|Market Size in 2022||Market Forecast in 2030||CAGR (in %)||Base Year|
|USD 8.21 Billion||USD 15.55 Billion||8.30%||2022|
Personal Health Record Software Market
The global personal health record software market size was worth around USD 8.21 billion in 2022 and is predicted to grow to around USD 15.55 billion by 2030 with a compound annual growth rate (CAGR) of roughly 8.30% between 2023 and 2030. The report analyzes the global personal health record software market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the personal health record software industry.
Personal health record (PHR) software programs are digital tools that assist individuals to manage information related to their health. The data includes details on medical history, medications, test results, and other health-related data. All of the vast data is stored in one secure and centralized location. The personal health record software industry refers to the businesses operating in the sector that is responsible for developing and providing such applications or digital programs to clients along with associated services. PHR software helps patients manage health-related information more efficiently instead of filing it on paper which may not be as effective as the digital means of storing such critical data. As patients are getting increasingly alert about medical health conditions, the demand for such software and applications is steadily growing at an increasing pace and the trend is expected to continue in the coming years.
Growing for better control over personal health information to drive market growth
The global personal health record software market is projected to grow owing to the increasing demand for more control over personal health information among patients. People are becoming more proactive in terms of having more control over their health records instead of solely relying on medical professionals for the management of information related to their medical condition. PHR software is one of the few tools available in the market that allow patients to achieve better management of their health and hence the demand for such applications and systems is on the rise. In addition to this, the mounting pressure on the healthcare industry to cater to the needs of rising numbers of patients has led to several medical communities encouraging patients to adopt PHR systems as a part of an active lifestyle. This also benefits healthcare employees since they can access the information stored without any human error.
Limited awareness to restrict market expansion
The global market is expected to face growth restrictions owing to the limited awareness of the software options and their benefits. Currently, a large part of the user segment resides in urban areas since they have access to the right set of technological systems to ensure the adoption of such programs. However, the market segment in rural areas or underdeveloped regions along with areas facing development limitations owing to natural and socio-economic factors remains unexplored. The personal health record software industry players are unable to access previously uncharted segments due to the lack of necessary supporting infrastructure.
Growing integration with traditional measures of record keeping to provide growth opportunities
The global personal health record software market may witness growth opportunities owing to the increasing integration of modern tools of medical record keeping such as personal health record software along with traditional measures of storing patient-related information in a hospital or medical facilities. The rising adoption among healthcare providers is a prime example of market evolution with time. Medical professionals can invest in systems that allow better integration with PHR software with their existing workflow and improve medical care.
Discomfort with technology to challenge market expansion
One of the key challenges that the personal health record software industry players may come across during the forecast period is the discomfort of target consumers with technology, especially the elderly populations that are not comfortable with advanced tools & systems and may prefer traditional methods or modern-age measures of storing personal health records. They may find the systems more confusing and as an added task. Hence the programs must be developed keeping in view a larger group of end-users.
The global personal health record software market is segmented based on deployment, component, architecture, and region.
Based on deployment, the global market segments are cloud-based and web-based. In 2022, the highest growth was observed in the web-based segment which dominated more than 51.9% of the segmental share. The key driving factors for the web-based deployment model was the growing adoption of application and web-based programs owing to the ease of use and convenience offered by such solutions. Furthermore, the rising technological innovations and improving research & development activities to make web-based applications more accurate and user-friendly could lead to higher growth during the forecast period. The cloud-based segment is expected to deliver improved CAGR in the coming years as demand for mobile data use and access from multiple devices continues to grow.
Based on component, the global market segments are software & mobile applications and service.
Based on architecture, the global market is divided into payer-tethered, provider-tethered, and standalone. During 2022, the personal health record software industry amassed higher revenue in the standalone segment which led to more than 39% of the segmental revenue. These systems are completely controlled by the patient and do not have any external influence making them ideal for personal health record keeping. Furthermore, since end-users are solely responsible, standalone systems reduce the risk of data loss or data theft. The main factor propelling the demand for such systems is the perceived sense of privacy along with other factors. During the forecast period, the provider-tethered segment may grow at a CAGR of over 9%. These systems are generally connected to the internal record systems of a healthcare institution.
|Report Attributes||Report Details|
|Report Name||Personal Health Record Software Market Research Report|
|Market Size in 2022||USD 8.21 Billion|
|Market Forecast in 2030||USD 15.55 Billion|
|Growth Rate||CAGR of 8.30%|
|Number of Pages||213|
|Key Companies Covered||Allscripts, Athenahealth, Cerner Corporation, eClinicalWorks, Epic Systems Corporation, GE Healthcare, Greenway Health, Meditech, NextGen Healthcare, CareCloud, CureMD, eMDs, HealthFusion, AdvancedMD, Amazing Charts, Practice Fusion, Kareo, DrChrono, ChARM Health, SimplePractice, WebPT, PrognoCIS, Modernizing Medicine, Practice EHR, MacPractice.|
|Segments Covered||By Deployment, By Component, By Architecture, and By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Historical Year||2017 to 2021|
|Forecast Year||2023 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
North America to witness massive growth
The global personal health record software market is expected to witness high growth in North America. In 2022, the region held dominance over 51% of the global market share with the US and Canada acting as major revenue generators. The robust medical infrastructure of these regions is a leading cause of higher growth as the regional government continues to strive for improving its existing architecture. In addition to this, the rising demand for enhanced medical care along with a growing number of people actively seeking out measures to have more control over their health and related information is crucial to the market CAGR.
Several existing and emerging businesses are conducting tests and trials to ensure the smooth adoption of personal health record software not only at the patient level but as an integrated tool with medical clinic-based systems. In Europe, the growing investment in the healthcare sector across Germany, France, and the UK could result in a better CAGR.
The global personal health record software market is led by players like:
Personal health record (PHR) software programs are digital tools that assist individuals to manage information related to their health. The data includes details on medical history, medications, test results, and other health-related data
The global personal health record software market is projected to grow owing to the increasing demand for more control over personal health information among patients.
According to study, the global personal health record software market size was worth around USD 8.21 billion in 2022 and is predicted to grow to around USD 15.55 billion by 2030.
The CAGR value of the personal health record software market is expected to be around 8.30% during 2023-2030
The global personal health record software market is expected to witness high growth in North America. In 2022, the region held dominance over 51% of the global market share with the US and Canada acting as major revenue generators.
The global personal health record software market is led by players like Allscripts, Athenahealth, Cerner Corporation, eClinicalWorks, Epic Systems Corporation, GE Healthcare, Greenway Health, Meditech, NextGen Healthcare, CareCloud, CureMD, eMDs, HealthFusion, AdvancedMD, Amazing Charts, Practice Fusion, Kareo, DrChrono, ChARM Health, SimplePractice, WebPT, PrognoCIS, Modernizing Medicine, Practice EHR, MacPractice.