Population health management Market growth
The global population health management market reached USD 21.3 billion in 2022 and is projected to grow significantly, reaching up to USD 54.3 billion by 2031. The market is expected to exhibit a compound annual growth rate (CAGR) of 12.8% during the forecast period from 2024 to 2031.
Population health management involves aggregating patient data across multiple health information technology resources, analyzing that data into a single actionable patient record, and implementing actions to improve clinical and financial outcomes. By concentrating on the health of populations rather than just individual patients, population health management aims to enhance health outcomes, improve healthcare quality, and reduce costs through more effective disease prevention and management.
Key factors driving the expansion of the population health management market include the focus on improving health outcomes, enhancing care coordination, reducing costs, and promoting health equity. The market is experiencing increased demand, particularly in North America, due to substantial healthcare expenditure in countries like the U.S. and Canada. Major companies such as Cerner Corporation, Epic Systems Corporation, and Conifer Health Solutions are actively operating in this market, contributing to its growth.
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Population health management market dynamics
The overall cost of healthcare delivery has grown significantly over the past few decades. Factors such as increasing health insurance premiums, the growing demand for quality healthcare services, the rising number of elderly people, and the growing incidence of chronic disorders drive the demand for healthcare services across the globe. The high expenditure on healthcare services is attributed to patient readmissions, medical errors, and administration costs.
According to the UN Population Division, the global aging population is expected to increase from 880 million in 2011 to 2 billion by 2050, representing 22% of the world’s population. If left unchecked, healthcare spending will increase by 25% by 2030, largely because of the aging population. These factors significantly impact population health management market dynamics, driving its growth as healthcare systems seek efficient solutions.
Rapid advancements in healthcare technology, such as electronic health records (EHRs), health information exchange (HIE), and data analytics, have made it easier to collect, analyze, and leverage health data for population health management. These technological innovations are critical to improving clinical and financial outcomes. Due to the increasing demand for population health management services, companies have begun investing heavily in these areas and developing strategic approaches to enhance their offerings. These developments play a crucial role in shaping population health management market dynamics, making the industry more responsive to current healthcare needs.
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Segmentations
By Component: Software and Services
By Mode of Delivery: Web-based, Cloud-based, and On-premise.
By End-User: Healthcare Providers, Healthcare Payers, Others
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Key players
All scripts Healthcare Solutions Inc., Cerner Corporation, Conifer Health Solutions, Epic Systems Corporation, International Business Machines Corporation (IBM), Health Catalyst, Koninklijke Philips NV, Mckesson Corporation, Optum Inc., Verisk Analytics, Inc and among others.
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