Increasing Geriatric Population Driving Population Health Management Market

The growing geriatric population, prevalence of chronic diseases, investments, and healthcare expenditure are the key drivers for the population health management market. Advancing at a 23.3% CAGR during the forecast period (2016–2022), the market is projected to garner more than $48.1 billion in 2022, compared to $13.6 billion in 2016. The collection of patient data via multiple health information technology resources to be compiled into one single record is termed as population health management (PHM). It is used to identify the diseased population, care gaps, and risks, as well as engage patients, devise treatment methodology, and measure clinical outcomes.

The population health management market is being driven by the rising geriatric population across the world. The United Nations Department of Economic and Social Affairs mentioned that by 2050, the percentage of people over the age of 60 would grow to 21.1% from 11.7% in 2013. With age, the body’s ability to heal wounds, circulate blood, and fight infections diminishes, which makes the elderly more susceptible to many diseases, such as cardiovascular and neurological diseases. Further, many older people sometimes require personalized treatment, in which PHM can be extremely helpful.

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Another factor driving the growth of the population health management market is the increasing chronic disease prevalence. Lifestyle changes, unhealthy diet, and lack of awareness about many medical conditions and preventive health checkups contribute to the rising incidence of chronic diseases. The Centers for Disease Control and Prevention estimated that in 2012, nearly 117 million people lived with one or more chronic conditions in the U.S. Patients suffering from such diseases require long-term treatment and care and may even suffer from secondary ailments. PHM helps in the easy management of diseases in a cost-effective way over extended periods of time.

The segmentation of the population health management market is also done based on component. The bifurcations of this segment are service and software; in the historical period, software was the larger of the two in terms of the revenue generated in the market. As the market for PHM is still in the developing phase, different end-users are predicted to invest in new software installations, which would further contribute to their high demand, thereby resulting in their growth during the forecast period.

Therefore, the market for population health management is projected to witness remarkable growth in the forecast period owing to the increasing menace of chronic diseases, especially among the elderly.