Market Overview:
Global Patient Portal Market size was valued at USD 2.88 Billion in 2022 and is projected to reach USD 11.92 Billion by 2030, growing at a CAGR of 19.43% during the forecast period.
A secure website that gives users access to their personal health information anytime anywhere is known as a patient portal. To access information about recent medical visits, prescriptions, vaccines, discharge summaries, prescription refill requests, and non-urgent appointment scheduling, among other features, patients must have an internet connection. Patient portals combine patient-centric services like access to medical records and communication between patients, payers, and physicians. The patient portal market is expected to grow in size as a result of the development of mobile-based technologies for healthcare services, increased reliance on mobile technology, web-based patient diaries, wearable technologies, and other digital strategies.
Top Key Players for Patient Portal Market:
Allscripts Healthcare, LLC (U.S), GE Healthcare (U.S), Athenahealth Inc. (U.S), Greenway Health, LLC (U.S), Cerner Corporation (U.S), McKesson Corporation (U.S), Cured Health (U.S), Medfusion, Inc. (U.S), Epic Systems Corporation (U.S), NextGen Healthcare Information Systems LLC (U.S), and other major players.
Market Dynamics and Factors for Patient Portal Market:
Drivers:
Growing Demand for Electric Health Records (EHRs)
The increasing demand for Electric Health Records (EHRs) has become a significant growth driver for the Patient Portal Market. EHRs enable healthcare providers to store and access patient medical data electronically, fostering efficient information exchange and improved patient engagement. As patients become more involved in their healthcare decisions, the demand for patient portals, which offer secure access to EHRs, appointments, lab results, and personalized health information, has risen. This trend not only enhances patient satisfaction but also facilitates better care coordination and healthcare outcomes, driving the expansion of the patient portal market.
Opportunities:
Cloud-Based Patient Portal Solution Development
The development of a cloud-based patient portal solution presents a significant opportunity for the Patient Portal Market. Cloud-based solutions offer several advantages, including scalability, cost-effectiveness, and easy accessibility for both healthcare providers and patients. By leveraging the cloud infrastructure, healthcare organizations can streamline the implementation and maintenance of patient portals, reducing the need for on-premises hardware and IT support. Additionally, cloud-based portals facilitate seamless data sharing, ensuring real-time access to medical information, appointments, and communication tools. This enhanced functionality and user experience are likely to drive the adoption of cloud-based patient portals, propelling market growth.
Segmentation Analysis of the Patient Portal Market:
By Type, The Standalone segment dominates the Patient Portal Market due to its independent nature. Standalone patient portals can be implemented separately from Electronic Health Record (EHR) systems, allowing healthcare providers to choose a portal that best suits their needs. This flexibility and ease of integration with existing systems make standalone solutions more appealing, resulting in their widespread adoption and dominance in the market.
By Delivery, The Cloud-based Delivery segment is gaining traction in the Patient Portal Market due to its numerous benefits. Cloud-based patient portals offer greater scalability, cost-effectiveness, and accessibility for healthcare providers and patients. The convenience of accessing medical data and services through the cloud is driving the demand for this segment, leading to its increasing prominence in the market.
Regional Analysis of the Patient Portal Market:
The patient portal market in North America is expected to witness significant growth owing to the region's rapid technological advancements. Both the United States and Canada have effectively integrated IT technologies into their healthcare systems, which is likely to drive the expansion of the market. Additionally, Europe is poised to hold a strong position in the market due to the growing adoption of healthcare IT and telehealth initiatives, along with the increasing digitization of healthcare processes in the region.
Key Industry Development:
In November 2022, MYIO, the first all-inclusive mobile app for patient participation in behavioral health, was released by Valant. MYIO improves operational efficiency of behavioral healthcare clinics by removing the requirement for manual patient data entry into numerous systems.
In March 2022, Tata Elxsi announced TEngage, a cloud-based digital health platform that enables hospitals and healthcare providers to deliver healthcare at any time, from any location, and to give a uniform patient experience across all channels.
