The global population health management market is expected to reach USD 91.43 billion by 2026, growing at a CAGR of 19.9% during the forecast period. The North America market generated a revenue of USD 13.84 billion in 2018 and is expected to grow rapidly over the forecast period owing to advanced healthcare infrastructure and increased adoption of health informatics. The presence of major market players and their products in the region will drive growth in North America. Growing awareness of the patient population in population health management and home care will drive growth in North America.
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Population Health Management Market Growth Factors:
Rising government spending on digitization of healthcare infrastructure is expected to act as the major catalyst for the growth of the global population health management market. For example, under the Digital India program, the Indian government plans to digitize health data as one of its twenty-four mission mode projects. This will result in effective management of financial and human resources. It will also provide robust back-end support to healthcare organizations and institutions. The rapid adoption of population health management solutions will strengthen the global population health management market.
In addition to digitization, population health management tools will enrich health systems by providing real-time patient health information and helping to better utilize people and equipment. “Among segmentation, advanced population analytics in the application segment is expected to register a comparatively higher CAGR,” a senior analyst at Fortune Business Insights points out. “This is mainly due to the growing demand for acquiring real-time information to plan and formulate strategies to deal with upcoming health problems,” she adds.
Global Population Health Management Market Highlights:
The population health management market size is expected to grow at the highest growth rate and will reach remarkable market value during the forecast period 2020 to 2026. The health management market is expected to witness huge growth opportunities as governments and hospitals seek to improve patient care.
Population health management technologies are expensive and complex. This means that they will only be accessible to a few. Governments will also have to invest huge sums of money to install these solutions. They will also need to invest in capacity building exercises to maintain the hardware that will accompany the software. Therefore, developing and underdeveloped countries may not be able to employ these technologies on a large scale. Even if the benefits outweigh the costs, poor countries will remain largely indifferent to the adoption of modern health management systems. Lack of financial and infrastructural means is likely to inhibit the free growth of the global population health management market.
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Geographically, the global market is segmented into North America, Asia-Pacific, Latin America, Middle East and Africa.
The growing attention on the Affordable Care Act is expected to make North America the dominant region in the global population health management market over the forecast period. This will be supplemented by the multiplication of collaborations between IT services companies and healthcare establishments.
Additionally, fear of disease outbreaks such as Ebola and swine flu is driving healthcare facilities across North America to implement more effective health management systems. Asia-Pacific is the other region that will further expand the global population health management market due to its rapidly growing population and steady rate of technology integration in healthcare to make the sector smarter.
LIST OF PROFILE KEY COMPANIES:
- Cerner Company
- Allscripts Healthcare, LLC
- Deloitte Touche Tohmatsu Limited
- GE Healthcare (General Electric Company)
- International Business Machines Corporation (IBM)
- Koninklijke Philips NV
- McKesson Corporation
- UnitedHealth Group
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