Houston, TX -- (SBWIRE) -- 02/08/2018 -- Based on the components, the population healthcare market is classified as software and services. The software sector is expected to account for the largest portion of the global population healthcare market in 2018. PHM software includes Web-based and cloud-based solutions. The advantage of this solution is that the service provider is responsible for maintaining and upgrading the software and eliminating the buyer's responsibility for server support and maintenance so that buyers can focus on their core business.
The Global Population Health Management market is projected to grow at a CAGR of +18% by 2021

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On the basis of end user, the global population health management market is segmented into healthcare providers, healthcare payers, employer groups, and government bodies. In 2017, the healthcare providers segment is estimated to account for the largest share of the global population health management market. The large share of this segment is attributed to the implementation of the Affordable Care Act and Hospital Readmissions Reduction Program in the U.S. (which is aimed at lowering healthcare costs by making use of novel solutions such as population health management) as well as the high demand for PHM solutions among healthcare providers owing to various benefits offered by these solutions. The Medicare initiative to penalize hospitals for unnecessary readmissions is another factor contributing to the growth of this market segment.

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The healthcare industry is going through a fundamental transformation globally—a shift from a volume-based business to a value-based business. Growing demands from consumers for improved healthcare quality and greater value are forcing healthcare providers and payers to deliver optimized outcomes. To overcome these challenges and meet consumer expectations, healthcare providers are increasingly adopting healthcare analytics and population health management tools that enable them to provide improved healthcare at reduced costs.

The implementation of the Affordable Care Act (ACA) in the U.S., government support for the prevention of diseases and adoption of HCIT, growth in geriatric population and the subsequent increase in the prevalence of chronic diseases, need for affordable treatment options due to the rising healthcare costs, and advancing IT and big data capabilities are expected to drive the growth of the population health management market.

In the coming years, the population health management market is expected to witness the highest growth in the Asia-Pacific region, with emphasis on India, China, and Japan. This can be attributed to factors such as the implementation of a number of PHM programs to improve population health in Australia, growing medical tourism in Asia, rapidly growing healthcare industry in India, efforts taken to digitalize the healthcare system in China, investments and reforms to modernize China's healthcare infrastructure, and new outline by Japan's information and communication technology fund.