The global Personal Health Record Software Market size is expected to reach USD 14.87 million by 2028, growing at a CAGR of 9.9% over the forecast period, according to a new report by Grand View Research, Inc. Some of the key players in this industry are Healthspek, Health Companion, NoMoreClipboard, Patient Ally, Records For Living, Inc., Practice Fusion, Inc. High acceptance of advanced technologies, growing demand for centralizing, and streamlining of healthcare information, rising awareness among patients for medical information storage and management, and increasing government initiatives will support the market growth during the forecast period.
For instance, in
October 2019, The Union Ministry of Health and Family Welfare, Government of
India developed an app, ‘My Health Record’, which permits users to store their
past prescriptions, detailed health profile, lab records & diagnoses at one
platform and share it with medical specialists when required. The COVID-19 has
toppled the way of work and life, enforcing healthcare groups to share
individual’s medical records in a format that is meaningful and easily
available.
The Department of
Health and Human Services Office of the National Coordinator for Health
Information Technology, together with the Centers for Medicare & Medicaid
Services, issued two new rules to come into force in April 2021. One rule
requires healthcare groups to make health record data available electronically
through broadly-used technical standards. While the other forbids “information
blocking,” where healthcare groups place excessive practical, cost, and
technical barriers to the sharing of health information.
The North American
region held the largest revenue share of over 55% in 2020 owing to the
government initiatives for eHealth and an increased need to follow regulatory
guidelines and curtail the rising healthcare costs. The European region held
the second-largest market share in 2020 owing to the decreased cost of care and
prediction of a possible medical emergency.
Key players are investing
in many strategic initiatives, such as acquisitions, mergers, partnerships, and
product launches, among others to maintain a competitive edge in the market.
For instance, in March 2020, Knapsack Health launched a free Personal Health
Record for individuals, families, and caretakers.
Related Press
Release@ Personal
Health Record Software Market Report
Personal Health
Record Software Market Report Highlights
- High acceptance
of advanced technologies to cater to the growing customer needs and expansion
of digital healthcare has contributed significantly to the market growth
- In terms of
revenue, the software & mobile apps component segment dominated the
market in 2020 owing to increased supportive government initiatives
- The Cloud-based
deployment mode segment is expected to register the fastest CAGR over the
forecast period owing to the technological up-gradation in the healthcare
sector and growing focus on healthcare digitization
- The standalone
architecture type segment accounted for the largest revenue share in 2020
due to wide adoption on account of its benefits, such as privacy control
- Key players in
the personal health record software market focus on various strategies,
such as new product developments and business expansions, for better market
penetration
- For example, in
September 2020, PicnicHealth raised $25 million for its patient health
record management service; thereby, strengthening its market position
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in San Francisco. The company provides syndicated research reports, customized
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