The health outcome of a group of individuals and its distribution is better known as population health. This group could be as large as the population of a nation or as small as the group of employees, city dwellers or such other significant individuals. Keeping track and managing such vast amount of details is not possible without data and proper solutions to manage the same. Increasing adoption and technological revolution are expected to drive the global population health management market. The industry and its components are aiming at healthy growth during next few years, especially with the rising awareness and demand from different parts of the world.
Analysis of Population Health Management Industry
The global market is segmented on the basis of the types of the components (services & software), delivery modes (cloud-based, web-based and on-premise), end-users (payers, providers, government bodies and employer groups) and geographic regions (Europe, North America, Asia and RoW). Analysis of all these components provides details about the growth factors, competition, drivers, opportunities and challenges for the industry. Launch of various government plans across the world is considered to be a vital driver for the population health management market. PHM solutions are considered as the stepping stones for the beginning of the quality care and proper diagnostic solutions to the population.
Rising focus on health and wellbeing, growing government funding and technological advancements are expected to create strong business opportunities in the PHM market. Asia Pacific is considered to be a rapidly developing segment for this industry. Both Europe and Asia Pacific are demanding affordable and quality solutions for PHM, which is contributing to the growth of the industry. Amongst all the geographic segments, North America is the strongest growing region, thanks to the demand for quality care, rising healthcare costs, governmental and legislative reforms, etc. All these factors are expected to help the American industry to maintain its dominance.
According to the market research reports, the global population health management market is expected to grow at a CAGR of over 26% from 2013 to reach past $40.6 billion by the end of the year 2018. During the forecasting frame, from year 2013 to 2018, the industry segments like providers and employers groups. Both these segments are set to witness high growth in terms of market share and compound annual growth rate, respectively. The basic hindrances for the global market include, lack of skilled analysis, high costs, and fragmentation of end-user markets. It is vital for the industry players to come up with innovative solutions for these problems in order to attain long term success.