Market Trends of Global Personal Health Records Software Industry
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
Mobile apps and software are easy to handle and thus implementing personal health records systems in those will create a very easy-to-use interface for the patients to effectively handle and manage all their health records. Easy-to-use interface and fast data management are some of the advantages of mobile apps and software for which it has gained popularity in recent years. Moreover, according to an article titled 'A study on Mobile apps in the Healthcare Industry' published in the Seventh Sense Research Group (SSRG) International Journal of Mobile Computing and Application in April 2021 recent studies showed that personal use of health apps predicts pregnancy due dates more accurately than the paper wheels that had previously been the standard. Hence, owing to the advantages offered by personal health records mobile apps, and software, the adoption of these products is likely to increase among the target population, ultimately driving the market growth.
In addition, according to an article titled 'Future of Healthcare Report: Exploring Healthcare Stakeholders' Expectations for the Next Chapter' published by Healthcare Information and Management Systems Society, Inc. (HIMSS) in August 2021 80 percent of healthcare providers plan to increase investment in technology and digital solutions over the next five years and it is also expected to see growth in areas including telemedicine, personalized medicine, genomics, and wearables, with organizers leveraging artificial intelligence (AI), cloud computing, extender reality (XR), and the internet of things (IoT) to develop and deliver new treatments and service. Thus, the increasing digitalization of healthcare systems will create demand for technically advanced mobile apps and software and is creating opportunities for the growth of the segment in the future.
Furthermore, continuous product launches by major players in the market are positively affecting the growth of the segment. For instance, in December 2021, Health Safe a startup improving access to and quality of healthcare services in India, launched "Keypr," an app that helps in keeping all medical records in a secure digital format, ready for sharing with doctors, family members and other health service providers, after raising an undisclosed amount from technology industry leaders. Moreover, in November 2021 The Australian Digital Health Agency (ADHA) announced that they have signed a contract with Chamonix IT Management Consulting for the company to build out a 'My Health Record' personal health records mobile app for accountholders
Therefore, the mobile apps and software segment is expected to witness significant growth over the forecast period due to the abovementioned factors.
North America is Dominating the Personal Health Records Software Market
North America is dominating the market owing to factors such as the easy availability of technologically advanced products, and high awareness among consumers about personal health records management in the region. An increase in the prevalence of various chronic diseases in the United States is among the key factors which contribute to the growth of the studied market in North America.
For instance, as per the data by Centers for Disease Control and Prevention (CDC) in January 2022 there are almost 37.3 million people in the United States who have diabetes and this comprises 11.3 percent of the total United States population. Furthermore, as per the data by National Cancer Institute of the United States in 2020, an estimated 1,806,590 new cases of cancer were diagnosed in the United States and 606,520 people died from the disease. The rising prevalence of these chronic diseases in the region will create a need for personal health records software and apps and this factor is anticipated to drive the growth of the market in the country.
Therefore, owing to the aforesaid factors the growth of the studied market is anticipated in the North America Region.
