The — population health management market witnesses high competitive intensity, as there are several big and many small firms with similar product offerings. These companies adopt various strategies [agreements, collaborations, partnerships, joint ventures, strategic alliances, and other strategies (including funding, expansions, product enhancements, certifications, product integrations, rebranding, contract extensions, event participations, memberships, accreditations, divestiture, and investment)] to increase their market shares and establish a strong foothold in the global market.
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The population health management market is projected to reach USD 42.54 Billion by 2021 from USD 13.85 Billion in 2016, at 25.2% CAGR in next five years (2016 to 2021). Population health management market is driven by regulatory mandates laid by Affordable Care Act (ACA). Act aims to lower the number of uninsured people in U.S. to reduce the cost of healthcare for government as well as individuals.
Population health management is a process of aggregating patient data, analyzing data, and taking measures to improve quality of care & curtailing healthcare costs. Population health management solutions are used by healthcare providers & management of healthcare delivery system to improve efficacy of hospitals clinically as well as financially. PHM software includes web-based & cloud-based solutions. Advantage of these solutions is that service provider maintains & upgrades software & eliminates buyer’s responsibility of server support and maintenance
• Healthcare IT Service Providers
• Healthcare Insurance Companies/Payers
• Healthcare Institutions (Hospitals, Physician Practices, Diagnostic Centers, and Outpatient Clinics)
• Venture Capitalists
• Government Bodies
• Corporate Entities
• Market Research and Consulting Firms
• Accountable Care Organizations
• Community Centers
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North America is expected to account for the largest share of the market in 2016. The U.S. is the largest market in North America, owing to the rising healthcare costs, growing geriatric population, the implementation of the Affordable Care Act (ACA), increasing funding for population health management, rising prevalence of chronic diseases, and increasing number of awareness campaigns.
A web-based population health management system eliminates the buyer’s responsibility for server support and maintenance. Concurrently, control of the server also transfers from the healthcare provider to the vendor. The healthcare provider is dependent on the vendor for reliability, uptime, and functionality of the server. The vendor also takes responsibility of all external interfaces such as labs and imaging, making it beneficial for the healthcare provider.
In-depth interviews were conducted with CEOs, sales and marketing directors, other innovation and technology directors, and executives from various key organizations operating in the population health management market.
• By Company Type: Tier 1: 50%, Tier 2: 42%, Tier 3: 8%
• By Designation: Director Level: 58%, C-level: 25%, Others: 17%
• By Region: North America: 46%, Europe: 31%, APAC: 15%, RoW: 8%
The on-premise mode of delivery is a traditional method to deploy population health management solutions. In this delivery mode, a licensed software is installed which runs on computers in the hospital/clinic premises. Healthcare providers are responsible for purchasing, installing, and maintaining the server, through its in-house IT staff or local IT support vendors. Decision makers in healthcare organizations prefer to maintain access to these solutions due to issues like control, the safety of patient data, and cost benefits.
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The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn helps firms to garner a greater market share. Firms purchasing the report could use any one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market shares.
However, federal government is investing in this fund. Government invested a collective amount of USD 5.05 billion from 2010 to 2015 (Source: United States Department of Health & Human Services). This funding is directed towards enhancing health outcomes and improving health care quality.
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