The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Patient Portal Global Market Report 2024, the patient portal market is expected to show significant growth in the forecast period.

The patient portal market has witnessed exponential growth, evolving into a crucial component of modern healthcare. From $4.45 billion in 2023, it is projected to reach $5.34 billion in 2024, demonstrating a Compound Annual Growth Rate (CAGR) of 20.1%. This surge is attributed to various factors, including the rising demand for patient engagement, regulatory incentives promoting electronic health records (EHRs), increased focus on healthcare interoperability, and the growing aging population with an associated rise in chronic diseases.

Anticipated Exponential Growth: Expecting sustained expansion, the patient portal market is forecasted to reach $11.14 billion by 2028, with a CAGR of 20.2%. The driving forces behind this growth include the integration of AI and chatbots for patient interactions, the expansion of telehealth services, continued regulatory support, and the increasing emphasis on value-based care.

Major Trends Shaping the Future:

1. Personalized Healthcare Experiences:Tailoring healthcare interactions to individual patient needs.
2. Wearable and IoT Integration:Incorporating wearable devices and IoT for seamless health data integration.
3. Predictive Analytics for Disease Prevention:Leveraging analytics to predict and prevent diseases before they escalate.
4. Consolidation in the Patient Portal Market:Mergers and acquisitions for market consolidation and enhanced service offerings.
5. Focus on Patient Education and Wellness:Empowering patients with knowledge for better health outcomes.

Surging Demand For Electronic Health Records Propels Market Growth: The increasing demand for Electronic Health Records (EHRs) is a significant driver for the patient portal market. EHR patient portals provide patients with secure access to their real-time health information, including diagnostic test results. The adoption of EHRs is on the rise, with approximately 86% of non-Federal general acute care hospitals’ physicians having adopted electronic health records in 2021. This growing demand for EHRs is fueling the patient portal market’s expansion.

Key Players Paving the Way: Major companies contributing to the patient portal market include Allscripts Healthcare Solutions Inc., McKesson Corporation, athenahealth Inc., Cerner Corporation, and others. These companies are at the forefront, providing innovative solutions and shaping the landscape of patient engagement.

Innovative Solutions Redefining The Patient Portal Market: Product innovation is a dominant trend in the patient portal market. Companies are focusing on developing innovative solutions to strengthen their position. For instance, in 2021, McKesson launched ScriptPASTM, a pharmacy management solution for oncology practices, reducing barriers to treatment. This innovation streamlines benefits investigation, prior authorization, and financial assistance processes, ensuring quicker access to care.

Virgin Plus Expands Patient Portal Capabilities: In a strategic move, Virgin Plus, a Canada-based healthcare software and services company, acquired Welltok, Inc., in November 2021. This acquisition aims to enhance Virgin Plus’s patient portal platform by integrating Welltok’s personalization and analytics capabilities into home-based health care, further advancing patient engagement.

Market Segmentation: The patient portal market is segmented based on:

1. Type:Standalone Patient Portals, Integrated Patient Portals
2. Deployment Mode:On-Premise, Cloud-Based
3. End-Users:Providers, Payers, Pharmacies, Other End-Users (Employer Groups and Government Bodies)

Regional Dynamics: While North America dominated the patient portal market in 2023, Asia-Pacific is expected to witness the fastest growth during the forecast period. The increasing adoption of healthcare technology and the rising emphasis on patient-centric care are contributing factors.

Conclusion: The patient portal market stands at the forefront of transforming healthcare access and patient engagement. With a focus on innovation, personalized experiences, and the integration of advanced technologies, the market is poised for continued growth. As regulatory support continues, and healthcare providers emphasize value-based care, patient portals are set to play an increasingly crucial role in the future of healthcare.

View More On The Patient Portal Market Report 2024 – https://www.thebusinessresearchcompany.com/report/patient-portal-global-market-report

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