The global personal health record software market is likely to be driven by factors such as rising need for centralizing and simplifying healthcare information, rising demand for cloud-based software for handling personal data, and increasing initiatives to encourage patient-centric care.
Earlier, healthcare organizations maintained a large number of patient health-related records, which were often kept in silos that adversely impacted healthcare practitioners from obtaining and exchanging health information. Due to this pandemic, various healthcare firms have been forced to share medical information of people in a way that is both easily accessible and useful at the same time. For instance, the Office of the National Coordinator for Health Information Technology, along with the Centers for Medicare & Medicaid Services, introduced two new guidelines that has taken effect from April 2021.
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Technological Breakthroughs in the Medical Technologies to Bolster Market Growth
Growing government measures to foster paperless data incorporation in the healthcare industry, as well as growing awareness amongst urban patients about medical data storage and administration, are likely to drive expansion of the global personal health record software market. The Indian government, for instance, declared the launch of the National Digital Health Mission in August 2020. However, worries about the security of personal health data are raising roadblocks. As a result, patient engagement activities are being hampered, and end-user adoption of PHR solutions is being limited. The COVID-19 outbreak has pushed the sphere of work and living into chaos, demanding the quick adoption of digital technology as businesses from all industries and regions have increased their attempts to digitally transform and put their services and goods online.
Personal health records make it easier for patients to share relevant health information with healthcare professionals, allowing them to better coordinate care and manage chronic diseases. PHR adoption is projected to be fueled by the rising prevalence of chronic illnesses such as cancer, COPD, diabetes, asthma, and stroke. As a result, more efficient care delivery and enhanced patient-provider interactions contribute to overall development of the global personal health record software market. Apple Inc., for example, introduced the Personal Health Record (PHR) service in March 2018 after a two-month test to increase patient engagement.
With a significant revenue share in 2020, the standalone category topped the worldwide personal health record market. In the near future, this category will grow at a very high growth rate. Patients have entire control over the system, and clinicians can only access the data, when patients allow them to. The advantages of employing a standalone PHR, such as perceived privacy control as well as belief, are driving the segment’s rise. In addition to that, patient data management is the basic distinguishing characteristic of standalone PHRs, which is anticipated to fuel growth of the global personal health record software market.
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Increasing Government initiatives to Drive Growth of the North America Market
With a significant revenue share of the global personal health record software market in 2020, North America led the market. The growing need to comply to regulatory norms and regulate skyrocketing costs of healthcare services, as well as government efforts for eHealth, are all contributing to its rise. In addition to that, the major focus of various non-government groups in the region on the development of a sustainable and environment friendly health service system is estimated to push market expansion in the years ahead.
In the future years, the rest of the world is predicted to increase at the quickest rate The increasing need for remote patient monitoring systems, which is fueled by the aging populace and the increasing number of incidents of long-term chronic illnesses, is the primary factor fueling expansion of the global personal health record software market.
