Population health management market to reach US$ 69.0 Bn by 2025; rise in adoption of healthcare IT tools to fuel the growth
Transparency Market Research (TMR) has published a new report titled, “Population Health Management Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017-2025”. According to the report, the global population health management market was valued at US$ 118,500.0 Mn in 2016 and is projected to expand at a CAGR of 16.1% from 2017 to 2025. Rise in demand for innovative technologies and adoption of healthcare IT tools is anticipated to fuel the growth of the global population health management market from 2017 to 2025.
North America and Europe are expected to dominate the global market owing to implementation of the Affordable Act in the U.S. and increase in healthcare IT spending. Asia Pacific is projected to be the fastest growing market by 2025. This is attributed to increase in medical tourism and adoption of population health management (PHM) tools in developed countries such as Japan and Australia. The market in Asia Pacific is likely to expand at a high CAGR of 17% from 2017 to 2025. Introduction of technologically advanced PHM tools by key players such as Cerner is likely to drive the global population health management market.
Benefits of PHM tools such as data integration, data analysis, care coordination, and reduction of healthcare cost have led to increase in adoption of PHM tools. Chronic diseases such as diabetes and cardiovascular diseases require identification of high risk patients and implementation of disease management. This is made possible by PHM tools. This is one of the factors projected to drive the global population health management market during the forecast period. Developed healthcare IT infrastructure and increase in healthcare IT spending are the other factors anticipated to propel the global market during the forecast period. Lack of awareness about PHM tools and application software is expected to restrain the global market from 2017 to 2025.
