Market Trends of Patient Portal Industry
This section covers the major market trends shaping the Patient Portal Market according to our research experts:
Integrated Patient Portal Holds the Largest Share in the Portal Segment expected to hold a major market share in the Patient Portalmarket
Integrated patient portals, also known as connected or tethered portals, help with a more extensive or combined system, such as a hospital management system (HMS) or electronic health record (EHR). An integrated portal directly connects to a medical facility or organization's patient database and provides various functions and services. This type of patient portal system requires more time and effort for design and is therefore associated with greater development costs.
To enhance the patient experience and increase hospital efficiency, companies are collaborating with healthcare providers to serve the large base of residents better globally. This demand for an integrated patient portal is expected to drive the segment's growth. For instance, in August 2021, Novo Integrated Sciences launched NovoConnect. This online patient portal app puts patients first and allows them to take control of their healthcare and wellness by having secure digital access to their patient charts. Similarly, in October 2021, Microsoft launched Electronic Health Record - integrated virtual care capabilities via both Epic's and Cerner's EHR systems, allowing clinicians to navigate telehealth visits easily.
The integrated setup is a very supportive web-based tool for quality improvement and performance with a range of quality and efficiency measures, which is expected to help the market grow during the forecast period.
The graph below suggests the burden of chronic diseases, such as Cancer, is anticipated to increase with high growth rates in the future, which may increase the procurement of integrated patient portals by the provider as well as the patients end to manage such a huge burden of patients, therefore the market is anticipated to witness growth, over the forecast period.
North America is Expected to Dominate the Market Over the Forecast Period
The North American patient portal market is expected to grow owing to vast technological advancements in the region. Countries such as the United States and Canada have been successful in implementing IT technologies in their healthcare systems, which as a result, may boost the market growth.
The United States is the largest market for patient portals in the North American region. Owing to the well-equipped healthcare system and the higher adoption of telemedicine, the market for the patient portal is expected to witness significant growth over the forecast period. Similarly, initiatives such as product launches are another factor in market growth. For instance, in August 2021, Novo Integrated Sciences launched NovoConnect, an online patient portal app that could put patients first and allows them to take control of their healthcare and wellness by having secure digital access to their patient charts.
The healthcare IT industry in Canada is versatile and well-equipped. Due to the advanced healthcare system, the adoption of information technology in healthcare is as high as in the United States. In May 2022, the Orléans Health Hub brought together three hospitals and six community-based service providers to enhance care and service coordination in a highly accessible, bilingual system reflective of the local region. For a smooth, connected patient experience, the Hub consolidates various specialized and community healthcare services under one roof. With such collaborative approaches taken by Canadian organizations, there will be an increasing number of people accessing health information online, propelling the growth of the market studied in the country. Such launches are expected to increase the adoption of such portals, which is expected to boost the market growth.
Thus, the above factors are expected to drive the market's growth in this region during the forecast period.
