Patient Portal Market at a CAGR with Growing Demand, Competition, Investment Opportunities & Forecast 2032

BySanket Badgujar
Market Research-197252c9

According to a Comprehensive Research Report by Future Market Insights (FMI), “Patient Portal Market Information by Type, Delivery Mode, End-User, and Region – Forecast till 2027”, the market is estimated to grow at a CAGR of 20% CAGR to reach USD 22.29 Billion by 2032.

Market Scope:
Patient portals provide patient-centered services such as access to medical records and communication between patients, payers, and doctors. Because of technological advancements in healthcare services via mobile-based technologies, increased reliance on mobile technology, web-based patient diaries, wearable technologies, and other digital techniques, the overall size of the patient portal market is expected to grow. Software companies create these portals as a web-based or mobile-based application for users to interact with in order to save or retrieve critical records.

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Market Drivers
Several factors are driving the market, including a shift toward mobile technologies, an increase in teleconsultation services as a result of the COVID-19 pandemic, an increase in the integration of mobile-based health platforms, and increased government support in the form of growth-promoting policies, rules, and acts. Regulatory mandates encouraging the implementation of digital health strategies have increased EHR adoption, which has aided the growth of the patient portal market. The patient portal market has grown in popularity as a result of government agencies’ push for database interoperability and the ease of use provided by EHR in increasing patient engagement. Furthermore, as the number of projects in developing countries grows, so will the demand for patient portals.

The growing global population, combined with an ageing population, is creating a demand for health records that can be accessed without visiting a healthcare facility. Patient portals are required for the bedridden population, people suffering from critical illness or terminal illness, and a large population under hospice care who are unable to travel to healthcare facilities to share health records. Software companies can collaborate with providers in developing countries to digitise health records.

Global regulatory changes and acceptance of digital health strategies are expected to increase demand for the digitization of paper-based health records. Furthermore, technology firms that already provide software and services to healthcare providers can broaden their customer base by acquiring pharmaceutical companies conducting clinical trials.

Market Restraints:
However, data security and privacy concerns, as well as the need for infrastructure to support servers, may limit the market’s growth.

COVID-19 Analysis
The current COVID-19 pandemic has affected people all over the world, forcing the closure of operational facilities all over the world. The healthcare industry faced unprecedented challenges during the lockdown, including supply chain disruptions that resulted in the closure of workplaces, affecting software development. The patient portal market was not significantly harmed, but it did provide support for growth.

The COVID-19 pandemic has provided opportunities for organisations that are already in the patient portal sector or are looking to enter it. This is due to an increase in the number of people experiencing mental health issues such as anxiety, depression, and eating disorders, among other things.

Market Segmentation
Standalone Patient Portals and Integrated Patient Portals are the two types of patient portals in the market.
The global patient portal market is divided into two types of delivery: web-based and cloud-based.
By end user, the global Patient Portal market is divided into providers, payers, pharmacies, and others.

Regional Insights:
North America held the largest market share in the patient portal market in 2020 due to the presence of prominent competitors such as Allscripts Healthcare Solutions, Inc. (US), McKesson Corporation (US), Athenahealth (US), Cerner Corporation (US), eClinicalWorks (US), CureMD (US), and Medfusion (US). (US). Furthermore, high payer and provider acceptance rates of patient portals are currently driving regional market expansion. Furthermore, the region’s patient portal industry is being driven by increased paperwork digitization. For example, beginning in January 2021, approximately 16 states in the United States will require electronic prescribing of restricted medications, while another 12 states are actively developing electronic prescribing legislation.

By 2020, Europe’s patient portal market was a sizable portion of the overall market. Changes in regulatory rules for storing patient health records are likely to increase in Europe as a result of country-level adoption of digital health solutions. With numerous countries actively drafting legislative status for access to health records, Eastern European countries are likely to have a higher demand for patient portals.

Asia Pacific is expected to grow at the fastest rate during the forecast period. The growing digital infrastructure for database administration, as well as an increase in the number of government organisations establishing national portals, are driving the rapid expansion of this regional market. Japan, Australia, China, and Singapore have well-developed infrastructure for hosting databases on servers. The developing countries in the region offer developers the opportunity to collaborate with government health ministries to digitise health records. Because of these factors and opportunities, the Asia-Pacific regional market is expected to grow at the fastest rate during the forecast period.

The Middle East, Africa, and Latin America make up the Rest of the World region. The patient portal market in the area is being pushed by technology advancements and the adoption of patient portals by a growing number of research institutes, government organizations, and clinical laboratories. For example, in 2018, the Ministry of Public Health, Hamad Medical Corporation (Qatar), and Primary Health Care Corporation (Qatar) partnered with Cerner Corporation to launch the MyHealth Patient Portal (US).

Competitive Landscape:
The notable players of the market are
• Allscripts Healthcare Solutions, Inc. (US)
• McKesson Corporation (US)
• Athenahealth (US)
• Cerner Corporation (US)
• eClinicalWorks (US)
• CureMD (US)
• NextGen Healthcare Information Systems, LLC (US)
• Greenway Health, LLC (US)
• Medfusion (US)
• Epic Corporation Inc. (US)
• GE Healthcare (US)
• Intelichart (US)

Key Segments Covered in the Patient Portal Market

By Type:

  • Standalone Patient Portal
  • Integrated Patient Portal

By Delivery Mode:

  • Web-based Patient Portal
  • Cloud-based Patient Portal

By End-Use:

  • Patient Portal for Providers
  • Patient Portal for Payers
  • Others

By Region:

  • North American Patient Portal Market
  • Latin America Patient Portal Market
  • Europe Patient Portal Market
  • Asia Pacific Patient Portal Market
  • Middle East & Africa Patient Portal Market

 

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