Global Personal Health Record Software Market By Component (Software & Mobile Apps and Services), By Architecture Type (Payer Tethered, Standalone and Provider Tethered), By Deployment Mode (Web-based and Cloud-based), By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027
The Global Personal Health Record Software Market size is expected to reach $13.2 Million by 2027, rising at a market growth of 9.8% CAGR during the forecast period. Personal Health Record Software (PHR software) refers to a solution developed for patients to manage their health records along with insurance documents. A complete view of the medical and the current health records is shown in the software for the patient & doctors to get access to these records at the time of the treatment management process.
Some of the basic information that is updated in the PHR software is a doctor’s name, prescribed medications with dosage details; patient & doctor address details, medical history, and crucial information on allergies and drug reaction data. In addition, some more information like the detailed information and analytical representation of any lifestyle disease such as CVD, high blood pressure, diabetes, etc., genetic & hereditary disease information, past & upcoming surgery details, and detailed history of immunization and ill effects, are displayed in the PHR software.
Surge in the number of government initiatives to promote paperless data integration in the healthcare industry and increasing awareness among patients living in urban areas about medical information management and storage are anticipated to bolster the growth of the global personal health record software market. There are several concerns attached to individual health data security, which would possess a challenge for the market players. It would further impact patient engagement initiatives and restricting the adoption of PHR solutions among the patients.
The outbreak of the global COVID-19 pandemic has put more pressure on healthcare organizations from the initial phases of the pandemic. The pandemic has negatively impacted the sales and revenues of key market players owing to the slowdown in new business bookings since some client purchasing decisions and projects were postponed to obtain important medical supplies, treating patients, and managing their organizations in the crisis. Additionally, enterprises like Allscripts, experienced some delays in dealing with direct software revenue & professional services deployments across their outpatient & inpatient base.
The pandemic has collapsed the condition of work and life, creating an instant requirement for digital tools since companies across all the industries and regions surged their digital revolution efforts and shifted their products & services to the online platform. However, this pandemic has positively impacted the growth of the market due to the high acceptance of advanced technologies to fulfill the growing customer requirements.
Market Growth Factors:
Increasing government initiatives across the globe
There are growing government initiatives across various regions to promote the paperless healthcare mechanism, which is estimated to accelerate the growth of the personal health record software market. In addition, the burden of carrying multiple papers or prescriptions for availing any healthcare facilities has led patients to opt for personal health record software, which would further augment the growth of the market in the coming years.
Growing digitalization in the healthcare industry
The increasing digitalization across the globe, especially in the healthcare sector is creating demand for more advanced, compact, and convenient technologies and solutions, which is estimated to fuel the demand for personal health record software. This software helps in keeping the health record of a person that includes a wide variety of information like doctor and patient’s address, an allergy to the patient, etc., which improves the healthcare management.
Market Restraining Factor:
Privacy and security concerns
As all the health-related information of a person is updated in the personal health record software, it becomes extremely important to protect this information from getting into the wrong hands. Misuse of this information by criminals for illegal purpose has a high probability. With the improvements in technology and the growing adoption of smart technologies and solutions by patients, the chances of security and data breaches are relatively higher than earlier. Criminals are getting more advanced with time and have found new ways to carry out their plans for data theft.
Based on Component, the market is segmented into Software & Mobile Apps and Services. The services segment is projected to exhibit the fastest growth rate during the forecast period. Previously, the personal health record of a person was written on papers or documents saved on file. In addition, companies like PicnicHealth, are providing personal health record services.
Architecture Type Outlook
Based on Architecture Type, the market is segmented into Payer Tethered, Standalone and Provider Tethered. The provider-tethered segment is projected to register a significant growth rate during the forecast period. These provider-tethered personal health records are protected by a healthcare administration’s internal record system. The surging government initiatives to promote healthcare IT usage and the launch of numerous technologically sophisticated healthcare services are estimated to spur the growth of the segment.
Deployment Mode Outlook
Based on Deployment Mode, the market is segmented into Web-based and Cloud-based. The web-based deployment mode segment procured the highest revenue share in the personal health record software market in 2020. The rising adoption of online apps and changing trends in digitization are estimated to bolster the growth of the segment over the forecast period. The development of new and innovative technologies enables customers to get access to apps with the help of Uniform Resource Locators (URLs).
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. LAMEA is anticipated to witness the fastest CAGR during the forecast period. The increasing demand for remote patient monitoring solutions, owing to the aging population and rising cases of chronic conditions, is the key aspect propelling the growth of the regional market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Health Companion, Inc., NoMoreClipboard, LLC (Medical Informatics Engineering, Inc.), Office Ally Inc. (Patient Ally), Records for Living, Inc., Practice Fusion, Inc. (AllScripts Healthcare Solutions, Inc.), JVS Group (SoftClinic Software), Knapsack Health, Zapbuild Technologies Private Limited, and Validic, Inc.
Strategies Deployed in Personal Health Record Software Market
Mar-2020: Knapsack Health rolled out a free Personal Health Record (PHR) for people, caretakers, and families. The objective of the company through this launch is to offer patients the device they require to record their health records and manage & monitor the records of their loved ones.
May-2018: Practice Fusion launched e-prescribing for controlled substances (EPCS), which is accessible for customers across the US. E-Prescribing of controlled substances, or EPCS, refers to the electronic transmission of a prescription for a controlled substance to a pharmacy.
Dec-2017: JVS Technologies introduced a Digital Approach towards Healthcare Data Management to its Electronic Health Record (EHR) Software. As there is a huge amount of data produced on daily basis, managing this data through traditional procedures is a very challenging and high-maintenance task to be carried out manually. For this, the company developed an easy to utilize and scalable Electronic Health Record (EHR) Software for healthcare professionals.
May-2017: Practice Fusion expanded its reach by allowing the sales of e-prescribing for controlled substances (EPCS) to other states. After delivering their e-prescribing for controlled substances (EPCS) system to their customers in New York, the company is aggressively working to provide EPCS to practices in all states of the US.
Feb-2017: Practice Fusion introduced various latest features in its EHR, along with workflow enhancements, and customization options to save time. With these latest updates focused on efficiency, customers can also focus on the most important aspects: practice and patients.
Scope of the Study
Market Segments covered in the Report:
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