Population Health Management (PHM) Market to Grow Rapidly
Life expectancy is increasing and birth rate is decreasing, which are leading to a growth in the geriatric population. People above 65 years of age outnumbered those below 5 years for the first time in 2018, as per the United Nations’ World Population Prospects 2019. It has been predicted that by 2050, the geriatric population will surpass the one in the 15–24 age group. Now, a rise in the geriatric population is accompanied by an increase in the prevalence of chronic diseases, since the elderly are the most susceptible to these. With age, immunity diminishes and metabolic processes slow, which put the elderly at a higher risk of diseases such as cardiovascular diseases, stroke, chronic obstructive pulmonary disease, and cancer. All this is making it a responsibility of healthcare providers as well as governments to focus on mass health management to increase the overall quality of life.
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As per P&S Intelligence, the population health management market size is projected to display a CAGR of 23.3% in the coming years and ultimately value $48.1 billion. In simple terms, PHM involves the collection of patient information through multiple channels to identify shortcomings, gauge risks, engage patients, provide the necessary care, and monitor the ensuing outcomes. It allows healthcare providers to clinically study individuals within a particular group via data gathered through business analysis tools. This offers real-time disease trends and helps in identifying affected groups, thereby resulting in a quicker provision of the necessary care at reduced costs.
Now, the increasing efforts of governments across the world cannot be ignored when talking of the rising popularity of PHM. For instance, the U.S. government recently passed the Patient Protection and Affordable Care Act, which aims to extend insurance coverage and offer it at a subsidized rate to the poorer sections of society. Further, it also includes improving patient care by establishing research and innovation institutes, incentivizing healthcare providers to make them more proactive toward PHM, and providing healthcare education. This is why North America is the largest population health management market and will continue being so in the near future. Further, the fastest growth in the coming years is also expected from this region. Apart from government initiatives, the increasing prevalence of chronic diseases is also to credit for the market growth in North America. As per the Centers for Disease Control and Prevention, almost 60.0% of the total population in the U.S. suffers from a chronic disease.
