The Patient Health Management market was valued US$ 23.8 Bn in 2020, and would grow by more than 12.3% CAGR. Patient health management is nothing but analysis and collection of patient’s data from different information technology resources.
Patient health management helps in segmenting the patients based on disease and monitors the condition of patient. It helps to lower the cost of treatments and improves clinical outcomes of patients. It helps stakeholders to reduce high costs associated with healthcare and delivers patient-centric care to patients.
According to latest research by Future Market Insights, Patient Health Management market is set to witness higher growth during 2021-2031. The market will show highest growth in coming years, owing to factors such as adoption of digitalization of healthcare systems, rising need for affordable treatment options and increasing geriatric population.
Moreover, handling large amounts of healthcare data, data reliability & security, and increasing regulatory compliance expected to restrains the demand for patient health management market.
What is Driving Demand for Patient Health Management Market?
The factors such as adoption of digitalization of healthcare systems, rising need for affordable treatment options, and increasing geriatric & chronic diseases population fuels the growth of the patient health management market.
The rising adoption of the IT in the field of healthcare sector expected to propel the growth of the patient health management market in coming years. Patient health management solutions provides benefits such as data integration, remote patient monitoring, and data storage.
The affordable treatment options, awareness and importance of personalized medicine has increased in recent years owing to rising healthcare cost. Thus increasing burden of chronic diseases, aging population, and rising need for effective disease management strategies augments the growth of the patient health management market.
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Growing demand for value-based Medicine, adoption of Advance Technology in Healthcare Sector, and Government Support and Mandates for Healthcare IT solutions is driving the adoption of Patient Health Management Market
In recent years, the adoption of Value-based Payment (VBP) increased instead of traditional method Free-For-Service (FFS). The value-based models follow holistic approach, which needs communication and coordination between clinician among diverse specialties. This expected to fuels the growth of the patient health management market.
Also adoption of advanced technology such as big data, data analysis, and digital advancement in health care sector has increased over the years. The government support and mandates for healthcare IT solutions propels the demand for the patient health management market.
North America Patient Health Management Market Outlook
North America is anticipated to constitute a highest growth in the patient health management market over the forecasted period. The North America shows significant growth in patient health management market owing to factors such increasing need to reduce cost of patient health management solutions of healthcare institutions in the region.
Also adoption of advance technology in big data, healthcare IT, and cloud computing by well-established healthcare infrastructure in the region propels the growth of the patient health management market.
Increasing geriatric & chronic diseases population, favorable regulatory scenario and reforms by governments augments the growth of the patient health management market in the North America region.
North America has massive presence of patient health management providers such as Allscripts Healthcare, LLC, Deloitte Touche Tohmatsu Limited, and Allscripts Healthcare, LLC. Presence of such key vendors in the North America region propels the demand for the patient health management market.
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Europe Demand Outlook for Patient Health Management Market
Europe is the second largest contributor to patient health management market and would grow at higher CAGR, owing to technological advancements in IT health care, big data, and advance digitization in the region. France, Germany, Italy, France, and U.K. are the dominating economies in Europe region.
The developed economies such as Germany, France, and U.K. has advance healthcare IT infrastructure along with multi-chain and specialty hospitals. Also Europe region witness higher growth in healthcare industry and rising adoption of advance technologies such digitization, IT infrastructure in healthcare sector fuels the growth of the patient health management market.
The stringent government regulations about healthcare industry and IT industry in major economies such as France, Germany, Italy, United Kingdom, Spain has been one of the major driving factor for the growth of the patient health management market in Europe region.
Who are the Major Vendors of Patient Health Management Market?
Some of the leading vendors and companies of Cerner Corporation
These key vendors have adopted various organic/inorganic strategies, to increase customer base at global market. They spends millions of dollars into product research and development to carry off the needs of their customers for patient health management market.
Furthermore, many companies are focusing on strategic partnership with other tech player to enhance their product offering.
For instance, In February 2020, Allscripts announced partnership with Manorama Infosolutions. This partnership helps company to deliver a health information exchange and population health management services in India and other emerging markets.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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