Global Personal Health Records Software Market 2023-2030

Global Personal Health Records Software Market 2023-2030

Global Personal Health Records Software Market Size, Share & Trends Analysis Report by Component Type (Mobile Apps and Software, and Services), by Deployment Mode (Cloud-Based, and Web-Based), and by Architecture (Payer Tethered, Provider Tethered, and Standalone), Forecast Period (2023-2030)

Global personal health records software market is anticipated to grow at a CAGR of 8.3% during the forecast period (2023-2030). The market’s growth is attributed to growing developments in personalized healthcare across the globe. Personalized medicine has grown in prominence in the healthcare sector. The platform can make it possible to collect and analyze patient data to support individualized treatment procedures. Accordingly, market players are coming up with new products to cater to the demand for cloud-based healthcare platforms. For instance, in March 2023, Fujitsu launched a new cloud-based platform for the healthcare industry that supports personalized healthcare and drug development. The new platform facilitates the automated conversion of medical data to HL7 FHIR and provides secure access to data analysis. It meets the security requirements of the Japanese Ministry of Health, Labor, and Welfare, allowing medical institutions and pharmaceutical companies to safely access and analyze data.

Segmental Outlook

The global personal health records software market is segmented on the component type, deployment mode, and architecture. Based on the component type, the market is sub-segmented into mobile apps software, and services. Based on the deployment mode, the market is sub-segmented into cloud-based, and web-based. Furthermore, based on the architecture, the market is sub-segmented into payer tethered, provider tethered, and standalone. The cloud-based subcategory is expected to capture a significant portion of the market share within the deployment mode segment. This is attributed to the demand for mobility in data usage, cost-saving IT infrastructure for companies, and access to various devices from anywhere.

The Mobile Apps and Software Sub-Segment is Anticipated to Hold a Considerable Share of the Global Personal Health Records Software Market

Among the component types, the mobile apps and software sub-segment is expected to hold a considerable share of the global personal health records software market. The rising digitalization efforts in healthcare are largely accountable for the ongoing expansion of the PHR software industry across emerging economies such as India and China. For instance, in May 2022, the National Health Authority (NHA) in India launched a revamped Ayushman Bharat Health Account (ABHA) mobile application for personal health records management under its main initiative, the Ayushman Bharat Digital Mission (ABDM).

Regional Outlook

The global personal health records software market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America).

The Asia-Pacific Region is Expected to Grow at a Significant CAGR in the Global Personal Health Records Software Market

Among all regions, the Asia-Pacific region is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to growing accessibility backed by internet and smartphone penetration. The market players are coming up with new products to cater to the demand for digital health records. For instance, in September 2023, Paytm launched the digital health records management app referred to as The ABHA Health Locker. It offers customers a safe, private, and secure platform to save and access all of their health-related documents, such as prescriptions, diagnostic reports, health insurance policies, and payments. The goal of the app is to improve healthcare services in India by rendering digital health services available to as many individuals as possible.

Market Players Outlook

The major companies serving the personal health records software market include Change Healthcare LLC, 75Health (Kaaspro), CareCloud, Inc. (MTBC), Epic Systems Corp., MedicaSoft, Universal Medical Data, LLC, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in July 2022, Innovaccer, the Health Cloud company, launched its Connected Digital Health solution, a new approach for life sciences companies to quickly build next-generation digital apps that surround treatments and devices with highly engaging patient experiences, enhance clinical outcomes, and produce useful clinical evidence (RWE).

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global personal health records software market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.