The global population health management market is set to experience tremendous growth opportunities as governments and hospitals seek to improve patient care. This information has been carefully articulated by Fortune Business Insights in its report, titled “Population Health Management Market Size, Share and Global Trend By Platform (Cloud-based, Web-based, On-premises), By Application (Electronic Health Records, Patient Registries, Patient Portals, Remote Patient Monitoring, Advanced Population Analytics, Others), By End User (Hospitals & Clinics, Pharmaceutical Companies, Others), and Geography Forecast till 2026”.
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The report brings out various aspects and factors that are and will cause the global population health management market to grow and prosper. Population health management system denotes intelligent solutions to efficiently collect vast amounts of patient data from multiple sources and consolidate it into an organized format. Such systems utilize business intelligence tools to analyse patient data and paint a comprehensive picture of each patient. According to the report, a population health management system can prove highly useful in charting out a prognosis for a patient. At the micro level, individual doctors can make us of such systems to make treatments more accurate; at the macro level, governments can take appropriate policy actions to either prevent or cure diseases.
Top Leaders Profile:
- Change Healthcare
- Dimensional Insight Netherlands
- Health Catalyst
- Allscripts Healthcare Solutions, Inc.
- Philips Wellcentive
- McKesson Corporation
- i2i Population Health
- UnitedHealth Group
- Healthagen, part of the CVS Health family of companies
Digitization of Healthcare Infrastructure to Drive the Market
Increased government spending on digitizing healthcare infrastructure is anticipated to act as the key catalyst for the growth of the global population health management market. For example, under the Digital India Program, the Indian Government plans to digitize healthcare data as one of its twenty-four Mission Mode Projects. This will result in efficient management of financial and human resources. It will also provide a robust back-end support to healthcare organizations and institutions. Rapid adoption of population health management solutions will strengthen the global population health management market.
Besides digitization, population health management tools will enrich healthcare systems by providing real-time insights into patients’ health and help better utilize men and material. “Among the segmentation, advanced population analytics in the application segment is expected to register comparatively higher CAGR,” a lead analyst at Fortune Business Insights points out. “This is mainly owing to the growing demand for the acquisition of real-time insights to plan and formulate strategies to deal with forthcoming healthcare conditions,” she further adds.
The Market Has to Overcome Some Daunting Challenges
Population health management technologies are expensive and complex. This means that they will be accessible only to a few. Governments too will need to put in huge sums of money to install these solutions. They will also have to invest in capacity-building exercises to maintain the hardware that will come with the software. Developing and underdeveloped countries, as a result, may not be able to employ such technologies on a large scale. Even if the advantages outweigh the costs, poor countries will largely remain indifferent towards adopting modern health management systems. Lack of financial and infrastructural wherewithal is likely to inhibit the free growth of the global population health management market.
Major Players are Sprucing Up the Market
The global population health management market is experiencing dynamic competition among major player, all of whom are fighting to grab a share of this fast growing market. This competition is mainly seen in the form of innovations, diverse product portfolios, and collaborations. For example, Meditech, a major player in the Electronic Health Record market, collaborated with Acardia in early 2019 to introduce population health solutions tools in a bid to diversify their product portfolio. A couple of years earlier, the US-based Westchester Medical Centre came out with a predictive model for patients using data analytics tools. The frequency of such events is testament to the potential held by the global population health management market.
Fortune Business Insights identifies the following as the major players in the global population health management: Health Catalyst, Healthagen LLC, eClinicalWorks, 3M, Caradigm, to name a few.
North America to Dominate the Market as Focus on the Affordable Care Act Sharpens
Increasing focus on the Affordable Care Act is expected to make North America the dominant region in the global population health management market in the forecast period. This is will be supplemented by the growing number of collaborations between information systems companies and healthcare institutions. Additionally, fear of epidemic outbreaks of diseases such as ebola and swine flu is pushing healthcare institutions in North America to build more efficient health management systems. Asia-Pacific is the other region which will further expand the global population health management market owing to its rapidly rising population and a steady rate of integration of technology in healthcare to make the sector more intelligent.
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