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. 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.
List of Key Players of Personal Health Record (PHR)
Software Market
- Healthspek
- Health Companion
- NoMoreClipboard
- Patient Ally
- Records For Living, Inc.
- Practice Fusion, Inc.
- SoftClinic Software
- Knapsack Health
- 75Health (Kaaspro)
- Zapbuild
- Validic
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
Related Reports@
Electronic Health Records Market
Personal Health Record Software Market Segmentation
Grand View Research has segmented the global
personal health record software market on the basis of component, deployment
mode, architecture type, and region:
PHR Software Component Outlook (Revenue, USD
Million, 2016 - 2028)
- Software & Mobile Apps
- Services
PHR Software Deployment Mode Outlook (Revenue, USD
Million, 2016 - 2028)
- Web-based
- Cloud-based
PHR Software Architecture Type Outlook (Revenue, USD
Million, 2016 - 2028)
- Payer Tethered
- Provider Tethered
- Standalone
PHR Software Regional Outlook (Revenue, USD Million,
2016 - 2028)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Rest of the World
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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