PUBLISHER: The Business Research Company | PRODUCT CODE: 1458722
PUBLISHER: The Business Research Company | PRODUCT CODE: 1458722
Personal health record (PHR) software encompasses digital tools and platforms intended to enable individuals to manage and store their health-related information electronically. This software plays a crucial role in enhancing communication, care coordination, and public health initiatives, empowering individuals to take an active role in managing their health.
The primary components of personal health record software include software and mobile applications, along with associated services. Software and mobile applications are computer programs and applications developed to operate on a range of computing devices, including desktop computers, laptops, smartphones, and tablets. These solutions can be deployed in various modes, such as cloud-based and web-based deployments, and may incorporate different architectures, including payer-tethered, provider-tethered, and standalone setups.
The personal health record software market research report is one of a series of new reports from The Business Research Company that provides personal health record software market statistics, including personal health record software industry global market size, regional shares, competitors with a personal health record software market share, detailed personal health record software market segments, market trends and opportunities, and any further data you may need to thrive in the personal health record software industry. This personal health record software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The personal health record software market size has grown strongly in recent years. It will grow from $9.20 billion in 2023 to $10.14 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth observed in the historic period can be largely attributed to several key factors, including market demand and supply dynamics, government initiatives, integration with traditional record-keeping systems, increased focus on chronic disease management, and rising consumer demand for accessible healthcare information. These factors collectively drove expansion within the healthcare sector, fostering innovation and adoption of technologies aimed at improving healthcare delivery, enhancing patient outcomes, and increasing accessibility to healthcare services and information.
The personal health record software market size is expected to see strong growth in the next few years. It will grow to $14.64 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The anticipated growth in the forecast period can be primarily attributed to the increasing demand for centralizing and streamlining healthcare information, coupled with rising initiatives aimed at promoting patient-centric care and increasing awareness and adoption among consumers. Major trends expected during this period include the escalation of government initiatives to promote patient-centric care, a surge in demand for centralizing and streamlining healthcare information, and a growing awareness among patients regarding the storage and management of medical information.
The increasing demand for digital health solutions is poised to drive the growth of the personal health record software market in the foreseeable future. Digital health solutions involve the incorporation of technology and digital tools into healthcare delivery to enhance efficiency, accessibility, quality of care, and patient outcomes. Personal health record software plays a crucial role within digital health solutions by empowering patients, facilitating care coordination, improving clinical decision-making, and ultimately promoting better health outcomes. For example, as reported by the Australian Digital Health Agency in August 2022, a significant number of telehealth services were provided between 2020 and 2022, benefiting millions of patients and practitioners. Additionally, a survey conducted by Rock Health in February 2023 revealed a surge in telemedicine adoption, with a substantial percentage of respondents accessing care remotely. Consequently, the escalating demand for digital health solutions is fueling the growth of the personal health record software market.
Major companies in the personal health record software market are directing their efforts towards advancements in AI technology, exemplified by solutions such as AWS HealthScribe, owing to the significant benefits of AI integration in healthcare software. AWS HealthScribe is a novel generative AI-powered service that automatically generates clinical documentation from patient-clinician conversations. For instance, in July 2023, Amazon Web Services (AWS) launched AWS HealthScribe, a HIPAA-eligible service aimed at helping healthcare software providers develop clinical applications utilizing speech recognition and generative AI to create initial clinical notes from doctor-patient discussions. This service is designed to expedite clinical documentation, improve consultation efficiency, and enhance medical scribe workflow efficiency. By leveraging speech recognition and generative AI, healthcare software vendors can develop clinical applications that generate preliminary clinical notes, thereby streamlining consultations and optimizing medical scribe workflows.
In November 2023, Thoma Bravo, a software company based in the United States, completed the acquisition of NextGen Healthcare for $1.8 billion. This strategic move is anticipated to position NextGen Healthcare for long-term growth, as it will leverage Thoma Bravo's operational expertise and strategic flexibility to accelerate its leadership in delivering healthcare solutions. NextGen Healthcare, headquartered in the US, is a provider of cloud-based Electronic Health Record (EHR) solutions.
Major companies operating in the personal health record software market report are GE Healthcare, Cerner Corporation, Allscripts, eClinicalWorks, Athenahealth, NextGen Healthcare, Meditech, Greenway Health, CareCloud Inc., Kareo, Zapbuild, E-MDs Inc., SoftClinic Software, Practice Fusion Inc., AdvancedMD, Practice Fusion, HealthFusion, CureMD, Epic Systems Corporation, NoMoreClipboard, Amazing Charts, Validic Inc., Health Companion, Patient Ally, Healthspek, 75Health (Kaaspro), Knapsack Health, Records For Living Inc., DrChrono, ChARM Health
North America was the largest region in the personal health record software market in 2023. The regions covered in the personal health record software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the personal health record software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The personal health record software market includes revenues earned by entities by providing services such as accessibility, security, and privacy, medication management, health tracking and monitoring, and health data management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The personal health record software market consists of sales of health devices, medications, and test tools. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Personal Health Record Software Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on personal health record software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for personal health record software? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The personal health record software market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.