Population Health Management Market to Register Growth due to Surging Geriatric Population

 Owing to the growing prevalence of chronic and lifestyle-associated diseases and rising geriatric population, the demand for personalized medicine is growing as well. Personalized medicine services separate patients into groups and cater to their needs accordingly. With the improved healthcare analytics capabilities and growing understanding of genes, healthcare providers are able to understand the impact of pathogens, possible health outcomes in individual patients, drug responses, and impact of diseases. Its is due to these advantages that the demand for personalized medicine, which, in turn, is driving the requirement for population health management solutions. 

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Public health management solutions make use of business intelligence for combining data and providing an aggregated clinical picture of every patient. By making use of this data, healthcare providers are able to track and improve patient outcomes. These services and solutions further help in cutting down healthcare costs. These solutions are delivered through on-premises, cloud-based, and web-based modes. The solutions were delivered the most through web-based delivery mode in the past. This being said, the adoption of cloud-based services is expected to rise in the near future. 

The surging geriatric population is among the major reasons for the growth of the population health management market. Because of low immunity levels, the aged population requires extensive care. Furthermore, a large number of people aged 60 years and above often suffer from chronic disease, which is why they need to visit hospitals frequently for managing their conditions. Ascribed to these factors, the demand for population health management services is increasing swiftly. Personalized medicine aids in providing better and effective medical care for aged people. 

Hence, the demand for personalized medicine is resulting in the rising need for population health management solutions.    

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How is Soaring Global Geriatric Population Fuelling Surge in Population Health Management Market?

The soaring global geriatric population, which is expected to reach at least 1.5 billion by 2050, according to the World Health Organization (WHO), is a key factor responsible for the rise in the demand for population health management (PHM). Elderly people require extensive care as they are more susceptible to diseases, especially chronic diseases, such as cancer and cardiovascular ailments, owing to their low immunity levels and high recovery periods. This causes a huge increase in the demand for better prevention, diagnosis, and treatment processes. In addition to this, older people also have a greater requirement for personalized medicine, because of their increased susceptibility to drug allergy, thereby boosting the demand for population health management.

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The other important factors bolstering the demand for PHM are the increasing healthcare expenditure, incentives, and investments by various governments throughout the world. The adoption of healthcare information technology and the enactment of the Patient Protection and Affordable Care Act, also called Obamacare, by the federal government of the U.S. are also contributing toward the rising popularity of the PHM approach. Driven by these factors, the global population health management market is expected to register considerable growth in the coming years.

Globally, North America has recorded the highest adoption of PHM solutions in the last few years, and this region is also expected to witness the highest usage of these solutions in the coming years. 

This is mainly attributed to the increasing government regulations aimed at promoting the adoption of PHM solutions, soaring healthcare expenditure, developing healthcare infrastructure, and rising incidence of chronic diseases. In North America, the population health management market in the U.S. is the more productive, primarily on account of the Patient Protection and Affordable Care Act.

Therefore, it can be concluded that owing to the burgeoning demand for advanced healthcare solutions that are backed by holistic data analysis and the soaring geriatric population levels and associated health disorders, the demand for PHM will witness tremendous growth in the coming years.

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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.

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