The global personal health record software market size was worth around USD 8.21 billion in 2022 and is predicted to grow to around USD 15.55 billion by 2030 with a compound annual growth rate (CAGR) of roughly 8.30% between 2023 and 2030.
The study examines the growth opportunities and threats facing the worldwide personal health record software market throughout the forecast period. The paper also investigates fresh prospects for the electronic health record software market.
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Personal Health Record Software Market: Overview
Software designed to serve as a person’s “personal health record” (PHR) is a digital resource that can be used to keep track of medical history. Information such as medical records, prescription drug lists, laboratory findings, and other diagnostic information is included. All of the massive amounts of information are kept in one safe and convenient repository. The term “personal health record software industry” is used to describe the organisations in this field that create and sell PHR software and related services to consumers.
In this digital age, paper records may not be as secure as their digital counterparts, and PHR software lets patients better manage their health information. Demand for such software and applications has been on the rise for some time, and it seems set to continue doing so as patients become more aware of their own medical health.
Key Takeaways:
• Our research analyst has revealed that the worldwide market for PHR software is expected to expand at a CAGR of roughly 8.30% between the years 2023 and 2030.
• The global market for PHR software was worth around USD 8.21 billion in 2022, and it is expected to be over USD 15.55 billion by 2030.
• As people seek more privacy and security for their medical data, the market for electronic health records is expected to expand rapidly.
Demand for increased privacy over medical records is fueling industry expansion.
Patients’ desire for greater autonomy over their health data is expected to fuel growth in the worldwide personal health record software industry. A growing number of individuals are taking matters into their own hands by managing their own health records rather than depending only on the expertise of medical staff. Demand for PHR software is on the rise because it is one of the few products on the market that actually helps patients improve their health management. Moreover, since the healthcare sector faces increasing pressure to meet the needs of an expanding patient population, a growing number of medical communities are advocating that people adopt PHR systems as part of a healthy, active lifestyle. Because of this, healthcare workers also gain because they may access data without the risk of human error.
Lack of education will hinder market growth.
The lack of familiarity with the available software and its advantages is anticipated to be a growth bottleneck for the global market. Currently, a large portion of the user segment is concentrated in urban regions, where the necessary technological infrastructure exists to guarantee the widespread adoption of such programmes. However, the market potential in rural or underdeveloped regions and places where development is hampered by natural and socioeconomic causes has not been fully exploited. Players in the personal health record software market lack access to undiscovered areas because of a lack of supporting infrastructure.
Integration with more conventional forms of record keeping is increasing, opening up new avenues for development.
The combination of personal health record software and more conventional methods of patient data storage in hospitals and other medical facilities may create growth opportunities for the global personal health record software market. The increasing number of hospitals and clinics that are adopting it shows how the market has changed over time. Professionals in the medical field can enhance patient care by investing in technologies that increase the workflow integration of PHR software.
Unease with new technologies will be a barrier to market growth.
It is possible that during the forecast period, the elderly population, in particular, will prefer traditional methods or modern-age measures of storing personal health records, which could present a significant challenge to the personal health record software industry players. It’s possible the systems will make things more difficult for them. This means that more people will need to be considered as they design the programmes.
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The Global Personal Health Record Software Market is segmented based on product, application and region.
Global Personal Health Record Software Market: Product Segment Analysis
● Web-based
● Cloud-based
Global Personal Health Record Software Market: Application Segment Analysis
● Payer Tethered
● Provider Tethered
● Standalone
Recent Changes:
• MyHealthcare, a digital healthcare company, declared the EMR’s release for November 2021. The device can be utilised for paediatric, cardiovascular, endocrinological, obstetric, and ENT disorders, and it is designed to maintain databases associated with a patient’s medical record. The company claims that the record-keeping technology will increase both the quality and efficiency of medical care delivery.
• Google, a global leader in search and other online services, said in November 2022 that it was continuing doing user tests in a consumer-facing health record as part of its effort to learn more about the personal health records market. The company began working with a clinic in Cleveland, Ohio, on a test programme in 2008, but they ran into some difficulties. The corporation has not given up on the concept, though, and is instead investing heavily in R&D in the hopes of making a comeback.
The global personal health record software market is led by players like:
● Allscripts
● Athenahealth
● Cerner Corporation
● eClinicalWorks
● Epic Systems Corporation
● GE Healthcare
● Greenway Health
● Meditech
● NextGen Healthcare
● CareCloud
● CureMD
● eMDs
● HealthFusion
● AdvancedMD
● Amazing Charts
● Practice Fusion
● Kareo
● DrChrono
● ChARM Health
Rapid expansion is expected in North America.
The North American market for personal health record software is anticipated to grow rapidly in the next years. In 2022, the region accounted for 51% of the worldwide market thanks largely to the efforts of the United States and Canada. The regional government in these areas has made great strides in enhancing the quality of the region’s healthcare facilities, which has contributed to the area’s rapid economic expansion.
In addition, the market CAGR is highly dependent on the rising demand for improved medical care and the rising number of people actively seeking strategies to have more control over their health and related information. To ensure the easy adoption of personal health record software, a number of established and up-and-coming companies are undertaking testing and trials both at the patient level and as an integrated tool with medical clinic-based systems. Germany, France, and the United Kingdom are all increasing their healthcare spending, which could lead to a higher CAGR in the region.
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