Personal Health Records Software Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Personal Health Records Software Market Analysis

The Global Personal Health Records Software Market size is estimated at USD 10.15 million in 2024, and is expected to reach USD 16.14 million by 2029, growing at a CAGR of 9.72% during the forecast period (2024-2029).

COVID-19 pandemic has had a substantial impact on the personal health records software market. The strict lockdowns and government regulations intended to slow down the spread of COVID-19 resulted in a decrease in healthcare activities and it adversely affected the usage of personal health records software as well. For instance, according to an article titled 'Impact of COVID-19 pandemic on utilization of healthcare services: a systematic review' published in the BMJ Journals in February 2021 a systemic study was performed to determine the extent and nature of changes in the utilization of healthcare software and services during COVID-19 pandemic and it was found that healthcare software and services utilization decreased by about a third during the pandemic. Furthermore, as per an article titled 'Digital Health COVID-19 Impact Assessment: Lessons Learned and Compelling Needs' published in the journal of National Library of Medicine in January 2022 a survey was performed which showed that for the patients the deepening digital divide became more pronounced during the pandemic and access to essential technology and reliable internet created new opportunities for personal health records software. Thus, the COVID-19 outbreak affected the market's growth adversely in its preliminary phase; however, the market is expected to gain traction as personal health records software provided new opportunities for personal healthcare data management during the pandemic.

Further, increasing need for streamlined healthcare information and rising initiatives to encourage patient centric personal care, and rising government initiatives for online data integration are among the major factors driving the growth of the studied market. The rising prevalence of chronic diseases like cancer, diabetes and respiratory disorders is also expected to drive the growth of the market.

Moreover, according to a blog by Breaking Media, Inc. published in August 2022 streamlined workflow maximizes interoperability and improves patient outcomes, and this will create an opportunity for cloud-based software which includes personal health records software as well. Therefore, the increasing need for streamlined healthcare information is poised to accelerate the personal health records software market globally and is expected to increase in the future, thereby driving the growth of the studied market over the forecast period.

In addition, growing number of startup companies and strategic activities by major players in the market are positively affecting the growth of the studied market. For instance, in December 2020 Eka Care was founded, the company provided personal health records app and they aim to build a digitally-enabled and connected healthcare ecosystem between healthcare providers and patient. Additionally, in May 2022, National Health Authority (NHA) announced that the government of India has launched a revamped Ayushman Bharat Health Account (ABHA) mobile application for personal health records management under its flagship scheme of Ayushman Bharat Digital Mission (ABDM). Thus, owing to the product launches and partnerships the studied market is expected to have significant growth over the forecast period.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period. However, the security concerns regarding the software and lack of awareness among rural patients are likely to impede market growth.

Personal Health Records Software Market Trends

This section covers the major market trends shaping the Personal Health Records Software Market according to our research experts:

Mobile Apps and Software Segment is Expected to Witness Growth Over the Forecast Period

Personal Health Records Software Industry Segmentation

As per the scope of the report, A personal health record (PHR) software helps the patient to collect the health-related information that is documented and maintained by the individual it pertains to. The data kept in a PHR software varies from one person to another and from one system to another, but the information in a typical record might include information about visits to healthcare professionals, allergies, family history, immunizations, information about any conditions or diseases, a list of medications taken, records of hospitalization, and information about any surgeries or procedures performed. The personal health records software market is segmented by component type (mobile apps and software, and services), deployment mode (web-based and cloud-based), architecture (payer tethered, provider tethered, and standalone), and Geography (North America, Europe, Asia-Pacific, and Rest of the World). The report offers the value (in USD million) for the above segments.