Patient Portal Market to Grow with a CAGR of 15.29% through 2028
Several government initiatives, enhanced healthcare
access, data security measures, and technological advancements are expected to
drive the Global Patient Portal Market growth in the forecast period,
2024-2028.
According to TechSci Research report, “Patient
Portal Market – Global Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Global Patient Portal Market stood at USD 3.04 billion in 2022 and is anticipated to grow with a CAGR of 15.29% in the
forecast period, 2024-2028. This can be attributed to growing mobile access. The
proliferation of smartphones and tablets has made patient portals even more
accessible. Many patient portal solutions offer mobile apps or responsive web
interfaces, allowing patients to engage with their healthcare information on
the go. This mobile accessibility aligns with changing patient behaviors and
preferences.
Furthermore, to encourage patient engagement, some
portals will incorporate gamification elements and behavioral incentives.
Patients may earn rewards or incentives for completing health-related tasks or
meeting wellness goals, fostering greater participation in their care plans.
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The market is
experiencing growth due to the increasing demand for Electronic Health Records
(EHRs) and the widespread adoption of patient-centric approaches by healthcare
payers. EHRs are gaining popularity as the healthcare sector undergoes digital
transformation at an accelerated pace. According to the World Health
Organization (WHO), more than half of upper-middle and high-income countries
have implemented national EHR systems. Governments are taking various
initiatives to digitize healthcare systems and standardize infrastructure and
legislation for managing health records, resulting in a rising demand for
patient portals.
Governments
worldwide are focusing on establishing regulations, infrastructure, and
standards for maintaining health records, driving market growth. Australia's
national digital health record platform, My Health Record, aims to provide a
health record for the majority of citizens by 2022, simplifying the retrieval
of healthcare data for all healthcare providers in the country.
Furthermore, the
aging population and the prevalence of chronic diseases are placing increasing
pressure on healthcare systems' capacity and financial sustainability.
Innovations in healthcare technology, connected devices, big data analytics,
and artificial intelligence are unlocking significant potential for health data
and insights, enabling healthcare professionals to make more accurate diagnoses
and treatment decisions. In emerging countries, hospitals are leading the way
in adopting new healthcare technologies, driving the patient portal market. For
instance, in March 2019, Huawei Technologies partnered with Guangdong
Provincial People's Hospital to develop a wireless healthcare facility in
China, integrating the Internet of Things (IoT), Artificial Intelligence (AI),
and big data to improve patient-doctor interactions and provide accessible
healthcare services.
However, there
are challenges to industry growth, including concerns about data privacy and
security, as well as the high costs associated with adopting and deploying
these technologies.
The Global Patient
Portal Market is segmented into type, delivery mode, end-use, regional distribution,
and company.
Based on its delivery
mode, the web-based segment has emerged as the predominant market leader, driven
by the advantages it offers, including quicker implementation, no need for
additional hardware investments, automatic software updates, and a low initial
investment.
Unlike
on-premises software, web-based software can be set up off-site and managed by
a third party. Providers of web-based software typically charge an annual or
monthly fee based on usage. The key benefits associated with web-based software
include cost-effectiveness (as there's no need to purchase software or hardware
systems), a swift return on investment, and ease of deployment.
Furthermore, the
cloud-based segment is expected to witness substantial growth in the forecast
period. Cloud-based solutions enable healthcare companies to share and
integrate data in real-time from multiple locations or systems, facilitating
the creation of a comprehensive database registry. Features like email
marketing, online appointment scheduling, health education tools, and social
media integration are among the options available through cloud-based portals.
In 2021, Clinic
to Cloud, a Sydney-based healthcare and practice management software provider,
revamped its patient portal to enhance the patient experience. Users can now
utilize the cloud-based system to schedule appointments, review charges and
invoices, access pathology and imaging study results, upload referrals, and
perform various other tasks.
Based on end-use,
the providers segment emerged as the market leader in 2022, boasting the
largest share, and it is expected to demonstrate an impressive CAGR throughout
the forecast period. According to the Office of the National Coordinator for
Health IT (ONC), over 90% of hospitals offer users access to their medical
records, with 72% of organizations granting users the ability to view,
download, and transmit their complete medical records. The widespread adoption
of patient portals by healthcare providers is the primary driver behind the
segment's growth. In September 2019, Epic Systems collaborated with Phelps
Health to introduce a platform that consolidates all of Phelps Health's
healthcare areas into a single Electronic Health Record (EHR) system.
Furthermore, the
payers segment accounted for a substantial market share in 2021. Government
entities such as the Centers for Medicare & Medicaid Services in the United
States and the National Health Service in the United Kingdom function as
payers, accepting health claims and disbursing reimbursements. Payers engage in
negotiations to establish provider rates, generate revenue through premiums or
taxes, and disburse payments to healthcare providers. Notable examples of
payers include commercial health insurers like Blue Cross Blue Shield,
Athenahealth, and Humana Inc.
Major companies
operating in Global Patient Portal Market are:
- All scripts Healthcare LLC
- athenahealth Inc
- Cerner Corp
- Epic Systems Corp
- GE Healthcare Inc
- Greenway Health LLC
- McKesson Corp
- MedFusion Inc
- NextGen Healthcare Information Systems
LLC
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“The global
patient portal market is on the cusp of transformative change, with exciting
trends on the horizon. Enhanced user experiences, wearables integration,
AI-powered personalization, telehealth capabilities, data interoperability, a
focus on preventive care, gamification, and blockchain security are set to
redefine patient portals. These trends are not only making healthcare more
accessible and patient-centric but are also aligning with the evolving
expectations of patients in a digital age. As patient portals continue to
evolve, they will play a pivotal role in delivering high-quality,
patient-centered care while improving health outcomes and experiences for
patients around the world. It is an exciting time for the global patient portal
market, as it leverages these upcoming trends to shape the future of healthcare
delivery,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Patient Portal Market By Type
(Standalone, Integrated), By Delivery Mode (Web-based, Cloud-based), By End-use
(Providers, Payers, Others), By Region, By
Competition Forecast & Opportunities, 2018-2028F”,
has evaluated the future growth potential of Global Patient Portal Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Patient Portal Market.
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