CHICAGO, March 9, 2020 /PRNewswire/ -- According to the new market research report "Population Health Management Market by Component (Software, Services), Mode of Delivery (On-premise Mode of Delivery, Cloud-based Mode of Delivery), End User (Healthcare Providers, Healthcare Payers, Government Bodies)] - Global Forecasts to 2025", published by MarketsandMarkets™, the Population Health Management Market is projected to grow at a CAGR of 11.5% during the forecast period, to reach USD 39.4 billion by 2025 from USD 22.9 billion in 2020.
The Factors such as government mandates and support for healthcare IT solutions, increasing use of big data analytics, and the need to curtail the escalating healthcare costs are driving the growth of the market during the forecast period.
The software segment accounted for the largest share of the market, by component, in 2019
On the basis of component, the market has been segmented into software and services. In 2019, the software segment accounted for the largest share of the global market. The adoption of population health management software to coordinate care processes is expected to increase in the coming years owing to its ability to reduce readmissions, increase cost-effectiveness, and enhance patient engagement.
On-premise segment accounted for the largest share of the market in 2019
Population health management solutions are delivered to end users through the on-premise and cloud-based modes of delivery. The on-premise solutions segment accounted for the larger market share in 2019. The advantages offered by the on-premise mode of delivery, such as customization of solutions, reduction in the risk of data breaches, and the ability to reuse existing servers and storage hardware, are supporting its increased adoption in the market.
Healthcare providers are the largest end users of population health management solutions
In 2019, the healthcare providers segment accounted for the largest share of the Population Health Management Market. This can be attributed to the implementation of the Affordable Care Act and Hospital Readmissions Reduction Program in the US, which is aimed at lowering healthcare costs by making use of novel solutions such as population health management. The high demand for population health management solutions among healthcare providers owing to the various benefits offered by these solutions is also supporting the growth of this market.
North America to dominate the market during the forecast period
In 2019, North America accounted for the largest share of the Population Health Management Market, followed by Europe. Factors such as growing federal healthcare mandates to curb the rising healthcare costs, increasing regulatory requirements, growing adoption of EHRs, and rising government initiatives focusing on personalized medicine and value-based reimbursements are driving the growth of the North American market.
Prominent players in the Population Health Management Market are Cerner Corporation (US), Epic Systems Corporation (US), Koninklijke Philips (Netherlands), i2i Population Health (US), Health Catalyst (US), Optum (US), Enli Health Intelligence (US), eClinicalWorks (US), Orion Health (New Zealand), Allscripts Healthcare Solutions (US), IBM Corporation (US), HealthEC, LLC (US), Medecision (US), Arcadia (US), athenahealth (US), Cotiviti (US), NextGen Healthcare, Inc. (US), Conifer Health Solutions (US), SPH Analytics (US), Lightbeam Health Solutions (US), Innovaccer (US), Citra Health Solutions (US), Evolent Health, Inc. (US), Lumeris (US), and Forward Health Group (US).
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