Population Health Management Market Thriving on Expanding Age Pool of Elderly

A number of factors such as the increasing geriatric population, soaring investments being made by companies offering HIT solutions, growing prevalence of chronic and lifestyle-associated diseases, mounting healthcare expenditure are the major growth drivers of the population health management market. Population health management refers to the collection of patient data through multiple health information technology resources that are used to analyze data. Healthcare providers use this data to improve their clinical, financial, and operational outcomes.

Moreover, the rising incidence of chronic and lifestyle-associated diseases will also propel the population health management market growth, globally. According to the IDF, the population of diabetic patients in the age group of 20–79 years will surge from 537 million in 2021 to approximately 643 million by 2030 and 783 million by 2045. Furthermore, the IARC estimates that 1 in 5 people develop cancer during their lifetime. The number of cancer patients increased to 19.3 million in 2020, as per the IARC.  

In addition, the mounting healthcare spending is also expected to drive the population health management industry growth. The global current health expenditure per capita increased from $1,064.094 in 2017 to $1,110.268 in 2018, as per the World Bank. In addition, the Centers for Medicare and Medicaid Services states that the National Health Expenditure of the U.S. stood at $4.1 trillion in 2020, accounting for 19.7% of the GDP of the country. Moreover, the Government of India allocated INR 67,112 crore in FY 2020–2021 to the Department of Health and Family Welfare to improve the healthcare sector.

According to P&S Intelligence, the North American population health management market generated the highest revenue in the last few years, and it is also expected to retain its dominance in the coming years. The leading position of the region is credited to the massive healthcare spending, presence of developed healthcare infrastructure, and high burden of chronic diseases in the U.S. and Canada. Of North American countries, the U.S. generates the higher revenue due to the existence of the Patient Protection and Affordable Care Act.