ALBANY, New York, March 22, 2018 /PRNewswire/ --
Transparency Market Research (TMR) has published a new report titled,"Population Health Management Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017-2025". According to the report, the global population health management market was valued at US$ 118,500.0 Mn
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Rise in demand for adoption of PHM tools to fuel global market
Benefits of PHM tools such as data integration, data analysis, care coordination, and reduction of health care cost have led to increase in adoption of PHM tools. Chronic diseases such as diabetes and cardiovascular diseases require identification of high risk patients and implementation of disease management. This is made possible by PHM tools. This is one of the factors projected to drive the global population health management market during the forecast period. Developed health care IT infrastructure and increase in health care IT spending are the other factors anticipated to propel the global market during the forecast period. Lack of awareness about PHM tools and application software is expected to restrain the global market from 2017 to 2025.
Services and web-based segments expected to dominate the global market
The report offers detailed segmentation of the global population health management market based on component, mode of operation, and end-user. In terms of component, the services segment is poised to account for the leading share of the global market during the forecast period from 2017 to 2025. Factors attributed to the higher share of the segment include services offered by PHM vendors such as data analysis guidance, end-user training, post-sale services, and maintenance of software. The segment is anticipated to hold about 40% share of the global market in terms of revenue in 2016. Based on mode of operation, the global market has been categorized into web-based, cloud-based, and on-premise. The web-based segment dominated the global market in 2016, accounting for over 40% share. The cloud-base segment is expected to grow at a rapid pace during the forecast period due to increase in adoption of cloud-based computing.
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Health care providers segment dominated the market
In terms of end-user, the global population health management market has been classified into health care providers, insurance providers, pharmaceutical companies, and others. The health care providers segment is expected to account for the largest share of the global market due to increase in use of PHM tools because of added advantages. The segment held approximately 40% share of the global market in 2016. The insurance providers segment held the second largest share of the market in 2016, attributed to advantages of PHM tools such as identification of high risk patients and hospitalized patients.
Significant incremental opportunity in Asia Pacific
In terms of region, the global population health management has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held the largest share of the global market in 2016. The region is projected to dominate the global population health management market during the forecast period from 2017 to 2025. The market in North America is anticipated to expand at a CAGR of 15% to 16% from 2017 to 2025. Well-established health care infrastructure and strong support from public and private sectors in terms of reimbursement are attributed to the largest market share of North America. Rise in awareness about population health and government initiatives such as the Affordable Care Act are anticipated to drive the market during the forecast period. Europe is likely to hold the second largest share of the global population health management market. The market in the region is estimated to expand at a CAGR of 15% from 2017 to 2025. Increase in geriatric population, adoption of health care IT platforms, rise in chronic diseases, and surge in government initiatives to adopt health care IT propels the market in the region.
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The population health management market in Asia Pacific is expected to witness exponential growth during the forecast period. Rise in disposable income, increase in geriatric population, high prevalence of chronic diseases, and initiatives by governments fuel the growth of the market in the region. Japan and Australia are the developed countries in the region, with high adoption of PHM platforms. The market in Latin America and Middle East & Africa is in a nascent stage. The market in these regions is likely to experience significant growth during the forecast period.
Major companies in the global population health management market include Koninklijke Philips N.V., Lumeris, Health Catalyst, McKesson Corporation, Cerner Corporation, ZeOmega, Healthagen LLC, UnitedHealth Group, International Business Machines Corporation, and Persivia.
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