Population Health Management (PHM) Market Size, Share, and Forecast

 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 coronavirus pandemic is likely to stoke the adoption of population health management systems and fuel the market growth.

Market Restraint

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.

 

Regional Insights

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.