Population Health Management Market Analysis
The global Population Health Management Market, valued at USD 71.83 billion in 2023, is projected to experience extraordinary growth over the next decade. According to industry forecasts, the market is expected to reach USD 352.55 billion by 2031, growing at a compound annual growth rate (CAGR) of 22.07% from 2024 to 2031.
Population Health Management (PHM) involves the aggregation and analysis of patient data across multiple health information technology resources. It aims to improve patient outcomes and reduce healthcare costs through the application of data-driven strategies. The rise in chronic diseases, the aging population, and the growing emphasis on value-based care are key factors propelling the demand for PHM solutions.
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KEY MARKET SEGMENTATION:
By Component Type
- Software
- Services
By Mode of Delivery Type
- On Premise Mode of Delivery
- Cloud -Based Mode of Delivery
By End Users
- Healthcare Providers
- Healthcare Payers
Key drivers of this market growth include:
- Rising Prevalence of Chronic Diseases: The increasing incidence of chronic diseases such as diabetes, cardiovascular diseases, and respiratory disorders is driving the need for effective population health management strategies.
- Shift Towards Value-Based Care: The transition from fee-for-service to value-based care models emphasizes improving health outcomes and reducing healthcare costs, boosting the adoption of PHM solutions.
- Advancements in Health IT and Data Analytics: Innovations in health information technology, including electronic health records (EHRs) and data analytics, are enabling more effective population health management.
- Growing Aging Population: An aging global population is leading to an increase in the prevalence of chronic conditions, necessitating comprehensive health management strategies.
- Supportive Government Initiatives and Policies: Government initiatives and policies aimed at improving public health and reducing healthcare costs are supporting the growth of the PHM market.
The population health management market’s rapid growth trajectory presents significant opportunities for stakeholders, including healthcare providers, payers, IT vendors, and policymakers, to innovate and expand within this dynamic sector.
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