Northrook, IL -- (SBWIRE) -- 01/13/2020 -- Factors such as the growing geriatric population and the subsequent increase in the prevalence of chronic diseases, the need to curb healthcare costs, and increasing government support for the adoption of HCIT are driving the growth of the population health management market.The growth of the overall industry can be attributed to the implementation of the Affordable Care Act (ACA) in the U.S., government support for the prevention of diseases and adoption of HCIT, growing geriatric population and the subsequent increase in the prevalence of chronic diseases, need for affordable treatment options due to the rising healthcare costs, and advancing IT and big data capabilities.

What the Market Looks Like?

Predicted to grow at a CAGR of 25.2% during the forecast period, the global Population Health Management Market is estimated to reach USD 42.54 billion by 2021. North America accounted for the largest share of the population health management market in 2016.The global market is expected to be dominated by North America, followed by Europe, Asia-Pacific, and the Rest of the World (RoW). Asia-Pacific is expected to grow at the highest rate during the forecast period.

Based on component, the report is categorized into software and services. The software segment is expected to command the largest share of the global market in 2016. PHM software includes web-based and cloud-based solutions. The advantage of these solutions is that the service provider maintains and upgrades the software and eliminates the buyer's responsibility of server support and maintenance, which enables the buyer to focus on their core business.

Based on the end user, the population health management market is segmented into healthcare providers, healthcare payers, employer groups, and government bodies. The healthcare providers segment is estimated to witness the highest growth in the population health management market during the forecast period.

The high demand for PHM solutions among healthcare providers owing to the benefits offered by these solutions and the implementation of the Affordable Care Act and Hospital Readmissions Reduction Program in the US, which are aimed at lowering healthcare costs by making use of novel solutions such as population health management, are supporting the growth of this end-user segment.

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What Drives the Market?

The growth of the global market for Population Health Management is primarily influenced by the following factors:

Implementation of the Affordable Care Act in the U.S.
Government Support for the Prevention of Diseases and Adoption of Hcit
Rising Geriatric Population and Burden of Chronic Diseases
Need for Affordable Treatment Options Due to Rising Healthcare Costs

Geographical growth scenario of Population Health Management Market:-

Geographically, the population health management market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America accounted for the largest share of the population health management market in 2016. Factors such as rising healthcare costs, the increasing prevalence of chronic diseases, the implementation of the Affordable Care Act in the US and the population health approach in Canada, and increasing funding for population health management are contributing to the large share of North America in the global population health management market.

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Leading market players and strategies adopted

Cerner Corporation (U.S.), McKesson Corporation (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), Healthagen, LLC. (U.S.), OptumHealth (U.S.), IBM Corporation (U.S.), Epic Corporation, Inc. (U.S.), Conifer Health Solutions, LLC (U.S.), Health Catalyst, LLC (U.S.), Wellcentive, Inc. (U.S.), i2i Population Health (U.S.), and Verscend Technologies, Inc. (U.S.).

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