Population Health Management Solutions Market Expected To Grow At A Strong Rate 2021-2028 | Allscripts, Inc., Cerner Corporation, Conifer Health Solutions
Population Health Management Solutions Market
The population health management solution is to collect all patient related data from various healthcare platforms such as pharmacy, diagnostics and billing service in healthcare facilities. The data is further monitored and analyzed in a comprehensive and actionable form to improve the health outcomes of a group of patients with minimum overall health care cost. Individuals among a group of patients are followed by applying business intelligence tools by managing population health care. A single document is created using different datasets, which is easy to analyze and aid effective clinical decision making for each individual in the healthcare ecosystem. It has various advantages, such as better patient follow-up with improved quality of healthcare as it gives a complete picture of the collection of multiple data points. It also saves unnecessary costs on the healthcare sector through better clinical management as it uses an innovative approach to information technology. The management of health care leads to the realization of the health care gap by the health care provider. These healthcare gaps are ineffective in tracking patients and limiting coordination among healthcare stakeholders etc. These limitations could be overcome by promoting proper monitoring and access to real-time data. This could be followed by tracking billing data, prescription data, diagnostic data, and other healthcare data. The management of the health care of the population allows a reimbursement in value to the health insurer, rather than a simple transfer of payment. It supports businesses in the decision-making process, reduces hospital admissions and promotes better health of the population.
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Market factors: –
The increasing prevalence of chronic diseases around the world is leading to an upward growth in the population healthcare management market during the forecast period. The main chronic diseases that are caused each year are cardiovascular disease, diabetes, cancer, chronic lung diseases such as asthma and many more. In 2017, the World Health Organization reported that about 40 million people, or 70% of all deaths worldwide, are due to chronic diseases. Among all chronic diseases, cardiovascular disease causes a maximum number of deaths of approximately 17.7 million deaths per year. This is followed by 8.8 million deaths from cancer, 3.9 million deaths from respiratory diseases and 1.6 million deaths from diabetes.
Moreover, another factor to propel the growth of the population healthcare management solutions market is the increase in the number of geriatric people across the world. In 2017, the United States produced a Population Outlook Report that estimated the number of people aged 60 or older in the world to be 962 million, or 13% of the world’s population. The senior population is expected to reach up to 1.4 billion at an annual rate of 3% by 2030. Other factors to drive the growth of the healthcare management solutions market people increase health care costs as this helps reduce costs and development in large data analytics which manages huge data of each individual with precision in quality health care.
Key players: –
The major players operating in the population health management solutions market are Verscend Technologies, Inc., Caradigm, Allscripts, Inc., IBM Corporation, Cerner Corporation, Health Catalyst, Conifer Health Solutions, Philips Wellcentive, Healthagen, OptumHealth , LLC, Epic Corporation, Inc., eClinicalWorks, LLC, i2i Population Health, and Care Evolution.
Mergers and acquisitions are adopted by the major players as growth strategies in order to increase their market share. For example, in August 2017, Enterprise Information Solutions and the hospital and healthcare IT business of McKesson Corporation were acquired by Allscripts for US $ 185 million.
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Regional analysis: –
The population health management solutions market is segmented by region into Europe, Middle East, Asia-Pacific, Africa, Latin America, and North America. Among everyone else, North America holds the dominant position in the population health management system. According to statistics from the World Economic Forum in 2016, the highest per capita health expenditure is held by the United States, amounting to US $ 9,146. This amount could be recurring as population health management solutions apply, leading to comprehensive quality care and low hospital costs. The application of population health management solutions would also lead to the achievement of the required number of doctors and hospital beds in the health infrastructure. Reducing the number of people without insurance would also prosper the market. In 2016, US Census Bureau data estimated at 28.1 million people, that is, 8.8% of US citizens were not covered by health insurance, which is less than 2015, when 29.0 million or 9.1% of people were uninsured. For example, in 2018, the National Cancer Institute reported that approximately 1,735,350 new cases of cancer are diagnosed, of which approximately 609,640 people have died in the United States. Therefore, the market could benefit from a reduction in the number of uninsured people in the world.
Europe occupies the second position in the profitable market due to the greater number of elderly people in the region. In 2017, Europe Statistics showed that around 19% of the European population is made up of people over 60 and that it will represent 25% in the near future.
The Asia-Pacific region presents the highest risk of death from chronic diseases, providing a potential opportunity for the population health management solutions market to grow. According to the World Health Organization (WHO), in 2017 it was reported that around 12 million people or 80% of deaths from chronic diseases worldwide originated from this region. However, there is an improvement in health infrastructure in this region which promotes the growth of population health management solutions.
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