As stated by a report by P&S Intelligence, total revenue generated by the population health management market will reach USD 101.89 billion by 2030, powering at a rate of 14.9% by the end of this decade.
This is mainly credited to the swift transformation in the medical sector from a paper-based structure to the digital one, thus mushrooming the requirement for healthcare IT services.
Software dominated the industry. This is because of the increasing acceptance of software solutions by providers and stalwarts for the decrease of readmissions, development in operative efficiency, and cost-effectiveness.
Furthermore, more than a few benefits delivered by this software, for example improvement of patient engagement and aid in data incorporation and analysis, are escalating the growth of the industry.
The on-premise dominated the industry. This is because of the numerous advantages related to it like reducing the risk of data breaching, the customization of medical solutions, and the aptitude to reuse current storage hardware and servers.
Furthermore, the higher security accredited to the on-premise mode of delivery will augment the growth of the market in the years to come.
Though, the cloud-based category will register the fastest growth in the future. Cloud-based wellness management programs are obtainable through the internet and do not necessitate active contribution from institutions.
This allows effective health supervision access across various specialties and organizations. Consequently, the 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.
Healthcare providers had the largest share of over 45% in the population health management market. This is because of the enactment of the HRRP and ACA in the U.S., aiming to lower medical costs with the usage of new software in hospitals.
This is growing the acceptance of PHM solutions amongst healthcare providers. Likewise, governing norms, increasing emphasis on decreasing the rates of hospital readmission, and high pressure of medical bills are bringing about substantial acceptance of these solutions by the providers.
North America dominated the industry with above 45% share, because of the increasing federal mandate for the reduction of the increasing medical costs and high application of EHRs and EMRs.
Furthermore, promulgating initiatives taken by government governments to lay emphasis on personalized medicines and their value-based reimbursements are further factors driving the growth of the industry.
Also, the increasing utilization of cloud computing and IT in the hospitals, and the increasing prevalence of chronic diseases will drive the industry of the continent.
It is because of the increasing elderly population across the globe, the demand for population healthcare management solutions, will continue to grow in the years to come.
