NEW YORK, Feb. 20, 2024 /PRNewswire/ — The population health management market size to grow by USD 22.55 billion from 2023 to 2028. The growth by the software segment will be significant during the forecast period. The software segment is a dynamic and rapidly evolving sector, with various components contributing to its growth and development. The software segment is playing a pivotal role in enabling healthcare organizations to efficiently manage and improve the health outcomes of diverse populations. The software component encompasses a range of solutions designed to collect, analyze, and leverage health data for informed decision-making. View FREE Report Sample for key highlights on population health management market.
The software segment showed a gradual increase in the share of USD 12.49 billion in 2018. Leading companies include Koninklijke Philips NV, McKesson Corp., and ZeOmega Inc. Not only do these software solutions help healthcare providers but they also give payers and accountable care organizations the tools they need to manage their covered population’s health. As healthcare systems across the world adopt value-driven care models, sophisticated population health management software will continue to grow in demand. Owing to these factors, the software segment will grow and drive growth during the forecast period.
One of the primary growth drivers is-
An increasing number of specialty and multichain hospitals is the key factor driving growth. Specialty hospitals are becoming more prominent as they specialize in particular medical conditions or patient populations. For example, specialty cancer centers, specialty cardiac hospitals, and specialty orthopedic hospitals offer specialized care and expertise to meet the unique needs of their patients. This specialization helps in disease management and prevention and contributes to the overall effectiveness of the efforts.
However, multichain hospitals operate across a network, allowing for a smooth continuum of care. They rely on interconnected health information systems to share patient information and deliver care in a coordinated manner. Moreover, multichain hospitals often use advanced analytics and AI to identify high-risk populations and take proactive actions, increasing the goals of population health management. Thus, such factors will drive the growth during the forecast period. To learn more view a Free Sample
Rapid expansion due to the increasing prevalence of chronic diseases, genetic disorders, and infectious diseases among the elderly population. Healthcare professionals are leveraging health information technology resources and business intelligence tools to analyze patient data and improve clinical outcomes. The shift from Fee-For-Service (FFS) to Value-Based Payment (VBP) models incentivizes providers to implement effective disease management strategies and reduce patient readmissions and medical errors. This trend is further fueled by the rising healthcare costs and health insurance premiums, particularly in the context of an aging population. Governments and organizations rely on insights from entities like the UN Population Division to address the challenges posed by an increasingly elderly and chronically ill demographic, aiming to manage growth while minimizing administrative costs and improving overall population health.
The U.S. Department of Health and Human Services plays a pivotal role. With the aging population, including individuals aged 65 or older, facing a surge in chronic diseases like heart disease, cancer, stroke, and diabetes, there’s an urgent need for healthcare service providers to adopt robust healthcare IT solutions. These solutions streamline data management, optimize resources, and empower personnel to deliver efficient care. Moreover, in developing countries, where technology adoption is accelerating, organizations like the World Health Organization (WHO) and National Institute on Aging collaborate to address cost of installation barriers and enhance population health outcomes, thus ensuring a healthier future for all.
Significant growth, driven by the increasing adoption of value-based care models and the need for customized solutions. Compound Annual Growth Rate (CAGR) projections indicate a promising future, despite concerns about data breaches and cybersecurity in on-premise sub-segments. Care providers are adapting to value-based payment (VBP) models incentivized by programs like the Hospital Readmissions Reduction Program under the Affordable Care Act. This shift from fee-for-service (FFS) to value-based reimbursement models requires enhanced care coordination, communication, and improved clinical outcomes. Technology plays a crucial role, with hardware and software solutions aiding clinicians in various specialties to optimize patient care. Insurance companies are also adjusting their reimbursement models to align with value-based care initiatives during the forecast period.
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