As more hospitals and health systems transition to population healthcare delivery and payment arrangements, this movement is driving strong growth in population health management (PHM) software and services, with the global market expected to reach $31.9 billion by 2020, according to a report from Tractica.
The report from Boulder-Colo.-based market intelligence company Tractica analyses the market for PHM and the report focuses specifically on software and services deployed with the goal of improving patient care while reducing costs.
In the report, Tractica forecasts that the global market for PHM software and services will more than double in size during the next five years. The global market now stands at $14 billion.
And, Tractica’s report forecasts that approximately two-thirds of the revenue opportunity in the PHM market consists of professional services, with software representing one-third of the market.
“As the healthcare system, particularly in the United States, transitions from one based on fee-for-service and volume of patients served, to one based on value, improvements in patient health, and associated decreases in healthcare costs, more organizations will deploy PHM or expand their existing PHM programs,” principal analyst Charul Vyas said in a statement.