Personal Health Record Software Market Growth & Trends

The global personal health record software market size is expected to reach USD 14.87 million by 2028, growing at a CAGR of 9.9% over the forecast period, according to a new report by Grand View Research, Inc. High acceptance of advanced technologies, growing demand for centralizing, and streamlining of healthcare information, rising awareness among patients for medical information storage and management, and increasing government initiatives will support the market growth during the forecast period.

For instance, in October 2019, The Union Ministry of Health and Family Welfare, Government of India developed an app, ’My Health Record’, which permits users to store their past prescriptions, detailed health profile, lab records & diagnoses at one platform and share it with medical specialists when required. The COVID-19 has toppled the way of work and life, enforcing healthcare groups to share individual’s medical records in a format that is meaningful and easily available.

The Department of Health and Human Services Office of the National Coordinator for Health Information Technology, together with the Centers for Medicare & Medicaid Services, issued two new rules to come into force in April 2021. One rule requires healthcare groups to make health record data available electronically through broadly-used technical standards. While the other forbids “information blocking,” where healthcare groups place excessive practical, cost, and technical barriers to the sharing of health information.

The North American region held the largest revenue share of over 55% in 2020 owing to the government initiatives for eHealth and an increased need to follow regulatory guidelines and curtail the rising healthcare costs. The European region held the second-largest market share in 2020 owing to the decreased cost of care and prediction of a possible medical emergency.

Key players are investing in many strategic initiatives, such as acquisitions, mergers, partnerships, and product launches, among others to maintain a competitive edge in the market. For instance, in March 2020, Knapsack Health launched a free Personal Health Record for individuals, families, and caretakers.

Personal Health Record Software Market Report Highlights

  • High acceptance of advanced technologies to cater to the growing customer needs and expansion of digital healthcare has contributed significantly to the market growth
  • In terms of revenue, the software & mobile apps component segment dominated the market in 2020 owing to increased supportive government initiatives
  • The Cloud-based deployment mode segment is expected to register the fastest CAGR over the forecast period owing to the technological up-gradation in the healthcare sector and growing focus on healthcare digitization
  • The standalone architecture type segment accounted for the largest revenue share in 2020 due to wide adoption on account of its benefits, such as privacy control
  • Key players in the personal health record software market focus on various strategies, such as new product developments and business expansions, for better market penetration
  • For example, in September 2020, PicnicHealth raised $25 million for its patient health record management service; thereby, strengthening its market position