The market is growing due to the rising prevalence of chronic diseases, surging geriatric population, increasing investments by HIT companies, Affordable Care Act, and rising spending in the healthcare sector. In terms of delivery mode, the market is divided into on-premise, web-based, and cloud-based.
Out of these, the web-based division is expected to contribute the largest revenue share of more than 65.0% to the population health management market during the forecast period. Apart from this, the cloud-based division is predicted to exhibit the fastest growth during the forecast period, which can be ascribed to the surging adoption of cloud-based solutions in the healthcare sector. On the basis of component, the market is bifurcated into software and service, between which, the software bifurcation is expected to account for the larger share of the market in the coming years.
For more information Population Health Management Market Growth Forecast Research Report- https://www.psmarketresearch.com/market-analysis/population-health-management-market
The software bifurcation is further expected to register the highest CAGR during the forecast period. Geographically, North America dominated the population health management market in the past and is further projected to account for more than 80.0% market share during the forecast period as well. The market in this region is growing because of the high healthcare expenditure, favorable government regulations, rising prevalence of chronic diseases, and developed healthcare infrastructure. Within the region, U.S. is predicted to hold the largest share of the market during the forecast period.
The concept of personalized medicine separates patients into various groups, and seek to offer better, more precise, and more predictable healthcare solutions to patients. As the understanding regarding genes is increasing, along with improvements in healthcare analytics capabilities, healthcare professionals are able to understand the impact of pathogens, drug responses, impact of diseases, and possible health outcomes in individual patients. This is leading to the rising demand for personalized medicine, and in turn, the demand for population health management is rising as well.
In addition to this, the population health management market is also witnessing growth due to the increased expenditure in the healthcare sector in both developed and developing countries. While the healthcare sector in countries such as the U.S. is advanced, the demand for advanced technologies is also increasing in emerging economies, such as China and India. The patient base in these countries is on a rise, which is why, the need for improved medical services at low cost is growing as well. Therefore, governments of various countries are spending widely in the healthcare sector.
Hence, the market is being driven by the surging geriatric population, growing demand for personalized medicine, and increasing healthcare expenditure.
