Number of pages: 100 | Report Format: PDF | Published date: March 29, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global patient portal market was valued at US$ 2.11 billion in 2022 and is expected to register a revenue CAGR of 19.2% to reach US$ 10.25 billion by 2031.
Patient Portal Market Fundamentals
A patient portal is a safe online platform that gives patients access to their health data, allows contact with doctors, and manages their healthcare requirements. Electronic health records (EHRs), which include a patient’s medical history, test results, prescriptions, and other crucial health information, are frequently accessible through patient portals. The portal allows encrypted communications between patients and healthcare professionals and services, such as appointment booking, prescription refills, and billing. Patient portals are intended to increase patient engagement, foster improved patient-provider contact, and eventually raise the standard of healthcare.
The patient portal market forecast is encouraging, with continued revenue growth projected in the coming years. Factors driving this rise include healthcare organizations’ increasing adoption of EHRs, the growing need for greater patient involvement and communication, and the trend toward value-based care models. The COVID-19 epidemic has also expedited the implementation of digital health technologies, particularly patient portals, as healthcare companies attempt to deliver remote care and eliminate in-person visits. Since patients and doctors alike have grown acclimated to the convenience and effectiveness of digital health solutions, this trend is anticipated to persist even after the pandemic has subsided.
In terms of geographic demarcation, North America is expected to account for the largest revenue share of the patient portal market, followed by Europe and Asia Pacific. This is due to the widespread penetration of EHRs and digital health and rigorous patient engagement initiatives by healthcare organizations in these regions.
Patient Portal Market Dynamics
The adoption of EHRs is increasing among healthcare providers as they seek to improve patient care and streamline healthcare operations. Patient portals are an extension of EHRs, allowing patients to access their health records and communicate with their healthcare providers. Patients are becoming more involved in their healthcare, and there is a growing demand for patient engagement initiatives. Patient portals provide patients with a convenient way to communicate with their healthcare providers, access educational materials, and manage their health records, which drives the patient portal market revenue growth. The COVID-19 pandemic has accelerated the adoption of telehealth solutions. Patient portals are being integrated with telehealth platforms to provide patients with remote access to healthcare services. Patient portals are incorporating more robust security measures to protect patient data from cyber threats, thus increasing the demand for patient portals. Governments are promoting patient-centric care initiatives to improve patient outcomes and reduce costs. Patient portals are an important component of these initiatives, as they provide patients with a way to manage their health and communicate with their healthcare providers.
Patients increasingly access healthcare services through mobile devices and patient portals are optimized for mobile usage. This is expected to continue as more patients rely on their mobile devices to manage their health, which is also expected to boost the revenue growth of the patient portal market.
However, health data security concerns restrict the patient portal market revenue growth. Patient portals require significant investment in technology, infrastructure, and personnel. Small and medium-sized healthcare providers may struggle to afford these costs, hampering the patient portal market revenue growth.
Patient Portal Market Ecosystem
The global patient portal market is analyzed from four perspectives: type, delivery mode, end-user, and region.
Patient Portal Market by Type
Based on the type, the global patient portal market is segmented into standalone and integrated patient portals.
The integrated patient portals segment occupies the largest revenue share. These solutions offer a comprehensive solution that integrates seamlessly with electronic health record systems. This integration allows patients to access their medical records, communicate with their healthcare providers, schedule appointments, and manage their health in one place without navigating multiple platforms or logins. Additionally, as all patient information and communications are accessible in one place, integrated patient portals provide healthcare professionals with a more simplified experience. This decreases the need for manual data entry and increases productivity. Integrated patient portals also offer higher security as the information is kept in a single, secure system that complies with healthcare privacy laws. This is especially critical for healthcare professionals concerned about protecting patient data from cyber-attacks. The integrated portals, therefore, offer a higher level of interoperability, allowing patients and healthcare practitioners to share information across multiple systems and devices seamlessly.
Standalone patient portals are frequently less expensive than integrated solutions, giving them a more cost-effective option for healthcare providers, particularly those in smaller practices or with limited resources. Standalone patient portals offer greater flexibility in terms of features, style, and function as they may be tailored to a healthcare organization’s unique requirements. Since they do not require the same level of integration as current EHR systems, standalone patient portals may be simpler to install than integrated options.
Patient Portal Market by Delivery Mode
Based on the delivery mode, the global patient portal market is segmented into cloud-based and on-premises.
With the largest revenue share, the cloud-based segment dominated the patient portal market in 2022. Cloud-based portals allow patients to access their health information from any device with the Internet connection, providing greater accessibility and convenience. Patients can view their health information, schedule appointments, and communicate with their healthcare providers from the comfort of their homes without needing to visit a healthcare facility. Since the need for specific hardware or software on the user’s computer is eliminated, cloud-based patient portals are more affordable and scalable than other patient portals. This makes cloud-based portals more accessible to smaller healthcare providers and underserved populations. To offer a complete patient experience, cloud-based portals can be easily connected with other systems, such as EHR systems. By providing patients access to their medical records, medication lists, test data, and other health information, this integration can aid healthcare practitioners in improving patient outcomes. Improved access to their health information enables patients to participate in their health management, enhancing engagement actively. Cloud-based portals are accessible from any device or operating system since they are platform-independent. This is crucial for patients accessing their medical records using gadgets, such as desktop computers, tablets, or smartphones.
The on-premises segment accounts for a substantial revenue share of the patient portal market. On-premises patient portals allow healthcare organizations to maintain full control over their data, as the data is stored on their own servers or data centers rather than hosted by a third-party provider. This also provides an extra layer of security, reducing the risk of unauthorized access or breaches. Certain healthcare companies may prefer on-premises patient portals to adhere to legal obligations, such as data protection rules, which may require storing patient data on-site. On-premises patient portals offer greater flexibility in terms of features, style, and function as they can be tailored to a healthcare organization’s unique needs.
Patient Portal Market by End-user
Based on the end-user, the global patient portal market is segmented into providers, payers, and others.
The providers segment accounted for a substantial revenue share of the patient portal market. Early adopters of patient portal technology include hospitals, clinics, and medical practices. As a result, many of these companies have already developed patient portals and are more likely to keep doing so and grow them. Patient portals are often integrated with EHR systems, which healthcare providers commonly use. This integration makes it easier for providers to access patient information and manage care, leading to more efficient and effective healthcare delivery. Patient portals are a key tool for patient engagement, which has become a priority for healthcare providers in recent years. Patient portals enable patients to communicate with their providers, access their health information, schedule appointments, and more, all of which can lead to better patient outcomes and satisfaction.
Patient Portal Market by Region
Geographically, the global patient portal market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The North America region dominated the patient portal market with the largest revenue share in 2022. The patient engagement levels in North America are higher compared to other regions, leading to greater usage of patient portals by patients to access health information, communicate with their healthcare providers, and schedule appointments. The region’s large and well-established healthcare industry has been an early adopter of patient portal technology, resulting in widespread implementation and potential expansion of such portals. The regulatory framework in North America incentivizes healthcare providers to adopt patient portals. Furthermore, North America’s advanced healthcare IT infrastructure simplifies the implementation and integration of patient portals with existing systems.
Patient Portal Market Competitive Landscape
The prominent players operating in the global patient portal market are:
The global patient portal market is expected to reach US$ 10.25 billion by 2031.
The prominent players operating in the global patient portal market are Allscripts Healthcare Solutions Inc., McKesson Corporation, Athenahealth Inc., Epic Systems Corporation, GE Healthcare, and CureMD Healthcare.
The global patient portal market was valued at US$ 2.11 billion in 2022.
The integrated segment dominates the global patient portal market.
Geographically, North America accounts for the largest market revenue share, followed by Europe; Asia Pacific is the fastest-growing regional market for patient portal.
*Insights on financial performance are subject to the availability of information in the public domain