Population Health Management (PHM) Solutions Market by Component (Software, Services), Mode of Delivery (On Premise, Cloud and Web), End User (Healthcare Providers, Payer [Private, Public], Hospitals, Physician Groups) - Global Forecast to 2030
Rising Adoption of Healthcare IT...
Process digitization through the implementation of healthcare IT solutions and successful integration of different IT systems has proven to improve healthcare organizations' overall return on investment (ROI) and optimize their profit margins. The healthcare industry across the globe relies on health information technology (health IT/HIT) and the electronic exchange and use of health information to maintain compliance, better satisfy patients, improve care quality, store massive amounts of patient data in a secure manner, and efficiently manage the practices.
The adoption of health IT solutions such as telehealth, EHRs/EMRs, patient/consumer experience, big data/analytics, PHM, wellness, cloud, and clinical decision support is growing. As of 2021, nearly 9 out of 10 (88%) U.S. office-based physicians adopted any electronic health record (EHR), and nearly 4 in 5 (78%) had adopted a certified EHR. (Source: HealthIT.gov). Further, in June 2022, The Department of Health and Social Care (U.K.) announced a funding of USD 2.37 billion to support the implementation of EHR in all NHS trusts and increase the availability of remote monitoring to help more than 500,000 people manage long-term health conditions from home.
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Increasing Burden of Chronic Diseases, Coupled with Geriatric Population, to Drive the Demand for PHM
According to the Global Health and Aging report presented by the World Health Organization (WHO), the number of people aged 65 or older is projected to reach 1.5 billion (~16% of the world’s population) in 2050, with most of the increase in developing countries such as North America, Europe, Asia-Pacific, Latin America, and Africa.
Chronic diseases and conditions are among the most common, costly, and preventable of all health problems. Chronic diseases are the leading cause of death & disability in the world. According to the Centers for Disease Control and Prevention (CDC), chronic diseases are responsible for 7 of 10 deaths each year. Moreover, in 2021, 90% of the USD 4.1 trillion annual healthcare expenditures in the U.S. accounted for people with chronic and mental health conditions. The risk of developing chronic diseases increases with age. This trend of a rapid rise in the elderly population, coupled with increasing incidence of chronic diseases across the globe, is expected to accelerate healthcare costs.
However, these costs can be reduced by using effective healthcare IT solutions, such as PHM, that provide real-time insights to clinicians and administrators and allow them to identify and address care gaps within the patient population. PHM proactively manages the health of populations to prevent the onset of avoidable chronic conditions and better manage those already suffering from chronic disease. Thus, the growing need to reduce healthcare costs and improve the quality of care due to the aging population and growing burden of chronic disease are consequently driving the demand for population health management solutions across the globe.
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