Patient Portal Market to Outstrip $8,938.75 Million by 2027 Growing Sturdy at 18.8% CAGR - COVID-19 Impact and Global Analysis by TheInsightPartners.com

The Patient Portal Market Growth impelled by rising prevalence of chronic diseases, growing adoption of Big Data and healthcare IT tools, rising number of strategic initiatives by governments, and growing number of hospitals.

Pune, India., June 14, 2021 (GLOBE NEWSWIRE) -- Patient Portal Market: Key Insights
According to our new research study on “Patient Portal Market to 2027 – Global Analysis and Forecast – by Product, Delivery Mode, End User, and Geography,” the Patient Portal Market Size is projected to reach US$ 8,938.75 million by 2027 from US$ 2,185.71 million in 2019; it is expected to grow at a CAGR of 18.8% during 2019–2027.

Patient Portal Market: Competitive Landscape and Key Developments
Cerner Corporation, Allscripts, McKesson Corporation, Optum, Inc, athenahealth, Inc, Epic Systems Corporation, Greenway Health, LLC, CureMD Healthcare, GE Healthcare; and NXGN Management, LLC are among the key companies operating in the patient portal market. Leading players are focusing on the new product launch, expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.

In November 2019, NextGen Healthcare announced the acquisition of patient experience platform Medfusion for US$ 43 million to provide a better overall experience to its healthcare consumers.

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In July 2019, Allscripts collaborated with Microsoft to enable interoperability between different technology platforms as well as to streamline EHR data sharing for Microsoft HealthVault users. Current members of Microsoft HealthVault can transmit their EHR data to Allscripts’ FollowMyHealth patient portal to provide their friends, family, and home care teams access to their health information.

In 2019, North America dominated the global patient portal market. The market growth in the region is attributed to government investments in healthcare infrastructure and increasing awareness regarding the benefits associated with implementation of electronic health record (EHR), in addition to the global factors driving the market growth. In December 2020, Field Trip Health launched a new digital platform for patients in the US. The solution has will provide those receiving treatment with access to activity tracking and mood monitoring tools, meditations, and information about the psychedelic therapies. In addition, increasing focus on consumer-oriented delivery of health care in the US ensures that health care systems will continue to compete for patients and manage health care tasks more conveniently, making portal functionality a foundational business model for improving patients’ satisfaction and convenience of care in coming years.

Based product, the patient portal market is segmented into standalone patient portals and integrated patient portals. The integrated patient portals segment held 61.52% of the market share in 2019. On the basis of delivery mode, the patient portal market is segmented into web-based delivery and cloud-based delivery. The web-based delivery segment held a larger market share in 2019; however, the cloud-based delivery segment is anticipated to register a significant CAGR during 2019–2027. Based on end user, the patient portal market is segmented into providers, payers, pharmacies, and others. The providers segment held the largest market share in 2019, and it is anticipated to register a significant CAGR during 2019–2027.

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Increasing adoption of patient-centric approach by healthcare players and rising demand for EHRs are the key factors contributing to the growth of the patient portal market. The popularity of EHRs is increasing with rapidly growing digitalization of the healthcare sector. As per the World Health Organization (WHO), more than 50% of upper-middle- and high-income countries have adopted national EHR systems. Governments worldwide are focusing on laying down standards, regulations, and infrastructure for maintaining health records, which is raising the demand for patient portals. For instance, My Health Record, a national digital health record platform in Australia, has been launched to ensure that most citizens have a health record by 2022. This would allow all healthcare providers in the country to access healthcare information available on the platform. Moreover, the COVID-19 pandemic has put much pressure on healthcare organizations since the beginning of 2020. However, the use of EHRs has been proven instrumental in overcoming these challenges. In May 2020, the US federal government proposed the Federal Health IT Strategic Plan 2020–2025 that mandates the use of EHR by healthcare providers. Therefore, the rise in adoption of the patient-centric approach, increasing investments in healthcare IT infrastructure, and growing adoption of EHRs are bolstering the patient portal market growth.

Patient Portal Market: Segmental Overview
In terms of product, the integrated patient portals segment is anticipated to register the highest CAGR in the patient portal market during the forecast period. An integrated patient portal is a web-based access point that allows healthcare providers and patients to communicate and share health-related information remotely. These are added to the existing EMR/EHR or any other healthcare IT system. They can also be accessed through the cloud setup. Hospitals, healthcare players, physicians, health information exchange organizations, and retail pharmacies, among others, deploy integrated patient portals.

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The adoption of integrated patient portals has increased in the last few years. For instance, the KLAS Awards ranked athenahealth’s athenaCommunicator as the number 1 patient portal. The athenaCommunicator suite is an integrated system that features online scheduling, bill payment portals, appointment reminders, and smartphone application.

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