A recent study by Market.us projects that Patient Portal market, which was valued at USD 3.5 Billion in 2023, is anticipated to expand to an impressive USD 21.9 Billion by 2033. This growth trajectory, marked by a CAGR of 20.1%, spans the forecast period from 2024 to 2033.
New York, Dec. 12, 2023 (GLOBE NEWSWIRE) — According to a recent report by Market.us, the Global Patient Portal Market size is expected to be worth around USD 21.9 Billion by 2033 from USD 3.5 Billion in 2023, growing at a CAGR of 20.1% during the forecast period from 2024 to 2033.
The patient portal is a secure online platform used by clinics, hospitals, patients, and doctors for communication between healthcare providers and themselves. Patients can easily authorize access to their health information with this platform acting as an electronic health record and providing seamless interaction. Users need to create an account on this portal and set a password to protect their data against unintended access by third parties.
The global patient portals market has witnessed exponential growth due to increasing incidences of chronic illnesses, the proliferation of big data and health IT tools, an influx of government initiatives, and an escalation in hospital enrolments. Yet market expansion also faces obstacles like limited awareness about these software solutions in emerging nations as well as concerns regarding data privacy issues.
Market.us has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. – View a PDF sample report @ https://market.us/report/patient-portal-market/request-sample/
Key Takeaway
- Market Size & Growth: Patient Portal Market size is expected to be worth around USD 21.9 Billion by 2033 from USD 3.5 Billion in 2023, growing at a CAGR of 20.1%.
- Type Analysis: In 2023, the Integrated portal accounted for 59% of the total revenue.
- Delivery Mode Analysis: The market’s largest share was held by the web-based segment, which held 66.3% in 2023.
- End-Use Analysis: In 2023, the provider’s segment was dominant by 52.8% and will continue to grow rapidly over the forecast period.
- Regional Analysis: North America was the dominant market, with 42.6% and holding a USD 1.5 Billion value for the Patient Portal market in 2023.
- Drivers of Growth: The market’s expansion can be attributed to factors such as the rising incidence of chronic diseases, the adoption of big data analytics and health IT tools, and strategic initiatives taken by governments.
- Challenges: Limited awareness in emerging nations and concerns over data privacy pose impediments to market growth.
Factors affecting the growth of the Patient Portal industry
Various factors influence the growth of the patient portal market are;
- Prevalence of Chronic Diseases: With more and more people suffering from chronic diseases, patient portals have become essential tools for managing and monitoring their health.
- Adopting Big Data and Health IT Tools: As big data analytics and health IT tools gain more widespread adoption, their increasing acceptance bolsters both patient portal capabilities and appeal.
- Government Initiatives: Implementation of strategic initiatives undertaken by governments aimed at strengthening healthcare infrastructure and services is also instrumental in expanding patient portal usage.
- Rising Hospitals and Clinics: With more hospitals and clinics adopting patient portals for improved communication and information access, market growth can only accelerate further.
Competitive Landscape
- Allscripts Healthcare Solutions, Inc.
- athenahealth, Inc.
- Epic Systems Corporation
- McKesson Corporation
- Cerner Corporation
- GE Healthcare
- Medfusion Inc.
- NextGen Healthcare Information Systems
- Greenway Health, LLC
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Regional Analysis
North America claimed 42.6% market share with a USD 1.5 billion market value for Patient Portal sector sales in 2023. This success can be attributed to advances in healthcare IT; specifically, the successful integration of this technology into healthcare systems like Canada and the United States thus expanding market potential.
The United States, home to over 130 million citizens living with at least one chronic condition, faces an immense health challenge; chronic illnesses are responsible for approximately 70% of annual deaths. Given their wide prevalence, managing multiple comorbidities becomes an overwhelming task requiring patient portal systems as North America shifts from volume-based reimbursement models toward value-based reimbursement models.
Scope of the Report
| Report Attributes | Details |
| Market Value (2023) | USD 3.5 Billion |
| Forecast Revenue 2033 | USD 21.9 Billion |
| CAGR (2024 to 2033) | 20.1 |
| North America Revenue Share | 42.6% |
| Base Year | 2023 |
| Historic Period | 2018 to 2022 |
| Forecast Year | 2024 to 2033 |
Market Drivers
Technological advancements enable seamless integration of IT solutions into healthcare systems – particularly successful in North America including Canada and the US, propelling this market by improving accessibility, communication, and overall efficiency when managing patient data.
Market Restraints
An important trend driving the Patient Portal Market is its industry-wide shift away from volume-based to value-based reimbursement models. As healthcare systems prioritize quality over quantity of services provided, patient portal systems become increasingly influential as an essential means for coordinated care delivery, patient engagement, and outcome measurement-aligning perfectly with today’s evolving reimbursement landscape.
Market Opportunities
Chronic conditions affect over 130 million Americans, providing the Patient Portal Market with an enormous opportunity. Chronic conditions contribute significantly to healthcare challenges and costs; patient portals provide tools that aid better management, monitoring, and communication – thus creating an ideal setting for the growth and expansion of Patient Portal usage.
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Report Segmentation of the Patient Portal Market
Type Analysis
In 2023, integrated portals contributed 59% of total revenue. Their success lies in offering comprehensive solutions that were not only cost-effective and time-efficient but also included multiple functionalities. Integrative portals offer a convenient approach, facilitating the creation of customized systems that effectively connect patient information with healthcare provider needs. Future advancements can be anticipated with research initiatives focused on creating pre-integrated Electronic Health Record (EHR) peripherals as a driving force for change. EMR/EHRs with integrated patient portals as modular components offer flexible options for integration into any existing healthcare IT system.
Delivery Mode Analysis
In 2023, web-based software had the highest market share at 66.3%. Web-based solutions offer several advantages over traditional solutions, including quicker implementation time, no hardware investments required for implementation, and automatic updates with low initial investments. They can even be installed directly onto user sites by third parties for management – unlike traditional solutions which must be managed internally before deployment by providers who typically charge annual or monthly usage fees.
End-User Analysis
In 2023, providers held a 52.8% market share, and its growth is anticipated to accelerate over time. According to ONC research, more than 90% of hospitals provide access to patient medical records with 72% offering users the ability to download or transmit all available records – fuelling this significant expansion by patient portal adoption among healthcare providers.
Recent Developments in the Patient Portal Market
- June 2023: Allscripts acquired HealthGrid, a cloud-based patient engagement platform, to enhance its patient portal offerings and improve data exchange capabilities.
- August 2023: athenahealth released a new patient portal API that allows third-party developers to integrate with its platform, expanding functionality and customization options.
- September 2023: Epic announced a partnership with Apple to integrate the Apple Watch with its patient portal, allowing patients to track their health data and receive notifications about appointments and medication refills.
- November 2023: McKesson acquired RelayHealth, a patient engagement platform, to strengthen its patient portal offerings and expand its reach in the market.
- December 2023: Cerner partnered with IBM to integrate the Watson AI platform into its patient portal, allowing for personalized patient engagement and recommendations.
Market.us has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. – View a PDF sample report @ https://market.us/report/patient-portal-market/request-sample/
Market Segmentation
Type
- Standalone
- Integrated
Delivery Mode
- Web-based
- Cloud-based
End-Use
- Providers
- Payers
- Others
By Geography
North America
- US
- Canada
Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia
- Netherland
- Rest of Europe
Asia Pacific
- China
- Japan
- South Korea
- India
- New Zealand
- Singapore
- Thailand
- Vietnam
- Rest of APAC
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
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