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.
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 rapidly increasing geriatric population is a major driving factor of the population health management market. Due to weakened body state, elder people fall sick more and are usually suffering from at least +one chronic disease. This results in the need for frequent health check-ups, which, in turn, leads to increased healthcare cost. However, with the use of population health management solutions, healthcare cost can be decreased significantly, as these solutions aim to improve patient outcomes at lower cost. Moreover, the growing need for personalized medicine for the geriatric population is also driving the market.
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.
