According to a market report, published by Sheer Analytics and Insights, The global patients portal market was valued at $2.4 billion in 2021 and it is expected to reach $19.8 billion at a CAGR of 20.4% between 2022 and 2032. Patient portal solutions make it easy to use and improve care coordination. As more healthcare providers and payers adopt patient-centric methods, the market is expanding. Many companies have implemented Patient-Centered Healthcare (PCH) programs as healthcare continues to change. Increased productivity, improved customer experiences, and improved healthcare results can all be attained by integrating modern digital technologies like EHR and patient portals with a patient-centric strategy. The consumerist idea is being used by healthcare payers and providers to improve their services and give better healthcare experiences for its users, which is anticipated to further fuel market expansion. However, on the other hand, concerns about data security and privacy, the high deployment costs of patient portal solutions, and the need for infrastructure expenditures to support patient portals are some of the factors anticipated to somewhat hinder the market's expansion.
Moreover, a growing patient-centric approach to healthcare delivery, the use of electronic health records, and the rising popularity of patient portals among seniors are all factors that have contributed to the growth of the patient portal industry as a whole. According to the World Health Organization (WHO), national EHR systems have been adopted in more than half of upper-middle- and high-income nations. This promotes the expansion of the patient portal market. The market for patient portals is experiencing increased demand due to the patient-centric approach and rising EHR demand from healthcare payers. These primary factors are driving the market over the past few years.
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The use of EHRs is increasing as healthcare sectors have become more digital. Additionally, many projects are being carried out by government agencies to digitize the healthcare sector. The demand for patient portals is also rising as a result of standardizing infrastructure and laws that protect medical records. Furthermore, Government agencies from several nations are also giving patient portal integration considerable attention. As a result, the combination of initiatives and necessity is increasing the demand for patient portals. For instance, the My Health Record initiative in Australia aims to digitize health records for the majority of people by 2022. In addition, hospitals in developing nations are increasingly utilizing healthcare technologies, which are fueling the market for patient portals. Combining 5G, the internet of things (IoT), big data, artificial intelligence (AI), and other technologies, would be accomplished to offer accessible healthcare services and improve patient-physician connections. Hence, these rising factors are estimated to create more growth opportunities for the market.
Additionally, patient portals must be built with the widespread use of mobile devices and their simplicity in mind. The development of patient portals is also being hampered by the intermittent supply of information caused by issues at the provider end and by the challenges associated with using complicated patient portals. Patient portal features might not be appropriate for all patients' needs. Patient portals occasionally request data that is unnecessary and of little value. As a result, gathering information becomes time-consuming and laborious. These might create some restraints in the future.
According to the study, key players dominating the global patient portal market are Allscripts (U.S), CureMD Healthcare (U.S), Epic Corporations (India), eClinical Works (U.S), General Electrics (U.S), Greenway Medical Technologies (U.S), Intelichart (U.S), McKesson Corp (U.S), Oracle Corp (U.S), NextGen Healthcare (U.S), among others.
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