The paced advancements in IT technologies are impacting various industries. The healthcare industry participants are actively collaborating with IT industry players to adopt cutting-edge healthcare solutions such as population health management (PHM). It optimises the health outcomes for a specific population and enables the management of these outcomes within the said group. This effectively bridges the gap between technology and clinical practice and ensures a structured delivery of medical services. The adoption of advanced PHM solutions has improved patient satisfaction and decreased medical costs. Many healthcare organisations and government bodies in developed and developing economies are funding the large-scale adoption of PHM. These developments are boding well for the global population health management market growth.
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Growing Demand for Cloud-based PHM Solutions to Open New Avenues of Growth in Population Health Management Market
The robust advancement in digital and networking technologies has paved the way for cutting-edge PHM solutions. Among these, the paced demand for cloud-based solutions is expected to grow by leaps and bounds. These cloud solutions offer a reduced risk of data loss, improved data management, and easier regulatory compliance. Moreover, these systems enable users to leverage advanced cloud safety and security solutions. Cloud deployment is also faster, more scalable, and offers 24x7 customer support and assistance. Many organisations are actively adopting cloud-based PHM models to maintain a competitive edge. These developments are leading the global population health management market to fruition.
Alarming Rise in Chronic Illnesses to Steepen Growth Curve of Population Health Management Market
The ever-growing challenge of chronic illnesses has coerced many healthcare bodies to improve their care delivery models. As hospitals need to treat patients for a recurring and long period, they are deploying advanced population health management solutions to provide care in a structured manner. As the efficiency of the overall healthcare system continues to improve, healthcare professionals are expected to reap better economic benefits. Moreover, chronic illnesses are a major contributor to annual fatality metrics. Enhanced disease and patient management at scale are boosting the demand for PHM solutions. The global population health management market is expected to thrive in such a business environment.
North America to Lead Population Health Management Market Owing to Paced IT and Healthcare Investments
Several factors are cementing North America’s dominance in the population health management market. These include macro factors such as the presence of a sound IT and healthcare industry, the growing occurrence of several chronic illnesses, and relatively high healthcare awareness in the general population. Favourable policymaking in key regional economies such as the USA and Canada is supporting the integration of advanced IT technologies in the healthcare sector. Moreover, many industry participants are actively developing state-of-art PHM solutions to gain a competitive edge and improve care delivery.
Major Market Entities
Some of the key stakeholders in the global population health management market include IBM Corporation (US), Epic Systems Corporation (US), Cerner Corporation (US), i2i Population Health (US), Koninklijke Philips (Netherlands), Optum (US), Health Catalyst (US), Enli Health Intelligence (US), eClinicalWorks (US), Orion Health (New Zealand), Allscripts Healthcare Solutions (US), Medecision (US), HealthEC LLC (US), Arcadia (US), Conifer Health Solutions (US), Athenahealth (US), Cotiviti (US), Lightbeam Health Solutions (US), NextGen Healthcare, Inc. (the US), Citra Health Solutions (US), SPH Analytics (US), Lumeris (US), Innovaccer (US), Evolent Health, Inc. (US), and Forward Health Group (US).
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