Report: Global PHM Market Expected to Reach $69B by 2025
The global population health management (PHM) market is expected to reach $69 billion by 2025, according to a report from market intelligence company Transparency Market Research.
According to the report, the global population health management market was valued at $118 million in 2016 and is projected to expand at a CAGR (compound annual growth rate) of 16.1 percent from 2017 to 2025. Rise in the demand for innovative technologies and adoption of healthcare IT tools is anticipated to fuel the growth of the global population health management market during this time period, the report predicted.
North America and Europe are expected to dominate the global market due to implementation of the Affordable Care Act in the U.S. and an increase in healthcare IT spending. Asia Pacific is projected to be the fastest growing market by 2025, according to the report, which added that this is attributed to increase in medical tourism and adoption of population health management tools in developed countries such as Japan and Australia. Introduction of technologically advanced PHM tools by key players such as Cerner is likely to drive the global population health management market, researchers stated.
According to the report, the benefits of PHM tools such as data integration, data analysis and care coordination, have led to an increase in the adoption of such tools. For example, 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,” the researchers said.
