According to a new research report published by P&S Intelligence, the global population health management (PHM) market size is predicted to cross $48.1 billion by 2022. The global population health management market is growing at a significant rate, due to growing geriatric population, regulatory mandate under the Affordable Care Act (ACA) and increasing prevalence of chronic and lifestyle associated diseases.
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The healthcare expenditure is increasing across the globe with increasing prevalence of diseases, high healthcare cost, and increasing government and non-government initiatives. According to the World Health Organization (WHO), the increase in total healthcare expenditure is leading to the improvement in healthcare infrastructure. The increase in healthcare expenditure further develops the HIT infrastructure, as high healthcare cost increases the demand for health analytics.
The governments in different countries are investing significant portion of their GDP for healthcare. Although, there are huge variations among the healthcare spending of different countries, healthcare has been one of the primary focus for all. Healthcare spending in the developed economies of North America and Europe is considerably higher in comparison to the developing countries. The lower spending in developing countries is primarily due to their low-income per capita GDP. However, per capita healthcare spending in developing countries is increasing due to the increasing government initiatives. The increasing healthcare expenditure leads to the increased demand for PHMs, thus driving the growth of the global PHM market.
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Geographically, the Asia PHM market is in its nascent stage. However, a high growth is predicted during the forecast period in Asia due to the improving healthcare infrastructure, increasing need for better health outcomes, and increasing prevalence of chronic and lifestyle associated diseases. According to the WHO’s Global Tuberculosis Report, out of 9.6 million of new tuberculosis cases in 2014 in Asia-Pacific, 58% of the cases were in the South East Asia and Western Pacific region. The organization also reported that about 3,065,000 cancer cases (excluding non-melanoma skin cancer) from China and about 1,015,000 cancer cases (excluding non-melanoma skin cancer) from India in 2012. The PHM is beneficial in improving health outcomes of different population group at low cost. PHM vendors and government agencies would have to invest huge capital at initial stages in order to fully exploit the market potential in the region.
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Few years ago. the largest revenue in the global PHM market was generated from the web based PHM, which accounted for 68.9% of the total global revenue. Although, conventional methods of data gathering and analyzing could be a substitute of PHM, these are least prefer methods as these include high cost and complexities in operations. Therefore, the threat of substitutes is low in the global PHM market, as no specific substitutes of PHM are available in the market. The buyer propensity towards the substitute is also low due to lack of availability of better substitute.
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