Patient Portal Market: Current Analysis and Forecast (2021-2027)

Report Description

The Patient Portal Market was valued at around US$ 3 billion in 2020 and is expected to registering a CAGR of 18% during the forecast period (2021-2027). Patient portals can be a one-stop-shop for patients’ access to their health records and physicians. They can directly engage patients; provide access to their records; even help providers meet meaningful use requirements. The patient portal centralizes the information about the patient which helps health care providers to act accordingly and provide effective treatment and track the patient’s health. Patient portals are affordable and easily accessible and improve the medical security and safety of the patient. The demand for patient portals is increasing on account of the rising use of information technologies and online resources in healthcare, the increasing number of healthcare facilities adopting the patient portals, and the rising demand for Electronic Health Records (EHR). Moreover, the federal mandates like meaning use, growing patient-centric approach in healthcare delivery, and growing popularity of patient portals among the elderly population also drive the market growth. The demand for patient portals is increasing on account of the rising demand for Electronic Health Records (EHR). Moreover, the federal mandates like meaning use, growing patient-centric approach in healthcare delivery, and growing popularity of patient portals among the elderly population also drive the market growth. The Patient Portal Market is intensified by the rising middle-class growth coupled with accelerated urbanization and high adoption of a sedentary lifestyle. This is driving the obesity rates and cases of chronic diseases for example diabetes upward. As per the WHO, the prevalence of chronic disease is anticipated to rise by 57% in 2020.

Insights Presented in the Report

“Amongst Type, Integrated Patient Portals segment hold the major share.”

Based on Type, the market is bifurcated into Standalone Patient Portals and Integrated Patient Portals. The Integrated Patient Portal segment dominated the market in 2020 and is expected to grow at lucrative growth during the forecasted period because these solutions offer high efficiency and low requirement of expensive custom development to build a bridge between systems. Integrated patient portals operate as a module added onto any other healthcare IT system or existing EMR/EHR (electronic medical records/electronic health records). In addition, these solutions provide the users the same interface to complete multiple business functions. As they provide a one-stop solution, they are cheaper, favored, hence high in demand. In 2021, Allscripts the leader in software, services, information, and connectivity solutions for physicians and hospitals, and Medfusion, the leader in patient-to-provider online communication solutions, announced a strategic agreement to provide the top-ranked Medfusion patient portal for Allscripts Electronic Health Record (EHR) and Practice Management clients nationwide. The new Allscripts online patient portal will enable physician practices to save time, lower costs and increase revenue while providing services that are highly popular amongst patients.

“Amongst Delivery Mode, Web-based Delivery segment holds the major share.”

Based on Delivery Mode, the market is bifurcated into Web-Based Delivery and Cloud-Based Delivery. The Web-Based Delivery segment dominated the market in 2020 owing to technological advances, improved efficiency, convenience, and affordability. Cloud-Based Delivery is expected to grow at lucrative growth during the forecasted period, as cloud-based services can help healthcare organizations share and integrate information from disparate locations or systems in real-time and generate a database registry. Cloud-Based portals offer several features such as email marketing, online appointment scheduling, patient education tools, and social media integration.  In 2021, Clinic to Cloud, a Sydney-based clinical and practice management software provider, has renovated its Patient Portal to improve the patient experience. Patients are now able to perform a variety of functions on the cloud-based system like booking appointments; viewing fees, invoices, and approved results from pathology and imaging investigations; and uploading referrals.

“Amongst End-users, Providers segment holds the major share.”

Based on End-users, the market is fragmented into Providers, Payers, Pharmacies, and Others (Employer Groups and Government Bodies). The Providers segment dominated the market in 2020 and is expected to grow at lucrative growth during the forecasted period owing to the growing need to improve the profitability of healthcare operations while containing costs, along with government initiatives to improve the quality of care and various incentives programs for providers. In addition, the rising number of Hospitals also intensifies the Patient Portal market growth. As per the Organization for Economic Cooperation and Development, there were 6146 Hospitals in the United States in 2018.

“North America region signifies one of the largest markets and is expected to be the fastest-growing markets of Patient Portal market.”

For a better understanding of the market adoption of Patient Portal, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America will dominate the Patient Portal market on account of the presence of a large number of biopharmaceutical and biotechnology companies in this region. North America will dominate the Patient Portal market on account of the technological advancements in healthcare IT. Over the past decade, Federal Government is stimulating the market through the enforcement of various regulations and acts, over the years the market has experienced a dramatic increase in the rate of adoption of the patient portals due to the various initiatives and acts by the government. For instance, in March 2020, the Office of the National Coordinator for Health Information Technology, United States released its Cures Act Final Rule. The rule is designed to give healthcare providers and patients secure access to healthcare information. The rule comes with a provision that patients can electronically access all their electronic health information (EHI), using smartphone applications at no cost. The rule aims to foster innovation and competition by calling healthcare IT players to build an IT ecosystem in the nation and will further expand the patient portal market in the country. Some of the major players operating in the market include Allscripts Healthcare Solutions, Inc., McKesson Corporation, athenahealth, Inc., Cerner Corporation, CureMD, NextGen Healthcare Information Systems, LLC, Greenway Health, LLC, Medfusion, GE Healthcare, Epic Corporation Inc. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Patient Portal market were the three major steps undertaken to create and analyze the adoption of Patient Portal technology as Delivery Models such as Web-Based Delivery and Cloud-Based Delivery. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Patient Portal sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

The detailed secondary study was conducted to obtain the historical market size of the Patient Portal through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Patient Portal market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are type, delivery mode, end-users, and Region/Country. Further country-level analyses were conducted to evaluate the overall adoption of Patient Portal in every region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Patient Portal. Further, we conducted factor analysis using dependent and independent variables such as growing patient centric approach in healthcare delivery, increasing EHR adoption rate, and growing popularity of patient portals among the elderly.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Patient Portal Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (USD) and the adoption rate of Patient Portal across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Patient Portal market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Patient Portal market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, delivery mode, end-users, and region.

Main Objective of the Patient Portal Market Study

The current & future market trends of the Patient Portal were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Patient Portal Market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments of the sector
• Segments in the study include Type, Delivery Mode, End-Users, and Region/Country
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors pertaining to the industry
• Analyze the current and forecast market size of the Patient Portal category across the globe. Major regions analyzed in the report include North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Rest of Europe), Asia-Pacific (China, India, Australia, Singapore, Rest of Asia-Pacific), & Rest of World
• Define and analyze the competitive landscape of the Patient Portal sector and the growth strategies adopted by the market players to sustain in the fast-growing market

Company profiles of the Patient Portal market and the growth strategies adopted by the market players to sustain in the fast-growing market