Global Patient Portal Market - Segmented by Portal, Delivery Mode, End User, Geography - Growth, Trends, and Forecast (2018 - 2023)
The patient portal market is expected to register a CAGR of 15.37%. The increased adoption of patient-centric approach by healthcare payers, increase in the demand for electronic health records (EHR), rising popularity of patient portals among geriatric population and favorable government funding policies and initiatives for implementing healthcare IT solutions contribute to the market growth for patient portal market.
Rising Popularity of Patient Portals among Geriatric Population
With the growth in the older adult population, it is essential for communities to support their aging population. To this end, there has been a growing interest in the design of technologies for older adults, including technologies that can support older adults through health maintenance and health information management. However, as the elderly population grows, more geriatric population will follow the adoption of patient portals for personal health management. Therefore, the usage of electronic health records (EHRs), patient portals, and electronic personal health records (ePHRs) has increased in recent years contributing to the growth of the global market.
The other factors include increased adoption of patient-centric approach by healthcare payers, increase in the demand for electronic health records (EHR) and favorable government funding policies and initiatives for implementing healthcare IT solutions, which also contributes in the growth of the patient portal market.
Requirement of Infrastructural Investments to Support Patient Portals
The infrastructure for handling electronic health records and electronic medical records is inadequate, particularly in the healthcare centers of the developing regions. In these areas, implementing a patient portal with no further connectivity to access EHR and EMR, is highly redundant. A patient portal might provide advantages, like cost savings by eliminating patient-physician visit and enabling e-prescriptions. But in the absence of integration with other verticals of healthcare IT, patient portals only provide limited advantages and do little in bringing down overall healthcare costs. Therefore, requirement of infrastructural investments to support patient portals is a deterrent to the growth of global patient’s simulators market, particularly in the developing regions of the world.
Data privacy and security concerns and high cost of implementation and deployment are also the factors, which likely impedes the growth of patient portal market.
North America Dominates the Market
North America is poised to account for the largest share of the patient portal market, following by the Europe and Asia-Pacific region. The large share of the North American patient portal market can primarily be attributed to the federal mandates in the United States, rising number of accountable care organizations in the United States, rising aging population, and digital health measures in Canada.
Key Developments in the Market