iCrowd Newswire – Jul 15, 2020
Patient Portal Market size is forecast to reach $5.94 Billion by 2025, growing at a CAGR of 17.78% during the forecast period 2020-2025. A Patient portal is a web-based access point that relates to the electronic health records (EHR) systems or access points, which is focused on patient’s access to health records and they can share their health information and communicate remotely. These allow patients to investigate various data points, including physician notes, lab results, their health histories, and immunizations discharge reviews. The Healthcare sector at present is putting more preference for patient engagement. Digital technology is rapidly establishing its base in healthcare technology through the adoption of a patient portal. A patient portal is improving patient engagement and is supporting to deliver better outcomes.
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By Type- Segment Analysis
Based on the type, Patient portal market is segmented to Standalone Patient Portals and Integrated patient portals. Integrated patient portals are estimated to grow at a CAGR of 12.35% during the forecast period 2020-2025 since these solutions offer increased efficiency and low requirement of expensive custom development to build a bridge between systems.
By End Use- Segment Analysis
Based on the End Use, Patient portal market is segmented into payers, providers, pharmacies and others. Providers include hospitals, ambulatory care centers, home healthcare agencies, nursing homes, diagnostic & imaging centers, and others. Providers held most of the end use segment in the patient portal market in 2019. In addition, providers are expected to be the fastest growing segment over the forecast period 2020 to 2025.
By Country – Segment Analysis
Based on Geography Patient Portal Market covers North America, Europe, Asia-Pacific, and Rest of World. Europe accounts for 39.7% of total market share for Patient Portal owing to enhanced digitization of the healthcare processes and implementation of telehealth and healthcare IT projects in the region, followed by North America. With the demand for high-end medical infrastructure Asia-Pacific is set to be the growing at fastest CAGR during the forecast period 2020-2025. China, Japan, and India are the most developing countries in the region and hence would fuel the market growth for high acuity information systems.
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Drivers – Patient Portal Market
- Increasing demand for High-quality Medical Infrastructure
The growing prosperity of many households in developing countries is prompting a demand for high-quality medical care and increasing private sector participation. Innovation and medical advancement are the core aspect of advancing medical care. Moreover, the presence of Healthcare infrastructure is set to drive the patient portal market.
- Increase in the Demand for Electronic Health Records (EHRs)
The increasing adoption of Electronic Health records presents an opportunity for patients to access their clinical data and actively participate in their care via Electronic Medical Records. Hospitals and other health care organizations can facilitate patient access to their Electronic Medical records information through patient portals. This, in turn, is driving market for Patient Portals.
Challenges – Patient Portal Market
Poor user experience and limited functionality are restraining the market to some extent but also identified as a challenge for the market. Health IT leaders assure that the portals is set to be developed with added functionality and current work is going on optimizing the portals for the mobile device as mobile is a dominant platform today.
- In Jan 2017, McKesson acquired CoverMyNeeds for USD 1.1. Billion to build network with the providers with a combination of providers and pharmacists interfacing with the patient.
- In October 2019, E clinical works announced collaboration with Humana Inc., a leading health and well-being company, GuideWell, the parent to a family of forward-thinking companies focused on transforming healthcare and Trusted Health Plan, a provider of Medicaid and Alliance Benefits, to provide advanced bidirectional interoperability.
- Integrated patient portals were identified as the most lucrative segment in 2019 owing to the rapid shift of providers from their previous methods to the Electronic Health Records
- The modernization of operations and approaches, by utilizing technology solutions, such as patient portals and analytical sources, improves the efficiency of healthcare organizations and facilities.
- In 2019, Europe dominated the Patient Portal Market owing to enhanced digitization of the healthcare processes and implementation of telehealth and healthcare IT projects in the region.
- Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Patient Portal market report.
Patient Portal Industry Outlook
Product launches, Merger & Acquisitions, joint ventures, and R&D activities are key strategies adopted by players of the Patient Portal Market. Patient Portal Market top 10 companies are Allscripts Healthcare Solutions, Inc, McKesson Corporation, athenahealth, Inc, Cerner Corporation, eClinicalWorks, CureMD, NextGen Healthcare Information Systems, LLC (U.S.), Greenway Health, LLC, Medfusion, Epic Corporation Inc., GE Healthcare, and Intelichart
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