Patient Portal Market - Segmented by Portal (Integrated and Standalone), Delivery Mode, End User, Geography - Growth, Trends, and Forecast (2018 - 2025)
The global patient portal market was valued at USD 1742.4 million in 2017 and is expected to witness a high growth rate of 15.37%, over the period 2018-2025, henceforth, referred to as the forecast period. A patient portal is a secure online website that gives patients convenient, 24-hour access to personal health information from anywhere with an internet connection. This report estimates the global patient portal market, which includes the various segments. 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 Drives the Patient Portal Market
In 2014, the adult population aged 65 years and above in the United States was estimated at 46.2 million, and this number is projected to increase to 98 million by 2060. With this expected growth in the aged population, it is essential for communities to consider ways to support their 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. Interest in electronic health records (EHRs), patient portals, and electronic personal health records (ePHRs) has increased in recent years. The incidence of multiple chronic conditions increases with age, and the prevalence of some chronic conditions, such as hypertension, asthma, cancer, and diabetes, has also increased among older adults. Hospitals, clinics, and organizations have started to offer patients a way to stay connected to their health information and manage their wellness and healthcare needs through patient portals. Two major factors facilitating the older adults’ use and adoption of patient portals are technical assistance and the advice of family and providers. The role of technical assistance in initially facilitating portal use is indispensable, especially in the case of geriatrics. Innovative product offerings in the market, which provide superior technical assistance, have witnessed greater adoption rates from the elderly population. The global geriatric population is on the rise, and so is the incidence of chronic illnesses. As the elderly population grows, a larger number of geriatrics will follow the adoption of patient portals for personal health management and contribute to the growth of the global market. Additionally, family and provider advice is acting as facilitators to patient portal use among the elderly. This indicates that the elderly are more likely to adopt the usage of a patient portal when advised by a close family member or their respective healthcare provider.
A requirement of Infrastructural Investments to Support Patient Portals Hinder the Patient Portal Market
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, a requirement of infrastructural investments to support patient portals is a deterrent to the growth of global patient simulators market, particularly in the developing regions of the world.
Market Segmentation Insights for the Patient Portal Market
By portal, the market is segmented into Integrated Patient Portal and Standalone Patient Portal. The integrated patient portal has the largest share in the market in 2017 as it is widely considered to be supportive of quality improvement and performance on a range of quality and efficiency measures. These solutions allow a user to complete multiple business functions from within the same interface. As they provide a one-stop solution, they are cheaper, favored, and therefore high in demand.
On delivery mode, the market is segmented into Web-based Delivery and Cloud-based Delivery. The Web-based Delivery is dominating the market in 2017 having 70% share. Cloud-based Delivery has the highest CAGR in the forecast period as the cloud-based patient portal system is more cost-effective, particularly for small to medium-sized practices, as there are no large hardware expenditures and the software expense is a consistent, low subscription rate.
Insights in the end-user segment which is further segmented into Provider, Payer, Pharmacy and Others. Providers dominate the market in 2017 which include hospitals, clinics, and healthcare centers that provide both clinical and non-clinical services. The efforts to improve the quality of people's daily health and life activities, as well as the use of big data analytics to support and promote such research activities, are some of the factors driving the segment growth.
North America is expected to have High Growth Opportunities in Patient Portal 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. The US government plans to use electronic health records to cut costs and improve the quality of healthcare over the next decade. Government funding is likely to increase the adoption of patient portals by healthcare providers and change the way players across the sectors operate.
Key Developments in the Market
- May 2018- EHR vendor Allscripts has acquired HealthGrid, a provider of enterprise patient engagement solutions that help connect patients with their providers.
- Jul 2017- Greenway Health partners with Indian Health clinic to provide EHR, practice management technology that can help improve tribal community health
- Jun 2017- EHR vendor Allscripts has selected the Vidyo.io platform from Vidyo, to power virtual consultations directly embedded into the Allscripts FollowMyHealth patient portal. On-demand video visits can be launched directly from the patient portal workflow, with the aim of simplifying remote consultations between physicians and patients
Major Players -Allscripts Healthcare Solutions Inc., Mckesson Corporation, Curemd Healthcare, Athenahealth, Cerner Corporation, Nextgen Healthcare Information Systems LLC, GE Healthcare, Greenway Health LLC, Medfusion Inc. and Eclinicalworks LLC among other.
Reasons to Purchase the Report
- Current and future of patient portal market outlook in the developed and emerging markets
- Analysis of various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness the fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3 months analyst support, along with the market estimate sheet (in Excel)
Customization of the Report
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