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
Driven by the proliferating patient base during the ongoing COVID-19 pandemic, the patient portal market is projected to observe notable growth by 2027. In addition, rapid digitalization across the healthcare sector is set to further stimulate market growth through the forecast period.
A patient portal refers to a secure online website that allows patients convenient 24-hour access to their personal health information from anywhere in the world using an internet connection. A patient portal typically offers data pertaining to medications, recent doctor visits, hospitalization, discharge summaries, allergies, vaccinations, and lab results, among others.
Moreover, with mounting prominence of electronic medical records (EMR) across varied healthcare settings, patient portals have gained massive popularity among users in key regions globally. A patient portal also helps save time, allows patients to communicate with the doctor, and gives care between visits, which has propelled business growth in recent years.
Notably, the COVID-19 outbreak has created an upsurge in the demand for both patient care and telehealth expansion, along with a system to effectively keep track of COVID-19 vaccinations. Patient portals made medical care more accessible for patients infected with the novel coronavirus, which stimulated product uptake. Furthermore, growing emphasis on telehealth for uninterrupted medical care has enhanced market dynamics considerably during the pandemic.
The patient portal market has been segregated in terms of portal type, deployment mode, end-use, and region. On the basis of portal type, the market has further been segmented into integrated portal and standalone portal.
In 2020, the integrated portal sub-segment held the largest share in the market with a valuation of around USD 2,088 million and is expected to see substantial growth by 2027. High preference, ease of use, and information sharing ability are some key factors likely to contribute to the growth of the segment in the coming years.
With respect to deployment mode, the market has been categorized into cloud-based and on-premise. The cloud-based sub-segment was valued at over USD 1,855 million in 2020 and is projected to expand at a steady pace over 2021-2027. Prominent benefits, such as reduced capital expenses, easy data management, and cost-effective model, are slated to foster segmental outlook over the following years.
From the end-use perspective, the patient portal market has been bifurcated into healthcare payers, healthcare providers, pharmacies, and others. The healthcare providers sub-segment is anticipated to witness robust growth to garner a revenue of more than USD 3,695 million by 2027. Supportive government policies and rising adoption of patient portal services by healthcare facilities around the globe are estimated to propel segmental expansion over the study timeframe.
On the regional spectrum, the Latin America patient portal market surpassed a valuation of USD 100 million in 2020 and is speculated to amass notable gains through the forecast period. Increasing demand for advanced healthcare IT solutions across the LATAM region is foreseen to promote regional market development in the future.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook