Patient Portal Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Patient Portal Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The patient portal market was valued at USD 3,368.90 million in 2021, and it is expected to reach USD 9,188.04 million by 2027 and is expected to register a CAGR of 18.4% during the forecast period (2022-2027).

With the onset of COVID-19, several countries embraced digital healthcare to a notable extent to share data regarding infection status. The Electronic Health Record (EHR) platforms witnessed a dramatic increase in their adoption rate during the pandemic. To mitigate and contain the spread of COVID-19 infection, government and public healthcare officials are adopting electronic case reporting (ECR) platforms for tracking the infection spread status. Many healthcare providers globally are finding patient portals such as Electronic Health Records (EHR) and Electronic Medical Records (EMR) feasible in their system to track total tests administered, treatment results, evolving case definitions, and streamlining many other processes. For instance, in March 2020, Mount Sinai created an electronic health record data consisting of multiple files, all linked together using a masked medical record number and a unique patient encounter key. Thus, the COVID-19 outbreak is more likely to increase the utilization and adoption of patient portals in the healthcare system both now and in the future.

The patient portal market has been growing owing to healthcare payers' increasing adoption of the patient-centric approach and the increasing demand for EHR. For instance, in February 2021, Northern Inyo Healthcare District collaborated with Cerner Corporation to transform its Electronic Health Record (EHR). The collaboration involved Northern Inyo Healthcare District moving to an updated electronic system that supports physicians, nurses, and clinicians to share data across the district’s multiple offices. Such collaborations are expected to contribute to the rising adoption of EHRs in United States.

Furthermore, in February 2021, Medway NHS (National Health Services) Foundation Trust adopted Allscripts Sunrise electronic patient records to boost its digital maturity quickly. The trust signed a deal with Allscripts in December 2020, and the first phase of the core functionality is expected to go live six months after the project begins. With this, clinicians are expected to have better access to a single view of patient information with the launch of clinical papers with in-context links to other IT systems in use at the trust.

The current market is also evolving as the government is undertaking various initiatives for the patient portals to digitalize the healthcare system and standardize regulations and infrastructure for maintaining health records, which is the reason leading to an increase in the demand for the patient portal. For instance, the Center for Sustainable Development, in March 2020, released a document that mentioned various initiatives by several governments globally. The document stated that, earlier in 2020, the European government launched Europe Electronic Healthcare Records (EHR), Project Smart4Health, and InteropEHRate project with an aim toward a citizen-centered healthcare ecosystem in the European Union. With this platform, the government is strategizing to empower citizens with record exchange, personal connected health services, and the ability of data donorship to the scientific and research communities. Such an increase in government initiatives is also expected to drive market growth.

Moreover, the rising aging population and growing chronic diseases are putting continuous pressure on healthcare systems' capacity and financial viability. Additionally, advancements in healthcare technology, genomics, connected devices, big data analytics, and artificial intelligence are generating vast potential for health data and insights that are helping healthcare providers to make better and faster diagnoses and more informed treatment decisions. Additionally, the market players focus on market development strategies such as collaboration, partnerships, and product launches. For instance, in March 2022, Meditech and Google Health collaborated to bring search simplicity for electronic health records, which helps aggregate patient data from different settings and present a comprehensive patient view to clinicians. Thus, owing to all the factors mentioned above, the market is experiencing tremendous growth and is expected to have a high market share over the forecast period. However, the concerns regarding data privacy and safety, coupled with the high cost of implementing and deploying these tools, are a major restraint for the market growth.

Integrated patient portals, also known as connected or tethered portals, help for a larger or combined system, such as a hospital management system (HMS) or electronic health record (EHR). An integrated portal directly connects to a medical facility or organization's patient database and may provide various functions and services. This type of patient portal system requires more time and effort for design and is therefore associated with greater development costs.

In order to enhance the patient experience and increase hospital efficiency, companies are collaborating with healthcare providers to better serve the large base of residents globally. Such the demand for an integrated patient portal is expected to drive the segment's growth. For example, in August 2021, Novo Integrated Sciences launched NovoConnect, an online patient portal app that puts patients first and allows them to take control of their healthcare and wellness by having secure digital access to their patient charts.

The integrated setup is a very supportive web-based tool for quality improvement and performance with a range of quality and efficiency measures, which is expected to help the market grow during the forecast period.

The below-mentioned graph suggests the burden of chronic diseases such as Cancer is anticipated to increase with high growth rates in the future, which may increase the procurement of integrated patient portals by the provider as well as the patients end to manage such a huge burden of patients, therefore the market is anticipated to hold high market share over the forecast period.

The North American patient portal market is expected to grow owing to wide technological advancements in the region. Countries, such as United States and Canada, have been successful in implementing IT technologies in their healthcare systems, which as a result, may boost the market growth.

United States is the largest market for patient portals in the North American region. Owing to the well-equipped healthcare system and the higher adoption of telemedicine, the market for the patient portal is expected to witness significant growth over the forecast period. As per the data published by HealthIT.gov, during the year 2019-2021, around 86% of non-Federal general acute care hospitals had adopted a certified electronic health record (EHR). High adoption of EHR is associated with the covid pandemic which resulted in the maximization of virtual data. Owing to the EHR adoption, the market for the patient portal is witnessing high growth in United States. The Office of the National Coordinator for Health IT (ONC) finalized federal rulemaking in May 2020 with the goal of enhancing access, exchange, and use of electronic health information. In order to access and manage their health records using a smartphone health app of their choice, consumers must use secure, standards-based application programming interfaces (APIs).

The healthcare IT industry in Canada is versatile and well-equipped. Due to the advanced healthcare system, the adoption of information technology in healthcare is as high as in United States in the country. In May 2022, the Orléans Health Hub brought together three hospitals and six community-based service providers to enhance care and service coordination in a highly accessible, bilingual system that is reflective of the local region. For a smooth, connected experience for patients, The Hub consolidates a variety of specialized and community healthcare services under one roof. With such collaborative approaches taken by Canadian organizations, there will be an increasing number of people accessing health information online which will propel the growth of the market studied in the country.

In comparison to United States and Canada, Mexican hospitals have been slow to adopt electronic health record systems because of the lack of affordable systems in the market. However, many hospitals in the country have developed their own software for patient portals or EHR, etc., which is expected to increase the use of health IT tools and ultimately contribute to the growth of the market studied in Mexico. As per the Mexico Health System Review published in Health Systems in Transition Vol. 22 No. 2 2020, information technology (IT) for health is backed mainly by the Mexican Social Security Institute (IMSS) through electronic medical records (EMRs), the private sector through applications, and hospitals and state-level health services through telehealth. Thus, Mexico is focusing more on installing electronic medical records, thereby contributing to the market's growth.

Thus the above mentioned factors are expected to drive the growth of the market in this region during the forecast period.

In the future, few other players are expected to enter the market. The fairly competitive landscape includes an analysis of a few international and local companies that hold the market shares and are well known, including Allscripts Healthcare Solutions, AtenaHealth Inc., Cerner Corporation, Curemd Healthcare, Eclinical works LLC, Epic Corporation Inc., GE Healthcare, Greenway Health LLC, Intelichart, Mckesson Corporation, Nextgen Healthcare Information systems LLC, and others.

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