The global population health management (PHM) market size is projected to reach USD 91.43 billion by 2026, exhibiting a CAGR of 19.9% during the forecast period. Surging demand for quick access to patient records during the COVID-19 pandemic will be a crucial growth-driver for this market, states Fortune Business Insights™ in its report, titled “Population Health Management (PHM) Market Size, Share & Industry Analysis, By Component (Software, and Services), By Platform (Cloud-based, and On-premise), By End User (Healthcare Providers, Healthcare Payers, and Others), and Regional Forecast, 2019-2026”.
The COVID-19 outbreak has created a global health and economic crisis of unparalleled proportions. To effectively confront this challenge, healthcare professionals are requiring efficient access and retrieval of patient records to provide the optimum care and medication to coronavirus and other patients. In response, many public and private bodies are working out solutions to meet this demand. For example, the North Dakota Health Information Network, in April 2020, created longitudinal health records of patients to understand their conditions and accelerate diagnoses across the state. Similarly, in March 2020, Chicago-based Medical Home Network began using an Artificial Intelligence (AI) solution to identify individuals at a heightened risk of suffering from severe effects of COVID-19. In sum, the corona virus pandemic is likely to stoke the adoption of population health management systems and fuel the market growth.
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The report states that the market value stood at USD 21.40 billion in 2018 and offers the following:
- Exhaustive analysis of the market drivers, trends, and hindrances;
- Comprehensive assessment of all the possible market segments;
- Thorough study of the regional dynamics and competitive landscape of the market; and
- Precise computation of the relevant market figures and values.
Rising Frequency of Cyber-Attacks on Healthcare Systems to Impede Market Growth
The population health management market growth is expected to get negatively affected by the increasing rate at which cyber-attacks are being conducted on healthcare systems around the world. For instance, in May 2019, the US Security and Exchange Commission (SEC) revealed that American Medical Collection Agency (AMCA), the billing services provider, faced a series of hacking attacks between August 2018 and March 2019, triggering a plethora of investigations and lawsuits against healthcare IT companies across the country. In April 2019, a month before AMCA’s revelation, the insurance company Dominion National declared a 9-year hack on its systems, breaching the data of around 2.96 million patients. With majority of patient data going online, these attacks are inevitable and are likely to spike during the COVID-19 crisis, which is exerting unprecedented pressure on healthcare systems worldwide.
North America to Lead the Market Supported by Robust Healthcare Infrastructure
In 2018, the market size in North America stood at USD 13.84 billion and the region is expected to dominate the population health management market share during the forecast period. The primary factors favouring the regional include strong and advanced healthcare infrastructure and rapid progress in healthcare IT, along with robust presence of global healthcare services companies.
The PHM market in Europe is anticipated to grow at a steady pace as population health management solutions are playing a critical role in delivering improved care to the expanding elderly population in the region. In Asia Pacific, market growth will be mainly based on the increasing number of hospitals and multi-specialty healthcare facilities in the region.
Patient-centric Innovations by Market Players to Heat up Competition
The competitive milieu of this market is characterized by the operations of a few well-established players, specializing in healthcare IT in general and population health management in particular. These players are continuously innovating solutions to improve patient care and provide efficient access to patient data to health personnel. This factor has gained added significance due to the on-going crisis.
- February 2020: US-based Pillo Health released its newest HIPAA-compliant PHM solution, Pillo Remotely. The solution transfers management of Pillo devices to healthcare professionals, who can now gather patient health data, conduct health surveys, and configure Pillo devices to enhance medical care.
- January 2020: Microsoft announced a 5-year-long, USD 40 million health program called “AI for Health”. The novel initiative is designed to leverage Machine Learning (ML) and Artificial Intelligence (AI) tools to reduce health inequity, improve global understanding of mortality and longevity, and speed up medical research.
List of Key Players Covered in the Population Health Management Market Report:
- McKesson Corporation
- International Business Machines Corporation (IBM)
- Deloitte Touche Tohmatsu Limited
- Cerner Corporation
- UnitedHealth Group
- Koninklijke Philips N.V.
- GE Healthcare (General Electric Company)
- Allscripts Healthcare, LLC
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