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Market Overview:
Population health management solution helps healthcare providers improve clinical outcomes and lower healthcare costs by processing large data sets which includes medical records, claims, and social determinants to get insights about patient population. These solutions help identify gaps in care, stratify patient risk levels, coordinate care teams, and monitor clinical and financial outcomes. They assist providers in managing their patient population by monitoring their overall health and identifying gaps in care so that adequate preventive actions can be taken. Population health management solutions are increasingly becoming essential for healthcare organizations to deliver value-based and preventive care models.
The global Population Health Management Solution Market is estimated to be valued at US$32.89 Bn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in population health management solution market is growing adoption of remote patient monitoring solutions. Following the outbreak of COVID-19 pandemic, demand for remote healthcare has grown significantly. Population health management solution providers are integrating remote patient monitoring capabilities within their platforms to facilitate managing patient health from their homes. These solutions allow monitoring of patient vital signs, symptoms, and manageable chronic conditions remotely through digital communication tools and connected medical devices. They empower patients to receive appropriate care while self-isolating during pandemics and minimize burden on healthcare facilities. This trend is expected to continue in the coming years, driving the demand for population health management solutions integrated with remote patient monitoring.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the Population health management solution market requires significant capital investments and specialized technical expertise. However, new players from adjacent markets can enter through strategic acquisition.
Bargaging power of buyers: The bargaining power of buyers is high as population health management solutions have many substitutes in the market. Buyers can negotiate on pricing and demand additional services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key suppliers in this market include hardware, software and service providers. Suppliers differentiate their products and services to increase stickiness.
Threat of new substitutes: The threat of substitutes is high as other point solutions such as customer relationship management, predictive analytics are increasingly adopted as substitutes for population health management.
Competitive rivalry: The competitive rivalry is intense with the presence of global and regional players competing on basis of technology, service portfolio and pricing.
Key Takeaways
The global Population Health Management Solution market is expected to witness high growth, exhibiting CAGR of 15% over the forecast period, due to increasing focus on value based care and reduction of healthcare costs.
Regionally, North America dominates the global market and is expected to continue its dominance during the forecast period. This is attributed to high healthcare expenditure, presence of advanced healthcare infrastructure and stringent regulations regarding population health management in the region. Asia Pacific is expected to witness fastest growth rate owing to increasing healthcare expenditure, expanding privately owned healthcare facilities and growing medical tourism industry in the region.
Key players operating in the Population Health Management Solution market include Allscripts Healthcare, LLC (U.S.), Oracle Corporation (U.S.), Deloitte Tohmatsu LLC (U.K.), Epic Systems Corporation (U.S.), Conifer Health Solutions, LLC. (U.S.), GE Healthcare (U.S.), The International Business Machines Corporation (U.S.), Koninklijke Philips N.V. (Netherlands), i2i Population Health (U.S.), McKesson Corporation (U.S.), Medecision (U.S.), Health Catalyst (U.S.), and UnitedHealth Group (U.S.). Major players are focusing on strategic partnerships and acquisitions to enhance their product and service offerings.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
