Population Health Management Market 2030: The Role of Cloud Computing in Healthcare
The global population health management (PHM) market was estimated to be valued at USD 70.0 billion in 2023 and is anticipated to grow at a compound annual growth rate (CAGR) of 22.0% from 2024 to 2030. The healthcare industry is undergoing a significant transformation, moving from traditional paper-based systems to digital solutions, which has increased the demand for healthcare IT services. This shift is further accelerated by the growing need for solutions that support healthcare providers, leading to a transition from Fee-For-Service (FFS) payment models to Value-Based Payment (VBP) models. The rising demand for effective disease management strategies is expected to further drive market growth.
The COVID-19 pandemic placed immense pressure on medical institutions worldwide, as healthcare systems faced an overwhelming influx of patients. This crisis underscored the urgent need for reliable diagnostic and treatment solutions. PHM solutions have demonstrated considerable benefits for healthcare providers by integrating various components such as care management, electronic health records, and patient management systems, along with healthcare payer solutions, including payment and claims management.
Population health management systems serve as user-friendly platforms that help control treatment costs effectively. They also assist service providers and payers in managing risks associated with reimbursement policies. In recent years, the healthcare system has undergone significant evolution, becoming increasingly patient-centered in its approach.
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Product Segmentation Insights
The market is segmented by product into two main categories: software and services. In 2023, the services segment captured a significant market share of 51.6%. There is a growing demand for population health management (PHM) services among hospitals and other healthcare organizations, driven by the need to engage third parties in assessing patient data. Additionally, the increasing necessity for integrated healthcare systems is contributing to the rising demand for these services.
Furthermore, the rise in research and development (R&D) investments by manufacturers aimed at launching innovative products has greatly supported healthcare organizations. For example, in December 2022, Morris Heights Health Center (MHHC) entered into a partnership with Garage, a technology company specializing in population health management. Through this collaboration, the health center will utilize Garage's platform to enhance care for approximately 50,000 patients in the Bronx community.
Garage’s Software as a Service (SaaS) platform for population health management, known as “Bridge,” is specifically designed to connect care teams and providers. This platform facilitates the exchange of patient information and includes features such as secure messaging, patient tracking and communication, referral management, clinical integration, clinical intelligence, clinical data management, and clinical analytics.
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