Population Health Management Market is Powered by the Rising Elderly Population

Posted by Aryan on December 18th, 2023

The population health management market will touch USD 101.89 billion by 2030, powering at a rate of 14.9% by the end of this decade. This has a lot to do with the fast transformation in the medical industry from a paper-based structure to the digital structure, thus increasing the requirement for healthcare IT services.

The software category had a larger share in the recent past. This is because of the increasing acceptance of software solutions by payers and providers for decreasing readmissions, improvement in operational competence, and cost-effectiveness.

Furthermore, more than a few benefits provided by this software, for example augmentation of patient engagement and support in data integration and analysis, are mushrooming the growth of the industry.

The on-premise category had the largest share, in 2021. This is because of the numerous advantages related to it such as reducing the risk of data breaching, the medical solution customization, and the capability to reuse present storage servers and hardware.

Furthermore, the higher security accredited to the on-premise mode of delivery will augment the growth of the industry in the years to come.

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Though, the cloud-based category will grow the fastest in the population health management market, in the years to come. Cloud-based wellness management programs are obtainable through the internet and do not need vigorous participation from organizations.

This allows efficient health supervision access across various institutions and specialties. Consequently, the proven efficiency of the cloud-based delivery mode in home healthcare, together with seamless data access across numerous platforms, is the key reason for its ascendency in the industry.

Healthcare providers dominated the industry with a share of over 45%. This is because of the enactment of the Hospital Readmissions Reduction Program and Affordable Care Act in the U.S., for lowering the medical costs with the use of new software in hospitals.

This is increasing the acceptance of PHM solutions amongst healthcare providers. Also, regulatory norms, increasing emphasis on decreasing hospital readmission rates, and high pressure of medical bills are leading to substantial acceptance of these solutions by the providers.

However, the APAC will have the fastest growth of around 15%, in the years to come. This can be driven by the growing medical tourism.

In the region, China, Japan, and India hold the major share of the industry, driven by the high acceptance of new ICT guidelines in Japan, the increasing investments to transform China’s medical infra, and the rapid growth in medical sector of India.

It is because of the growing elderly population of the world, the demand for population health management solution will continue to grow in the years to come.