Personal Health Record Software Market Segmentation, and Growth outlook Report By 2028

Posted on 2022-10-04 by researchinsights in Biotech // 0 Comments

Personal Health Record Software Industry Overview

The global personal health record software market size was valued at USD 7.07 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.9% over the forecast period.

Factors such as growing demand for centralizing & streamlining healthcare information, increasing demand for cloud-based software for dealing with individual data, and rising initiatives to promote patient-centric care will drive the market during the forecast period. For instance, in March 2018, Apple introduced Personal Health Record (PHR) program after two months of a pilot project to enhance patient engagement. The COVID-19 pandemic has toppled the way of work and life, generating an immediate requirement for digital tools as businesses across all sectors and regions augmented their digital revolution efforts and moved their products & services online.

Gather more insights about the market drivers, restrains and growth of the Global Personal Health Record Software Market

In earlier days, numerous patient records were controlled by healthcare groups and, usually, the records lived in siloes that prevented healthcare practitioners from sharing health information. Thus, the pandemic has enforced healthcare groups to share individual’s medical records in a set-up that is meaningful and effortlessly accessible.

These rules are intended to advance the ability of individuals to access their health data. One rule needs healthcare groups to make health record data available electronically through broadly used technical standards. The other forbids “information blocking,” where healthcare groups place excessive practical, cost, and technical barriers to the sharing of health information. Overall, the COVID-19 pandemic positively affected the market growth. The market growth is attributed to the high acceptance of advanced technologies to cater to rising customer needs.

Moreover, rising awareness among urban patients about medical information storage and management, and increasing government initiatives to encourage paperless data integration in the healthcare sector are expected to support the market growth. However, concerns over individual health data security are forming barriers. This, in turn, is affecting patient engagement initiatives and limiting the adoption of PHR solutions among end-users.

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