IT-led Health Management Market Poised To Grow 26%

by CXOtoday News Desk    Apr 24, 2014

healthIT

IT-enabled Health Management market was valued at $12.8 billion in 2013 and is poised to grow at a CAGR of 26% from 2013 to 2018, to reach $40.6 Billion by 2018. This was stated in a new research report “Population Health Management Market by Component (Software & Services), Delivery Mode (On-premise, Web, & Cloud), End-User (Provider, Payer, Employer Groups & Government Bodies) - Trends & Global Forecasts to 2018″ published by MarketsandMarkets.

The report studies the global population health management market over the forecast period of 2013 to 2018. According to the study, the major factors driving the Population Health Management Market are the legislative reforms of Affordable Care Act (ACA) in the US, demand for the improved quality of care, federal funding, rise in aging population, and incentives by the government for the adoption of PHM programs.

The benefits provided by the population health management solutions such as cost reduction, greater flexibility, and improved quality of healthcare are resulting in an increase in the deployment of these solutions. However, in spite of the numerous benefits of population health management certain barriers such as huge investments, lack of skilled analysts, fragmented end-user market and security of patient data are restraining the growth of this market.

The North American market commands the largest share of the global Population Health Management Market in 2013. Europe represents the second largest market, but is growing at a lower rate, while the Asian market is relatively new to population health management; however, the increasing HCIT adoption, proficiency of IT skills, and outsourcing trend will drive the growth of this market.

The global Population Health Management Market is a highly fragmented market and can be segmented into four broad segments, namely, components, delivery modes, end users, and geographies. The market by component is further categorized into software and services. Based on delivery modes, the market is categorized into web-based, on-premise, and cloud-based. The market by end users is categorized into providers, payers, employer groups, and government bodies. Based on geography, the market is divided into North America,Europe, Asia, and Rest of the World (RoW: Pacific countries, Africa, Middle East, and Latin America)