Patient Portal Market worth over $8.2bn by 2027
Published Date: October 5, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Patient Portal Market size is set to surpass USD 8.2 billion by 2027, according to a new research report by Global Market Insights Inc.
Patient portal refers to a robust health information technology (IT) solution that is optimized by patients for better management and monitoring of their health. Patient portals offers access to electronic health records (EHRs) concerning an individual and provides critical information to healthcare providers, enabling them to make better decisions. The use of patient portals among elderly adults has been increasing at a notable pace with simplification of user interface and addition of supportive features.
Healthcare services are increasingly utilized by the elder adults quite frequently, and with little training or assistance related to these health IT solutions are anticipated to offer robust market potential in the coming years. Several studies have highlighted the positive impact of patient portals on clinical outcomes among the geriatric populace, with the use of features such as health decision making, patient-provider communication, and treatment compliance among others. Aged population have rapidly adapted to the technology transition and is evidenced by higher proportion of elderly adults that use the Internet. Moreover, rapidly aging population that requires healthcare services for managing chronic diseases, further provides immense growth opportunities for the market.
Growing adoption of patient centric approach by healthcare providers is slated to boost the patient portal market growth
The need for patient participation in healthcare decision-making, augmented demand for personalized therapeutics, and incorporating the patient perspective in development of clinical services have revolutionized the healthcare industry that is expected to influence the market expansion incrementally. This digital revolution is providing authority and accountability to patients, enabling them to play an indispensable role in critical decision making. Growing usage of robust clinical solutions such as EHRs, electronic medical records (EMRs), patient portals, healthcare apps, and other modalities have enacted as powerful tools driving the promotion of patient centric approach. These technologies generate unique opportunities for the healthcare providers to assess an individual using medical records and offer tailored treatment. The rise in acceptance of patient-centric approach have promoted the use of these technologies, as they aid in improving patient engagement and fostering health outcomes. Promoting patient participation in healthcare delivery is predicted to facilitate improvisation in quality and safety of care.
Data authority, personalized features, and friendly user interface among other factors to spur the patient portal market progression
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The standalone portal segment will witness 13.5% growth rate through 2027 led by the high data authority, personalized features, and friendly user interface among others. Standalone patient portal systems generally possess more features than integrated patient portals and are often more detail oriented & personalized, thereby enhancing the patient experience. Major market players such as Allscripts Healthcare Solutions, Solutionreach, Athena Health, and McKesson Corporation are actively engaged in development of advanced patient portal services offering robust functionalities.
Browse key industry insights spread across 150 pages with 182 market data tables & 15 figures & charts from the report, “Patient Portal Market Size By Portal Type (Standalone Portal, Integrated Portal), By Deployment Mode (On-Premise, Cloud-based), By End-use (Healthcare Providers, Healthcare Payers, Pharmacies), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
More reliability, data security, and complete authority & control over the system will propel the on-premise deployment model
The on-premise segment in the patient portal market was valued at more than USD 1.29 billion in 2020 impelled by the high data security and reliability. On-premise patient portal software is installed on the specific premises of the provider or organization’s local servers. Rising concerns related to data theft and data privacy associated with outsourced data storage model are fueling the demand for on-premises deployment mode. On-premise solutions are majorly used by the large-scale organizations that have the ability to afford upfront capital investments and technological requirements of these solutions.
Medical billings and payment services offered by patient portal to stimulate the market value
The healthcare payers segment held 21% of the patient portal market share in 2020. Patient portals provides medical billing, payment and insurance services along with other features. These medical features enable the health insurance companies to track the treatment, medical expenses, other billing related information and aid in providing appropriate reimbursement to patients.
Government initiatives and increasing geriatric population will amplify the market revenue in UK region
UK patient portal market is estimated to attain a CAGR of over 12.8% till 2027 on account of the steady adoption rate of patient portals, growing geriatric population and government initiatives to incorporate EHR across the healthcare facilities. For instance, in October 2020, the NHS collaborated with Cerner Corporation and Induction Healthcare to assist the NHS hospitals facilitate management of outpatient appointments and other administrative operations through patient portals. This collaboration offers NHS access to Zesty, a patient portal developed by Induction Healthcare for healthcare settings, and Cerner agreed to design an integrative patient engagement solution to assist NHS trusts provide more efficient clinical solutions for patients. Such initiatives by the NHS are set to promote the usage of patient portals in the country.
Furthermore, as per the Age UK statistics, in 2018, the expanding geriatric population in UK accounted for 12 million (people aged 65 and above) and by 2040, approximately 14% of the overall population is poised to be aged 75 or above. The expanding elderly populace suffering with chronic ailments & co-morbidities along with limited penetration of EHR services presents lucrative growth potential for the industry.
Players are emphasizing on strategic initiatives and innovative product launch to expand business operations
Some of the major companies operating in the patient portal market are Allscripts Healthcare Solutions, Inc., McKesson Corporation, Cerner Corporation, GE Healthcare, NextGen Healthcare Information Systems, LLC, Epic Systems Corporation, Inc., and Greenway Health, LLC. These leaders are involved in strategic partnerships, collaborations, product launch and market diversification to gain competitive edge over their competitors.