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U.S. Personal Health Records Market 2010 to 2015
Frost & Sullivan, July 2011, Pages: 87
Information presented includes an overview of personal health records (PHR), definition of the key market segments by product type, descriptions of product types by technical approaches, an outline of key data elements and sources, a summary of benefits and advantages to using a PHR, a list of major technology and market trends and dynamics, including selected drivers and restraints impacting the market, vendor and product landscape competitive profiles, and total revenue forecasts for 2010 and 2015.
This Frost & Sullivan research service titled U.S. Personal Health Records Market 2010 to 2015 summarizes the key considerations impacting the personal health records (PHR) market including product types by technical approaches, and an illustration of key data elements and categories. The study also provides an overview of potential benefits, major technology and market trends, and important market drivers and restraints. In this research, Frost & Sullivan's expert analysts thoroughly examine the following technologies: untethered, tethered, and platform.
Market Overview
Rising Incidence of Chronic Diseases in the United States and the Resultant Need to Cut Costs Create Demand for Personal Health Records
The ability of a PHR to be interoperable with health monitoring devices that relay personal health data in real time and the increase in data exchange between individuals and healthcare providers has made the U.S. web-based PHR market increasingly attractive. As higher numbers of patients report one or more chronic conditions, the need for healthcare services will grow. However, these medical cases are expensive to treat, require multi-specialist care coordination, and ongoing monitoring of changing health data. “Due to the fragmented nature of the U.S. healthcare system and the lag in electronic coordination of care, people with multiple chronic diseases frequently receive disjointed or duplicated care, which raises the cost of treatment,” says the analyst of this research service. “In an effort to contain costs, healthcare companies are gravitating toward information technology.”
Policymakers and the private sector expect that digitization and standard exchange of personal health information will lead to more coordinated care as well as greater individual participation in managing health - all factors that reduce the cost of chronic disease care. The number of patients is expected to increase sharply in the coming decade as more baby boomers enter their late 60s and early 70s.
Vendors to Spread Awareness about PHR to Allay Privacy and Security Concerns
Although the percent of people who report using a PHR has grown recently, the actual number of users is still marginal. Consumers are reluctant to adopt a PHR because of concerns about the privacy and security of information contained in and exchanged through a PHR and electronic health records (EHR). In addition, there is a belief that without strong faith in the solution’s ability to protect privacy, individuals will continue to engage in privacy-protective behavior such as withholding information from their doctors or providing them with incomplete or inaccurate information. Their reluctance to be forthcoming will hamper the adoption of PHRs and distort the data used for decision making.
PHR vendors and implementers have to increase the awareness of end users to dispel fears about privacy violations and help consumers understand the benefits of using a PHR. They will have to invest money, expertise, and time to launch consumer marketing and communication campaigns to complement the disparate business-to-business (B2B) communications, which are currently the norm. “The number of mobile health offerings, the scope of platforms that enable them, and the number of health industry participants that offer them encourage market growth,” observes the analyst. “Federal healthcare reforms that call for greater transparency of cost and care options has set the stage for an actual tipping point that is leading consumers toward rapid adoption and reliance on personal health information management resources.”
Technologies
The following technologies are covered in this research:
- Untethered
- Tethered
- Platform
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