Dublin, Oct. 03, 2022 (GLOBE NEWSWIRE) -- The "Patient Portal Market - Global Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering. Market is expected to reach a value of $5,820.88 million in 2027 from $2,705 million, growing at a CAGR of 13.6%
The significant factors contributing to the demand for the patient portal market are the growing need for patient engagement solutions, the increasing adoption of EHRs, and a growing amount of healthcare data. The surge in the integration of mobile-based health platforms rise in demand for telehealth solutions have also helped the market to grow. Every year, more physicians realize the benefits of adopting a patient portal. The results of surveys by Software Advice revealed a rising number of Americans logging onto patient portals. In May 2019, a survey involving 232 patients found that 72% had access to a patient portal.
That is an approximately 64% increase over the finding concluded in a similar study conducted in 2016. Due to its several advantages, the demand for the patient portal market is increasing rapidly.
Integration of AI & Improvisation of Virtual Healthcare in Patient Portals
Practical uses for artificial intelligence (AI) have long been theoretical, but these applications and technologies have been evolving rapidly. AI is widely adopted in various key areas related to clinical care. One of these includes using chatbots/bots and patient portals. Bots have the capabilities to learn from interactions and understand natural language patterns, which will continue to increase the demand for patient portals.
These can significantly impact several functions that serve the patient experience and streamline mundane processes for the healthcare providers. AI and machine learning tools are promising in sorting patient portal messages that cause high-risk inquiries. With the growing digitization of healthcare, the need for AI and related technologies will become more important. Rising Healthcare Digitalization & Government Policies Implementing Healthcare IT
The increasing usage of information technology (IT) in the healthcare sector is raising the demand for integrated systems, as various government initiatives such as Accountable care organization (ACO) programs. The introduction of Stage 2 Meaningful Use criteria that stand the healthcare providers for providing online access to the patient regarding their medical information is boosting the adoption of patient portals. Integration of Electronic Health Records with Patient Portals
The adoption of EHRs is attributable to multiple advantages, which include better access to healthcare data, simplified workflow, improved clinical research quality, prevention of side effects, high patient safety, enhanced patient engagement, and compliance with regulatory standards.
Some healthcare IT vendors offer EHRs with a native portal built into the software. It is estimated that 5% engagement through EHR is needed to meet the patient portal's requirements for a healthcare organization to form or strengthen its relationship with patients.
Growing Patient Engagement & Optimization of Expenses for Healthcare Providers
With the rise in adoption and use of patient portals, healthcare practices are likely to see higher patient engagement and fulfillment and a better-streamlined workflow that conserves time and effort for staff and physicians. Portals are giving patients more chances to connect with their doctors and transforming the patient-physician relationship closer than before.
This bi-directional messaging between patients and doctors can increase patient satisfaction and engagement. The adoption of patient portals can reduce the overhead costs for healthcare providers.
Security & Privacy Risks coupled with Lack of Proper Interface and Health Literacy. With the growing usage of patient portal systems, there has been a concern about security regarding data handling. It is necessary to ensure that only healthcare professionals involved in the patient portal can access the system and the prescriptions within it. Security issues regarding patient confidentiality, authorization issues, identity authentication, scalability, availability, and reliability are of the highest concern. Electronic information security and system will be crucial in driving the patient portal market. COMPETITIVE LANDSCAPE
The global patient portal market is moderately consolidated, with a bunch of major players accounting for a higher share in the market and promoting its growth.
International players such as Allscripts Healthcare Solutions, athenahealth, Cerner, eClinicalworks, Epic Systems, GE Healthcare, Solutionreach, and UPDOX have contributed significant market shares. With emerging players and the growing number of start-ups, the market will likely experience a high growth rate and intense competition among the players.
With the advent of the COVID-19 pandemic, telehealth services such as teleconsultation, telemedicine, and telemonitoring witnessed a high demand in the APAC region. Thereby increasing the adoption of patient portals among healthcare providers and patients.
EHR/EMR adoption rates are higher than ever at around 89%. This increasing rate of EHR adoption is attributable to multiple advantages, which include better access to healthcare data, simplified workflow, and more. Also, EHR (Electronic Health Record) systems are highly efficient, cost-effective, and accessible anytime and anywhere.
With the burden of the aging population and chronic diseases increasing globally, a digital health strategy has become more vital than ever for healthcare providers and payers. Implementing next-generation healthcare technologies like cloud-based services is taking precedence as healthcare providers seek to manage the influx of patients, health information, and expectations for a more consumer-friendly healthcare experience with the help of patient portals.
With the advent of computer systems and their potential, digitization of all clinical exams and medical records in healthcare systems has become a standard and widely adopted practice. In 2003, a division of the National Academies of Sciences, Engineering, and Medicine, known as the Institute of Medicine, selected the term electronic health records (EHRs) to represent records maintained for improving the health care sector for the benefit of patients and clinicians.
Greenway Health LLC is a prominent patient portal market company that provides HER, practice management, and revenue cycle solutions. Its patient portal combines integrated Greenway patient messaging for patient-provider engagement. It simplifies for meaningful use and value-based reimbursement through simple, fast registration, secure messaging, and a quick view of health records.
RECENT DEVELOPMENTS & KEY NEWS:
In March 2021, TrueCare, launched its MyChart patient portal to help patients quickly access and manage their health information.
In June 2021, Epic Corporation collaborated with the Orlando Health St. Cloud Hospital for EHR integration with Epic's MyChart patient portal. This collaboration will promote streamlining health data and care delivery across the healthcare system, offering a competitive advantage to the company.
In January 2020, Bridge Patient Portal reported the launch of its new telehealth solution that leverages Zoom for Healthcare.
In August 2019, IQVIA (US) launched IQVIA Patient Portal, a web-based solution built on a health cloud platform to increase patient engagement and recruitment.
During the forecast period, emerging players are expected to grow in the market as many countries have vigorously promoted the broader adoption of patient portals.
Many vendors are offering patient portal solutions with advanced features, such as patient management, medical billing, and others, to meet the requirements of various end users.
Most vendors have begun incorporating patient portals with EHR software to provide cost-effective and advanced solutions.
The advances in healthcare technologies will enable the development of comprehensive patient portals, enhancing the physicians' capabilities and patients' quality of life.
Integration of Ai & Improvisation of Virtual Healthcare in Patient Portals
Rising Healthcare Digitalization & Government Policies Implementing Healthcare It
Integration of Electronic Health Records with Patient Portals
Growing Patient Engagement & Optimization of Expenses for Healthcare Providers
Security & Privacy Risks Coupled with Lack of Proper Interface and Health Literacy
Recent Developments & Key News:
Integration of Ai in Patient Portal Software
Patient Portals Improvising Virtual Healthcare Systems
Rising Digitalization & Government Policies Implementing Healthcare It
Growing Use of Patient Portals in Emergency Care
Integration of Ehr & Emr with Patient Portals
Ease of Accessing Patient Information Through Smartphones & Wearables
Growing Patient Engagement & Optimization of Expenses for Healthcare Providers
Proliferation of Patient-Generated Health Data
Security & Privacy Risks with Patient Portals
Health Policies & Regulations Hindering the Use of Patient Portals
Lack of Proper Interface and Health Literacy
Alienation and Health Disparities Occurring with Patient Portals
For more information about this report visit https://www.researchandmarkets.com/r/4d5sip
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