The five-year, global strategic alliance will focus on Population Health Management (PHM). It intends to help hospitals, health systems, integrated delivery networks and other providers with value-based care to patients suffering from chronic and complex conditions such as heart disease and cancer.

Siemens Healthineers and IBM Watson Health will help healthcare professionals navigate through never-before seen changes in growing volumes and diversity of health data with aging global population and increased prevalence of chronic diseases, changes in healthcare payment models and digitisation and consumerisation of healthcare.

Siemens Healthineers head of Services Matthias Platsch said: "Combining our strengths, Siemens Healthineers and IBM can effectively help providers transition to a value-based healthcare environment.

"We will bring the power of Siemens Healthineers' extensive relationships with providers and our deep domain expertise in clinical workflows, services, and digital health technologies to bear to help bring population health management offerings to healthcare providers.

“The new alliance fits perfectly into the services business of Siemens Healthineers. Thus we will enter the rapidly growing PHM market which is expected to play a significant role in end-to-end value-based healthcare."

The alliance will use the expertise and global reach of both the companies which include Siemens’ technology-driven innovations to a range of providers and IBM’s cognitive healthcare offerings.

These offerings can help meet the demand of hospitals and healthcare systems for value-based care analytics, reporting and patient engagement.

For this, Siemens Healthineers will access IBM Watson Care Manager, a cognitive solution from the IT company and will support individual health.

The Watson Care Manager will take in data from miscellaneous sources and perform cognitive analysis and will bring out insights for healthcare professionals for close monitoring of patients with chronic conditions.

IBM Watson Health general manager Deborah DiSanzo said: "We are at an unprecedented time in healthcare. Mature and developing markets are increasingly focused on how patient outcomes are optimized, quality is standardized among individuals and across populations, and costs are reduced.

"Siemens and IBM are ideal partners to work at the forefront of this evolution and enable personalized healthcare in the U.S. and globally."