Patient portals are online applications used in the healthcare sector, helps one keep track of health care provider visits, test results, billing, prescriptions, and so on, which enhance interaction between patients and healthcare practitioners. These portal services can be assessed through internet, by simply login to website or application, so patients can access the data from mobile phones, personal computers, from any place & at any time. There are majorly two types of patient portal services; standalone services and integrated services. Standalone services include any particular service for patient engagement, while integrated service can be used for multiple purpose, or to provide one stop solution for services such as, medical billing, maintaining patient records, e-prescription, appointment scheduling, and others.
Launch of patient portal systems is expected to drive the global patient portal software market growth
Key players in the market are engaged in research and development activities, and product launches in order to expand their offerings in the market. For instance, in 2018, Brightree, a provider of cloud-based software, launched a new application called Patient Hub to personalize patient experience and increase revenue for home medical equipment (HME) providers. Patient Hub is a patient engagement application, which simplifies the work of HME providers to connect with their patients.
Moreover, in July 2014, Habersham Medical Center announced the launch of a new electronic medical record system or patient portal, which will allow patients to save and access their information from their personal computers and they can also transfer it to other healthcare providers, which the other patient portals doesn’t allow. Such products are expected to help in solving the problems faced by patients, and allow them easy access and share information much easily, this is expected to drive the global patient portal software market growth.
Increasing awareness and user-friendly features is driving demand for patient portal software, which is expected to propel global patient portal software market growth over the forecast period
Increasing awareness about patient portals is expected to drive the global patient portal software market growth. Patient portal software are easy and convenient to handle, therefore several patients and healthcare practitioners are adopting this technology. This patient portal software can be used for several purposes such as booking appointments, keeping a track of patient’s medical history, accessing patient’s lab results, and generating electronic prescriptions. For instance, according to United Nations International Children's Emergency Fund (UNICEF), in 2015, 30% of patients were using the patient portal software which was an increase of 12% compared to 2014 in the U.S.
Restraints in the Global Patient Portal Software Market
Factors restraining the global patient portal software market growth include privacy concerns regarding personal information that is stored in the software such as lab reports results. Data privacy and security issues which include data leaks, breaches, and others are expected to restrain the growth of the global patient portal software market.
Global patient portal software market was valued at US$ 1,143.1 Mn in 2018 and is expected to witness a CAGR of 7.6% over the forecast period (2019–2027).
Figure 1. Global Patient Portal Software Market Share (%), By Software Mode, 2019-2027
Source: Coherent Market Insights Analysis (2019)
Regional analysis of Patient Portal Software Market
The global patient portal software market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
North America is expected to hold dominant position in the global patient portal software market owing to increasing government initiatives to enhance the patient care in the U.S by initiative of ‘Putting I in Health IT’ (using IT in healthcare to enhance patient care service). For instance, in August 2013, U.S. Department of Health & Human Services introduced a training module in U.S. called ‘Using Patient Portals to Enhance Patient and Family Engagement’. This module includes all the essential information to using patient portals to enhance patient and family engagement. The training module serves as a resource for Regional Extension Centers (RECs), to support their work with eligible providers (EPs is a healthcare provider focus on electronic medical record), by providing training regarding patient portals.
Asia Pacific is the fastest growing market and is estimated to witness significant growth over the forecast period owing to increasing digitalization and technological advancements. For instance, according to Digital survey in Asia Pacific 2017, investments in digital infrastructure and a favorable regulatory environment have helped in boosting Internet penetration in the healthcare market. As of 2018, 51% of Internet users globally reside in Asia Pacific and use various online platforms for easy and smart access to apps and websites.
Figure 2. Global Patient Portal Software Market Share (%) Analysis, By Region, 2019 and 2027
Source: Coherent Market Insights Analysis (2019)
Key players operating in the global patient portal software market include Napier Healthcare Solutions, Inc., Allscripts Healthcare Solutions Inc., Curemd Healthcare, Athenahealth Inc., Cerner Corporation, Nextgen Healthcare Information Systems LLC, GE Healthcare, Greenway Health LLC, Medfusion Inc., Eclinicalworks LLC, and PrognoCIS.
Patient portal software includes several facilities at a single platform such as appointment booking, and generating prescriptions among others. Key users of patient portal software are doctors, pharmacists, and patients. This software operates with the help of the Internet or cloud-based systems. The purpose of patient portal services is to provide easy access to patients as well as healthcare practitioners to patient data, medical records and others.
Key players in the market are engaged in research and development of innovative platforms that can advance patient care and outcomes. For instance, In August 2018, AdvancedMD, a cloud platform of smart billing and patient applications, launched patient-managed e-payments, this launch is expected to simplify bill payments.
Moreover in August 2013, Medical Web Experts, a provider of web solutions in the healthcare industry, launched the ‘Bridge’ patient portal brand and a new website. This site was originally known as a medical web expert’s enterprise patient portal, and the new brand and website was launched following significant growth in the company’s software solutions.
Moreover, several companies are taking initiatives and measures to increase patient engagement. For, instance, in October 2018, Intelerad Medical Systems, launched ‘nuage’ Patient Portal, a cloud-based patient portal solution, which will empower patients to access healthcare records anytime, anywhere.
Despite increasing awareness regarding patient portal services, there is lack of awareness of these portals in low, and middle income regions, also, due to low income rate people refuse using such services.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.