Population Health Management (Phm) Market 2024-2028: Increasing adoption of healthcare IT solutions demand Fuels Growth
The population health management (phm) market size by Product (Software and Services), Deployment (Cloud and On-premises), and Geography (North America), is forecast to increase by USD 5394.3 million. The market is expected to grow at a CAGR of 7.13% between 2024 and 2028.
In the dynamic US healthcare landscape, IT investment is a strategic priority for service providers to enhance operational efficiency and minimize costs. PHM software, a key IT solution, automates patient history management, decision-making, and computerized reminders. By reducing human intervention, it streamlines processes, ensuring compliance with guidelines and protocols. This digitalization not only improves patient care quality but also enables adherence to government regulations, ultimately contributing to a more effective and efficient healthcare system.
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PHM software plays a pivotal role in the US healthcare industry by collecting, analyzing, and storing patient data from various healthcare systems. Utilizing advanced data analytics tools such as data visualizations, business intelligence, and predictive modeling, this software enables healthcare providers to anticipate patient health conditions and proactively manage care. By enhancing operational efficiency, reducing costs, and delivering high-quality patient care, PHM software is becoming an indispensable asset in the shift towards value-based care and addressing the growing prevalence of chronic conditions. The adoption of PHM software in the US is on the rise, driven by the imperative to improve healthcare quality while managing costs effectively.
The cloud-based Population Health Management (PHM) market segment in the US is experiencing significant growth, with an anticipated increase in market share throughout the forecast period. Cloud-based solutions offer a more cost-effective approach, featuring a subscription-based payment structure with periodic expenses for maintenance and updates. In contrast, other hosted solutions may require a larger upfront investment, followed by smaller annual support payments. Despite the initial investment, hosted solutions provide numerous advantages. These include predictable expenses, elimination of the need for a powerful local server, absence of maintenance fees, reduced IT personnel costs, and inclusion of free upgrades within the subscription or support fees.
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