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Increasing Adoption of Population Health Management to Leverage Its Benefits and Reduce Healthcare Costs
The population health management market exhibitsa lucrative growth due to its several advantages, such as regulatory compliance, reduction of hospital readmissions and hospitals stays, prediction and prevention of chronic diseases, quality care, and cost management. Therehas been an increase in the adoption of population health management inorder to leverage these benefits and reduce the healthcare costs.
Increasing demand for better clinical outcomes, treating diseases at the earliest stage, increasing the efficiency of the healthcare process, and reducing healthcare costs are some of the major drivers that are slated to propel this market. The biggest driver for the population health management market is the increase in the number of federal healthcare mandates, such as the American Recovery and Reinvestment Act of 2009 (ARRA) and the Affordable Care Act of 2010 (ACA) that stress on value based reimbursement and the quality of treatment rather than the traditional volume based fee for reimbursement system. The acts also offer incentives for healthcare stakeholders who adopt population health management strategies. This significantly increases the adoption of population health management solutions. The U.S. currently dominates the population health management market, and a strong growth in this region will further push the global population health management market.
The providers market will continue to hold the largest market share of the population health management market during the forecast period. However, the employer groups and government bodies in Europe and the Pacific region are the other lucrative revenue pockets for this market in terms of end-user solutions.
The U.S. dominates the population health management market. Europe represents the secondlargest market, but is growing at a lower rate mainly due to the economic crisis and lack of significant government initiatives for population health management in most of the countries. The Asian market is relatively new to healthcare analytics; however, the increasing HCIT adoption, IT skills, and growing aging population will drive the growth of this market.
Population Health Management Market by Component (Software & Services), Delivery Mode (On-premise, Web, & Cloud), End-User (Provider, Payer, Employer Groups & Government Bodies) - Trends & Global Forecasts to 2018
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