Patient Portal Market Outstrips US$ 8,938.75 million by 2027 to grow at a CAGR of 18.8% COVID-19 Impact and Global Analysis By Product says, The Insight Partners

Patient Portal Market: Insight

According to our latest study on “Patient Portal Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Product, Delivery Mode, and End User,” the market was valued at US$ 2,185.71 million in 2019 and it is projected to reach US$ 8,938.75 million by 2027; it is expected to grow at a CAGR of 18.8% during 2020–2027. The report highlights trends prevailing in the global patient portal market, and the factors driving and restraining the market growth.

The patient portal is a web-based solution that is connected with the electronic health records and allows patients to access their health records. Patients can share their health information and communicate remotely. The factors such as increasing adoption of EHR and government regulations mandating maintain health records are driving the growth of the market. Many healthcare institutes are currently focusing on the adoption of technologies and implementation of digital platforms. These platforms are preliminarily intended to generate patient database and utilization of it for disease diagnosis and treatment decisions. Additionally, the growth of global patient portals market is attributed to the rising prevalence of chronic diseases, growing adoption of big data and health IT tools, increasing number of strategic initiatives taken by governments, and growing number of hospitals. However, the lack of awareness about software in emerging nations and concerns regarding data privacy restrain the market growth.

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Patient Portal Market: Competition Landscape & Key Developments

The growth of the patient portal market is driven by increasing demand for EHRs and rising use of smartphones. However, concerns regarding data privacy hinder the market growth. Cerner Corporation; Allscripts; McKesson Corporation; Optum, Inc; athenahealth, Inc; Epic Systems Corporation; Greenway Health, LLC; CureMD Healthcare; GE Healthcare; and NXGN Management, LLC are among the major companies operating in the market.

Increasing Demand for Electronic Health Records (EHRs)

Increasing adoption of patient-centric approach by healthcare payers and rising demand for electronic health records (EHRs) are contributing to the growth of the patient portal market. EHRs are becoming increasingly popular as the digitalization ‘of the healthcare industry is growing at a significant rate. As per the World Health Organization (WHO), more than 50% of upper-middle- and high-income countries have adopted national EHR systems. Governments worldwide are focusing on laying down the standards, regulations, and infrastructure for maintaining health records, which is increasing the demand for patient portals. For instance, My Health Record, a national digital health record platform in Australia, has launched “My Health Record” to ensure that most citizens have a health record by 2022. This would help all healthcare providers in the country in retrieving healthcare information available on the platform. Also, the COVID-19 pandemic has put much pressure on healthcare organizations since the beginning of 2020. However, the use of EHRs has been proven instrumental in overcoming this challenge. They have helped in recommending surge capacity to help healthcare providers prepare for the hike in patient numbers. In May 2020, the US federal government proposed the Federal Health IT Strategic Plan 2020–2025 that mandates the meaningful usage of EHR by healthcare providers.

Apart from this, increasing adoption of healthcare technologies by hospitals in emerging countries is further driving the patient portal market. For instance, in March 2019, Huawei Technologies signed a partnership agreement with Guangdong Provincial People's Hospital for building a wireless healthcare hospital in China. This would be achieved by integrating 5G, internet of things (IoT), big data, artificial intelligence (AI), and other technologies to provide accessible healthcare services and better patient-doctor relationships. Therefore, increasing adoption of the patient-centric approach, rising investment in healthcare IT infrastructure, and increasing adoption of EHRs drive the patient portal market.

Patient Portal Market: Segmental Overview

Based on product, the global patient portal market is bifurcated into standalone patient portals and integrated patient portals. The integrated patient portals segment held a larger share of the market in 2019. Also, the same segment is anticipated to register a higher CAGR in the market during the forecast period. The market growth for integrated patient portals segment is attributed to the fact that these portals offer increased efficiency and low requirement of expensive custom development to build a bridge between systems. Most integrated portals are provided by the same vendor as an electronic health records (EHRs) system. Moreover, these solutions allow a user to complete multiple business functions from the same interface. As they provide a one-stop solution, they are cheaper, favored, and therefore high in demand.

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