According to a new research report published by P&S Intelligence, the global population health management market size is predicted to cross $48.1 billion by 2022. The global population health management market is growing at a significant rate, due to growing geriatric population, regulatory mandate under the Affordable Care Act (ACA) and increasing prevalence of chronic and lifestyle associated diseases.
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The healthcare expenditure is increasing across the globe with increasing prevalence of diseases, high healthcare cost, and increasing government and non-government initiatives. According to the World Health Organization (WHO), the increase in total healthcare expenditure is leading to the improvement in healthcare infrastructure. The increase in healthcare expenditure further develops the HIT infrastructure, as high healthcare cost increases the demand for health analytics.
The governments in different countries are investing significant portion of their GDP for healthcare. Although, there are huge variations among the healthcare spending of different countries, healthcare has been one of the primary focus for all. Healthcare spending in the developed economies of North America and Europe is considerably higher in comparison to the developing countries. The lower spending in developing countries is primarily due to their low-income per capita GDP. However, per capita healthcare spending in developing countries is increasing due to the increasing government initiatives. The increasing healthcare expenditure leads to the increased demand for PHMs, thus driving the growth of the global PHM market.
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Geographically, North America dominated the global market of population health management in 2015 and is expected to witness the fastest growth, at a CAGR of 23.5%, during the forecast period. This is due to regulatory mandates under the Affordable Care Act (ACA), increasing prevalence of chronic and lifestyle associated diseases, and growing geriatric population.
Few years ago. the largest revenue in the global PHM market was generated from the web based PHM, which accounted for 68.9% of the total global revenue. Although, conventional methods of data gathering and analyzing could be a substitute of PHM, these are least prefer methods as these include high cost and complexities in operations. Therefore, the threat of substitutes is low in the global PHM market, as no specific substitutes of PHM are available in the market. The buyer propensity towards the substitute is also low due to lack of availability of better substitute.
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