The increasing penetration of IT in the field of health care is predicted to foster the enlargement of the market during the forthcoming years. Advantages proposed by population health management systems, such as remote patient monitoring, data storage, and data integration are predicted to propel the global market. The penetration of IT solutions, precisely in business intelligence solutions and data analytics has been the foremost aspect of the advancement of the populace health management market.
The integration of IT solutions allows care providers to monitor patients distinctly, data storage, and data collection. These aspects are probably to foster the enlargement of the global population health management market. In addition, increasing awareness concerning the benefits of customized medicine is predicted to deliver progressive growth opportunities for the market players functioning in the market during the review period.
According to SPER market research, ‘Population Health Management Solutions Market by Component (Software, Services), Mode of Delivery (On-premise, Cloud-based), End User (Healthcare Providers, Healthcare Payers, Government Bodies) – Global Forecasts to 2027’ state that the Population Health Management Solutions Market is predicted to grow at a CAGR of 12.6% from 2021 to reach USD 51.4 billion by 2027. The growth is commonly accredited to government initiatives, the increasing utilization of big data analytics, emphasis on decreasing the healthcare costs, aim on customized medicines, and requirement for value-based medicine.
In addition, the drivers underwriting to the growth of the population health management solutions market involve augment in elderly population, increment in the number of per capita healthcare expenditure, and increment in utilization of Internet of Things for healthcare. Healthcare smart devices for distinct health monitoring are in requirement due to its convenient availability and data & exchange & interoperability with the physicians. Moreover, sure in customization of medicines, and increment in investments in the healthcare industry progressively foster population health management market growth.
However, data breaches and high investment cost may limit the growth of the market. Conversely, plethora of product advancement in the forthcoming period and foremost development strategies focused at growing the awareness and its access by the healthcare providers & players fosters the population health management market opportunity.
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The global population health management market is probably to observe more opportunities owing to the growing awareness about the profits of this program. The population health management system entails software and hardware. The service segment is predicted to account for a register share of the global market during the forthcoming years. In addition, the web-based population health management system is predicted to register for the maximum share of the global population health management market.
During 2020, North America registered for the largest share of the population health management solutions market. The large share is majorly owing to initiatives for decreasing hospital costs, advancing regulatory framework, growing adoption of EHRs, and focusing on customized medicines & reimbursements. APAC showed a spike in growth owing to the implementation of new guidelines, government initiatives, the prevalence of chronic diseases, speedily growing healthcare infrastructure, and growing medical tourism.
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