes of a particular population.

One of the major factors driving revenue growth in the PHM market is the rising prevalence of chronic diseases such as diabetes, cardiovascular diseases, and cancer. Chronic diseases are the leading cause of death worldwide, and their burden is expected to increase further in the coming years due to factors such as aging population, unhealthy lifestyles, and environmental factors. PHM can help to address this issue by improving the overall health outcomes of a population, thereby reducing the need for expensive medical interventions.

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 Some of the major companies in the global Population Health Management (PHM) market are:

• Allscripts Healthcare Solutions, Inc.
• Cerner Corporation
• Conifer Health Solutions, LLC
• Deloitte Touche Tohmatsu Limited
• Epic Systems Corporation
• Health Catalyst
• IBM Corporation
• Koninklijke Philips N.V.
• McKesson Corporation
• Optum, Inc. (a part of UnitedHealth Group)
• Oracle Corporation
• Siemens Healthineers AG
• ZeOmega Inc.

Another factor driving revenue growth in the PHM market is the increasing healthcare costs. Healthcare costs have been rising steadily in recent years, and PHM can help to reduce these costs by improving the overall health outcomes of a population.

The shift towards value-based healthcare is also driving revenue growth in the PHM market. Value-based healthcare is a model that emphasizes the quality of healthcare outcomes rather than the number of healthcare services provided. PHM is a key component of value-based healthcare, as it helps to improve the overall health outcomes of a population.

However, there are several factors that are restraining market revenue growth. One of the major factors is the absence of consistent data in healthcare systems. Effective population health management depends on the gathering and sharing of patient data, but because different systems employ different Electronic Health Records (EHRs) and data formats, it is challenging to communicate information efficiently.

The lack of qualified healthcare workers who can successfully adopt and use PHM technology is another factor hampering market revenue growth. PHM requires a variety of abilities, including clinical knowledge, data analysis skills, and healthcare technology knowledge, which can be difficult to find in a single individual.

In addition to these difficulties, PHM regulatory regimes are not uniform, and the associated costs of installing and managing PHM technology can be high. Despite these challenges, the potential benefits of PHM are significant, and the market is expected to continue to grow in the coming years.

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Segments Covered in the Report

The Population Health Management (PHM) market can be divided into various components, including software and services. According to revenue projections, the software component is expected to experience significant growth, reaching USD 102.68 billion by 2032. This growth can be attributed to the increasing adoption of PHM software solutions by healthcare organizations to manage and analyze patient data, implement targeted interventions, and improve overall health outcomes. On the other hand, the services component is also expected to grow, reaching USD 57.54 billion by 2032, driven by the increasing demand for consulting, implementation, and training services related to PHM solutions.

Another factor to consider in the PHM market is the mode of delivery of PHM solutions, which can be web-based, cloud-based, or on-premise. According to revenue projections, the cloud-based mode of delivery is expected to experience the highest growth, reaching USD 86.07 billion by 2032. This growth can be attributed to the increasing adoption of cloud-based PHM solutions, which offer scalability, cost-effectiveness, and easy access to patient data from anywhere. The web-based mode of delivery is also expected to grow, reaching USD 58.03 billion by 2032, driven by the increasing demand for web-based PHM solutions that can be accessed through a browser. Finally, the on-premise mode of delivery is expected to grow more slowly, reaching USD 16.12 billion by 2032, due to the higher costs and maintenance requirements associated with on-premise solutions.

In conclusion, the PHM market is expected to experience significant growth in the coming years, driven by the increasing prevalence of chronic diseases, rising healthcare costs, and the shift towards value-based healthcare. The software and services components, as well as the cloud-based and web-based modes of delivery, are expected to be the major growth drivers in the PHM market. However, challenges such as the absence of consistent data in healthcare systems, the lack of qualified healthcare workers, and the associated costs of installing and managing PHM technology will need to be addressed to fully realize the potential benefits of PHM.

Strategic development:

• Several companies have made significant advancements in the population health management (PHM) market through strategic acquisitions and new product launches. In 2021, Cerner Corporation acquired Kantar Health, a leading provider of data and analytics for the life sciences industry. This acquisition will allow Cerner to offer more data-driven insights for health systems and life sciences companies, expanding its PHM offerings.
• In the same year, Cerner Corporation also launched HealtheIntent, a cloud-based PHM platform that enables health systems to analyze patient data across multiple sources and identify at-risk populations, thereby improving patient outcomes.
• Optum, Inc. announced its acquisition of naviHealth, a provider of post-acute care management services, in 2020. This acquisition allowed Optum to expand its PHM offerings by providing more comprehensive care coordination services for patients transitioning from hospital to home.
• Allscripts Healthcare Solutions, Inc. also expanded its PHM offerings in 2020 through the acquisition of CarePort Health, a provider of care coordination and post-acute outcomes management services. The acquisition allowed Allscripts to offer more comprehensive care coordination services for patients across the care continuum.
• Epic Systems Corporation launched Healthy Planet 5.0, a PHM platform that helps health systems to identify at-risk populations, monitor chronic conditions, and improve patient outcomes through care coordination and data-driven insights. Health Catalyst launched the Population Health Foundations solution, a comprehensive suite of PHM tools that helps health systems to analyze patient data, identify at-risk populations, and improve patient outcomes through care coordination and data-driven insights.
• Finally, IBM Corporation launched the Watson Health Insights for Benefits solution in 2020. This PHM platform enables health plans and employers to analyze claims data, identify at-risk populations, and improve employee health outcomes through targeted interventions and care coordination. All of these initiatives represent significant progress in the PHM market, as companies continue to expand their offerings and leverage data-driven insights to improve patient outcomes.

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Competitive Landscape:

The global population health management market is highly competitive, with numerous key players operating in the industry. Some of the prominent players in the market include Allscripts Healthcare Solutions, Cerner Corporation, Conifer Health Solutions, Deloitte Touche Tohmatsu Limited, Epic Systems Corporation, Health Catalyst, IBM Corporation, Koninklijke Philips N.V., McKesson Corporation, Optum, Inc., Oracle Corporation, Siemens Healthineers AG, and ZeOmega Inc.

These companies offer a variety of population health management solutions, including software, services, and mode of delivery options. They compete based on factors such as product features, pricing, customer support, and brand reputation. Many of these companies have also expanded their offerings through acquisitions and partnerships to better serve the growing demand for population health management solutions.

As the market continues to grow, these key players are expected to invest heavily in research and development to improve their existing offerings and develop new products that can meet the evolving needs of healthcare organizations. In addition, they are likely to focus on expanding their geographic presence to tap into new markets and increase their customer base.

Overall, the population health management market is expected to remain highly competitive, with continued innovation and strategic partnerships being key drivers of growth for the industry.

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