LONDON, April 6, 2016 /PRNewswire/ -- Patient portals are an important form of patient engagement solutions that are gaining popularity across the globe. The use of health information technologies and online resources in healthcare boosts care quality by improving care access, efficiency, chronic disease management, and patient & family involvement. Portals, when integrated with EHRs (electronic health records), can offer various features that enhance patient-provider communication and involve patients in their own care. The benefits of patient portals have fueled their adoption globally. This market is expected to reach USD 2.74 billion by 2020 from USD 1.19 billion in 2015, at a CAGR of 18.1%.
Federal mandates, the growing focus on a patient-centric approach in healthcare delivery, increasing EHR adoption, and growing popularity of patient portals among the aging population are some factors driving the growth of the patient portal market.
On the other hand, data security & privacy concerns, high cost of deployment of patient portal solutions, and requirement of infrastructural investments to support patient portals are expected to restrain the growth of the market to a certain extent. Cloud-based patient portal solutions pose a significant growth opportunity for players in the market. In addition to this, the lack of health literacy is a major challenge for the market.
Integrated patient portals are expected to account for the major share of the global patient portal market, by type. Integrated portals allow a user to complete multiple business functions from within the same interface and are provided by the same vendor as an EHR system. As they provide a one-stop solution, they are cheaper, favored, and therefore high in demand.
In 2015, North America is expected to account for the largest share of the global patient portal market, followed by Europe, Asia-Pacific, and the Rest of the World (RoW). North America's large share can be attributed to federal mandates in the U.S., the increasing aging population and number of ACOs in the U.S., and Canada's digital health measures and efforts to enhance healthcare delivery.
The major players in the market are focusing on strategies like product deployments, agreements/alliances/collaborations/partnerships, new product launches and product enhancements, acquisitions/mergers, expansions, and other strategies (divestment, funding and product integration) to establish a strong foothold in the global market.
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The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn helps the firms to garner a greater market share. Firms purchasing the report could use any one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market shares.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the solutions offered by top players in the patient portal market. The report analyzes the patient portal market, by type, delivery mode, and end users.
- Product Development/Innovation: Detailed insights on research and development activities and new product launches in the patient portal market
- Market Development: Comprehensive information about the lucrative emerging markets. The report analyzes the markets for patient portals across regions
- Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the patient portal market
- Competitive Assessment: In-depth assessment of strategies, products, and distribution networks of the leading players in the patient portal market
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