Global Personal Health Record Software Market by Deployment Mode (Cloud-, Web-based), by Component (Services, Software & Mobile Apps) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global personal health record software market was valued at USD 7.07million in 2020. It is forecast to grow at a compound annual rate (CAGR of 9.9%) over the forecast period. The market will be driven by factors such as increasing demand for centralizing and streamlining healthcare information, rising demand for cloud-based software to deal with individual data, as well as initiatives to promote patient-centric health care. After two months of pilot projects to improve patient engagement, Apple launched the Personal Health Record (PHR), program in March 2018. After the COVID-19 epidemic, which has thrown off work and life, there was an immediate need for digital tools. Businesses from all industries and regions increased their digital revolution efforts and moved products and services online.

Healthcare groups controlled many patient records in the past. Often, these records were kept separate from each other, which prevented healthcare professionals from sharing their health information. The pandemic forced healthcare organizations to share individuals' medical records in a meaningful and easily accessible way. The Centers for Medicare & Medicaid Services and the Department of Health and Human Services Office of National Coordinator for Health Information Technology issued two new rules that will be in effect in April 2021.

These rules aim to improve the accessibility of health information for individuals. Healthcare groups must make their health records available electronically using widely used technical standards. The other prohibits information blocking, where healthcare organizations place unreasonable practical, financial, and technical obstacles to the sharing health information. The market growth was positively affected by the COVID-19 pandemic. Market growth can be attributed to high acceptance of advanced technologies that cater to increasing customer needs.

Market growth will also be supported by rising awareness among urban patients regarding medical information storage management and government initiatives to encourage paperless integration in the healthcare industry. In August 2020, India's government announced the launch of the National Digital Health Mission. But, security concerns regarding individual health data security are creating barriers. This is hindering patient engagement and limiting adoption of PHR solutions by end-users.

PHR Software Market: A steady growth of more than 8.0% during the COVID-19 pandemic

The sharing of relevant health information with healthcare providers is easier when you have personal health records. This helps patients to coordinate care and improve their management of chronic diseases. A growing number of chronic diseases such as COPD and asthma, diabetes, cancer, stroke and other conditions is expected to drive the adoption of personal health records. Market growth is further supported by efficient care delivery and better patient-provider relationships.

Component Insights

With a market share of more than 57%, the software and mobile apps segment was dominant in 2020. The segment's growth is supported by technological advancements in the healthcare sector. There is a growing demand for healthcare record applications with a simple user interface and fast internet access. During the forecast period, the segment will see an increase in usage of smartphones and high speed networks.

Over the forecast period, the services segment will experience the fastest CAGR. In the past, patient's PHRs were simply paper documents that were kept on file. PicnicHealth is one of the many businesses that offer PHR services. PicnicHealth raised $25M for its patient record management service in September 2020.

Insights on the Deployment Mode

With a 52.0% revenue share in 2020, the web-based deployment mode segment was dominant in personal health record software markets. This segment will be driven by the growing adoption of online apps as well as the development in digitization. Users can access apps using Uniform Resource Locators, which are the latest and most innovative technologies. Segment growth is further supported by the many benefits associated with web-based PHR Software, including easy sharing of vital information between patients and multiple doctors.

Cloud-based segments are expected to experience the fastest CAGR during the forecast period. The segment's growth is driven by the growing demand for mobility and cost-savings in IT infrastructure. It also allows for multiple device access from any location. Security and privacy of personal health data is a major concern in e-health. The cloud server provider is usually a third-party module. Therefore, it is important to protect privacy and secure health data. Cloud servers can be considered semi-trustworthy because they won't actively seek to obtain the information.

Architecture Type Insights

With a market share of more than 40%, the standalone segment led global personal health records in 2020. This segment will grow at the fastest rate of CAGR between 2021 and 2028. The data can only be viewed by providers if patients consent. Segment growth is aided by the perceived privacy control and belief that a standalone PHR offers. A standalone PHR can also be used to manage patient data, which is expected to help segment growth.

From 2021 to 2028, the provider-tethered market is expected to expand at a steady CAGR greater than 9.5%. The provider-tethered segment's PHRs can be connected to an internal healthcare administration record system. The segment is expected to grow due to government initiatives to encourage IT use in healthcare and the introduction of advanced healthcare services.

Regional Insights

North America was the dominant market, accounting for over 55% of the total revenue in 2020. Its growth is mainly due to government initiatives for eHealth and the need to adhere to regulatory guidelines & reduce healthcare costs. The market will also grow due to the increased focus of non-governmental organizations on developing a sustainable healthcare system in the region.

Over the forecast period, the fastest rate of growth is expected in the rest of the globe. Due to the increasing number of chronic long-term conditions and aging population, the main driver of market growth is remote patient monitoring.

Market Share Insights & Key Companies

Market players are actively involved in product launches and expansions to maintain their market position. To strengthen their market position, competitors are also using other business growth strategies. Knapsack Health, for example, launched a free PHR system in March 2020 that is available to individuals, families and caregivers. Fujitsu Healthcare Solution Healthcare Personal Service Platform was launched in February 2019. This new Platform-as-a-Service (PaaS) can aggregate and integrate an individual's PHR. The following are some of the most prominent players in the global personal healthcare record software market:

• Healthspek

• Companion for Health

• NoMoreClipboard

• Patient Ally

• Records For Living, Inc.

• Practice Fusion, Inc.

• SoftClinic Software

• Knapsack Health

• 75Health (Kaaspro)

• Zapbuild

• Validic

Up Market Research published a new report titled “Personal Health Record Software Market research report which is segmented by Deployment Mode (Cloud-, Web-based), by Component (Services, Software & Mobile Apps), By Players/Companies Validic, 75Health (Kaaspro), Patient Ally, Records For Living Inc, Health Companion, Knapsack Health, Zapbuild, NoMoreClipboard, SoftClinic Software, Practice Fusion Inc, Healthspek”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Personal Health Record Software Market Report Segments:

The market is segmented by Deployment Mode (Cloud-, Web-based), by Component (Services, Software & Mobile Apps).

Personal Health Record Software Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Personal Health Record Software Market

Overview of the regional outlook of the Personal Health Record Software Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Personal Health Record Software Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Personal Health Record Software Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Cloud-

                2. Web-based

                1. Services

                2. Software & Mobile Apps

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Personal Health Record Software Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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• Correctly Positioning New Products
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Reasons to Purchase the Personal Health Record Software Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.