How Has the Personal Health Record Software Market Size Evolved in Recent Years?
The personal health record software market has seen considerable growth due to a variety of factors.
• The market size of personal health record software has seen robust growth in recent years. The market is projected to expand from $10.14 billion in 2024 to $11.09 billion in 2025, with a compound annual growth rate (CAGR) of 9.4%.
The historical growth can be traced back to factors such as an equilibrium of market demand and supply, governmental interventions, amalgamation with conventional record-keeping, a rise in the management of chronic ailments, and the public's desire for readily available healthcare data.
What are the Market Size and Expected Growth Rates for the Personal Health Record Software Market?
The personal health record software market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipations for robust expansion have been projected for the personal health record software market in the forthcoming years, with its worth expected to balloon to $16.09 billion by 2029, driven by a compound annual growth rate (CAGR) of 9.8%.
This speculated growth during the forecasted period can be ascribed to the escalating demand for the consolidation and efficient management of healthcare information, coupled with forward strides taken to further patient-centric care and a rapid surge in awareness and implementation among consumers. Main trends that are anticipated to influence the market during this forecast period include burgeoning governmental initiatives that advocate for patient-centered care, the growing need for a unified and efficient system for managing healthcare information, and a significant increase in patient awareness regarding the storage and management of medical data.
Which Key Drivers Are Propelling The Personal Health Record Software Market's Growth?
The surge in need for digital health applications is anticipated to fuel the personal health record software market's expansion. These digital health applications integrate technology and digital tools into healthcare to enhance effectiveness, accessibility, quality, and patient results. Personal health record software is utilized in this realm to provide the patient with control, coordinate care, advance clinical decisions, and foster improved health results. For example, a report by the Department of Health and Social Care, a UK government agency, stated in June 2022 that it's estimated that 90% of NHS trusts will have adopted electronic health records by December 2023 and full implementation will reach 100% by March 2025. Moreover, by March 2024, it's projected that 80% of adult care providers registered with the Care Quality Commission (CQC) would have shifted to digital care records. Additionally, projections for 2024 estimate that 75% of adults will have signed up for the NHS App, with 68% (more than 30 million people) already registered by March 2023. Therefore, the accelerating demand for digital health apps is catalyzing the expansion of the personal health record software market.
What Are The Key Segments Within The Global Personal Health Record Software Market?
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
Subsegments:
1) By Software And Mobile Applications: Personal Health Record (PHR) Software, Mobile Health (Mhealth) Apps, Cloud-Based Health Record Systems
2) By Service: Implementation Services, Maintenance And Support Services, Training And Consulting Services
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How Are Emerging Trends Reshaping The Dynamics Of The Personal Health Record Software Market?
The major players in the personal health record software market are now focusing on enhancing their software with AI advancements like AWS HealthScribe due to the considerable advantages of integrating AI into healthcare software solutions. AWS HealthScribe, a generative AI service that automatically generates clinical documentation from clinician-patient dialogues, was recently introduced by Amazon Web Services, a US-based cloud solutions provider, in July 2023. Aimed at HIPAA-eligible service providers, this platform is intended to assist healthcare software developers in building clinical applications that utilize speech recognition and AI capabilities to create initial clinical notes from physician-patient discussions. The ultimate objective is to speed up the clinical documentation process, improve consultation efficiency, and escalate the efficiency of medical scribe workflow. These advanced features are specifically tailored to assist healthcare software vendors in crafting clinical applications that leverage speech recognition and AI capabilities, thereby enhancing consultation productivity and augmenting medical scribe workflow effectiveness.
Who Are the Key Players In The Personal Health Record Software Market?
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
What Are The Regional Insights Into The Personal Health Record Software Market?
North America was the largest region in the personal health record software market in 2024. 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.
