NEW YORK, Jan. 26, 2017 /PRNewswire/ -- The Population Health Management (PHM) market was valued at USD 20.7 billion in 2015 and is anticipated to reach a value of USD 89.5 billion by 2025, according to a new report by Grand View Research, Inc. Global healthcare costs are rising constantly, which is inevitable with the increase in chronic diseases and geriatric population. It is a major concern and the best option available to reduce expenses and contain high-cost medical care. To achieve this, providers need patient-centric data in order to trace patients who are at risk of poor health outcomes. In technical terms, this is known as a change from fee-for-service (FFS) to a value-based payment (VBP) model, which is expected to be the leading market driver for population health management. Major market drivers are increasing efforts to contain rising healthcare costs, rising demand for solutions supporting value-based care delivery, and increasing demand for effective disease management.
Providers accounted for the maximum share in the year 2015. Factors contributing to the growth of medical provider segment are population health management enabling better disease management, reduced inpatient stays, and decrease in overall observation hours, which enable providers to implement best possible care, although employer groups segment is expected to be the fastest growing segment from 2016 to 2025.
North America accounted for the largest share in 2015. The region has a very advanced technological landscape and the largest healthcare system all over the world. The demand for PHM is high in the region due to the fact that major population health management software and service providers are U.S. based. In addition, the U.S. healthcare spending is the largest in the world, which is an increasing concern. Measuring population health outcomes is expected to enable them implement best practices as well as contain costs.
Further Key Findings from the Study Suggest:
North America reported highest revenue growth in the PHM market. The increasing pressure by the government on healthcare providers since implementation of Obamacare in 2010, to contain high healthcare costs, is one of the leading factors propelling the demand and requirement for population health management practice.
The software market is expected to account for the largest market share in the year 2015. The growth of the software segment can be owed to the fact that it enables the establishment of a more customized system that can be tailor made to fit individual business requirements.
Healthcare providers accounted for the largest market share in 2015, although the employer groups are expected to experience fastest growth in the forecast period. Employers are focusing toward conservative utilization of resources to lower costs as well as ensuring that employees maintain good health.
Some of the key players in this industry Allscripts, Inc.; Cerner Corporation; Conifer Health Solutions, LLC; eClinicalWorks; Enli Health Intelligence; McKesson; Medecision; Optum; and WellCentive, Inc.
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