The Personal Health Record Software Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Personal Health Record Software Global Market Report 2024, 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 growth in the forecast period can be attributed to increasing demand for centralizing and streamlining healthcare information, rising initiatives to promote patient-centric care, increasing awareness and adoption among consumers. Major trends in the forecast period include increasing government initiatives to promote patient-centric care, growing demand for centralizing and streamlining healthcare information, rising awareness among patients about medical information storage and management.
The growing demand for digital health solutions is expected to propel the growth of the personal health record software market going forward. Digital health solutions refer to the integration of technology and digital tools into healthcare delivery to improve efficiency, accessibility, quality of care, and patient outcomes. Personal health record software is used in digital health solutions to empower patients, improve care coordination, enhance clinical decision-making, and promote better health outcomes. For instance, in August 2022, according to a report published by the Australian Digital Health Agency, an Australia-based government agency, between 2020 and 2022, a total of 118.2 million telehealth services were provided to 18 million patients, with over 95,000 practitioners utilizing telehealth services during this period. Further, in February 2023, according to a survey of 7,980 U.S. adults by Rock Health, a US-based healthcare organization, telemedicine adoption had surged, with 80% of respondents accessing care remotely, up from 72% in 2021. Therefore, the rising demand for digital health solutions is driving the growth of the personal health record software market.
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The personal health record software market covered in this report is segmented –
1) By Component: Software And Mobile Applications, Service
2) By Deployment: Cloud-Based, Web-Based
3) By Architecture: Payer-Tethered, Provider-Tethered, Standalone
Major companies operating in the personal health record software market are focusing on developments in AI advancement software, such as AWS HealthScribe, due to the significant benefits of AI integration in healthcare software solutions. AWS HealthScribe is a new generative AI-powered service that automatically creates clinical documentation from patient-clinician conversations. For instance, in July 2023, Amazon Web Services, a US-based cloud solutions provider, launched AWS HealthScribe, a new generative AI-powered service that automatically creates clinical documentation. It is a HIPAA-eligible service designed to help healthcare software providers build clinical applications that use speech recognition and generative AI to create preliminary clinical notes from doctor-patient discussions. The service is aimed at accelerating clinical documentation, enhancing consultation efficiency, and boosting medical scribe workflow efficiency. Additionally, these features are designed to help healthcare software vendors build clinical applications that use speech recognition and generative AI to create preliminary clinical notes, thereby enhancing consultation efficiency and boosting medical scribe workflow efficiency.
The personal health record software market report table of contents includes:
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