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Patient Portal Market: Increasing Demand for Electronic Health Records (EHRs)
NEW YORK, UNITED STATES, November 24, 2021 /EINPresswire.com / -- According to The Insight Partners 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.
Market Size Value in- US$ 2,185.71 million in 2019
Market Size Value by - US$ 8,938.75 million by 2027
Growth Rate- CAGR of 18.8% during 2020–2027
Forecast Period- 2020- 2027
Base Year- 2020
No. of Pages - 156
No. Tables- 45
Segments covered- By Product, Delivery Mode, End User and Geography
Regional scope- North America; Europe; Asia Pacific; Latin America; MEA
Country scope- US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage - Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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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.
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.
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.
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Based on product, the 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
Based on delivery mode, the patient portal market is bifurcated into web-based delivery and cloud-based delivery. The web-based delivery segment held a larger share of the market in 2019. However, the cloud-based delivery segment is anticipated to register a higher CAGR in the market during the forecast period.
Patient Portal Market: Competitive Landscape and Key Developments
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.
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As per the Office of the National Coordinator for Health IT (ONC), over 90% of hospitals allow patients to access their medical records, with 72% of organizations giving patients full view, download, and transmit capabilities. Healthcare organizations are adopting patient portals widely, which is driving the growth of the market.
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