\ Global electronic health record market is projected to attain a size of $30.4 billion by 2023
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Global electronic health record market is projected to attain a size of $30.4 billion by 2023

 

October 11, 2018 --

LONDON, Oct. 11, 2018 /PRNewswire/ -- Electronic Health Record (EHR) Market by Delivery Mode (Web/Cloud-Based Server, On-Premise), by Component (Practice Management, Patient Management, E-Prescription, Referral Management, Population Health Management), by End User (Inpatient Facilities [Acute Care, Long Term Care, Post-Acute Care], Ambulatory Care Centers, Physician Offices), by Geography (U.S., Canada, U.K., Germany, France, Italy, Spain, Japan, China, India, Australia, Brazil, Mexico, Colombia, Argentina, Saudi Arabia, U.A.E., South Africa) - Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023

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Global electronic health record market is projected to attain a size of $30.4 billion by 2023, according to P&S Market Research.

The market is mainly driven by the increasing need for advanced healthcare information system, growing investments by healthcare IT players, rising demand for better healthcare facilities, and increasing government initiatives.

Insights into the segments
On the basis of delivery mode, the electronic health record market has been categorized into web/cloud-based, and on-premise. The market for web/cloud-based electronic health records is expected to witness faster growth, with a CAGR of 6.6% during the forecast period, attributed to increasing adoption of these solutions by healthcare providers and insurance companies for easy accessibility of patients' health records. Also, cloud-based solutions are much cheaper as compared to the on-premise solutions.

Based on component, the electronic health record market has been segmented into practice management, patient management, e-prescription, referral management, population health management, and others. The practice management category held the largest share in this market, with 31.5% contribution in 2017, due to various advantages of electronics health record implementation such as increased efficiency of day-to-day operations of healthcare practices.

Based on end user, the electronic health record market has been categorized into inpatient facilities, ambulatory care centers, physician offices, and others. Of these, the fastest growth during the forecast period is expected from the ambulatory care centers category, with a CAGR of 5.9%, owing to the increasing adoption of ambulatory electronics health record in a large number of hospitals.

Electronic health record market to witness fastest growth in APAC
During the forecast period, the electronic health record market is forecasted to witness the fastest growth in Asia-Pacific (APAC), at a CAGR of 5.7%. This growth is attributed to the aggressive investments by governments, non-profit entities, and the private sector in EHR systems; growing aging population; and rising incidence of chronic diseases in various countries, such as India and China.

Emerging economies introduced new healthcare related schemes for the adoption of advanced technology in the healthcare sector. For instance, the government of India has introduced 'The Digital India Healthcare' initiative to introduce EHR and digitize healthcare in the country. In 2013, the Ministry of Health and Family Welfare notified EHR standards for India to make sure that patient digital data becomes portable and usable. To escalate the adoption of EHR, various category of standards such as Vocabulary Standards ((ICD10, ATC etc.), Content Exchange Standards (HL7, FHIR, CCR and DICOM), Clinical Standards, and interoperability (to exchange the records between hospitals) parameters were inculcated in documented polices.

Market players are introducing new technology platforms for patient health records
The companies operating in the electronic health record industry are introducing new technology platforms for patient healthcare record system to improve patient care. For instance, in February 2018, eClinicalWorks launched cloud-based platform for acute care Electronic Health Record (EHR) and revenue cycle management. The new system was introduced with no capital cost for licensing and started with a base price of $599 per bed per month.

Some of the other key players in the electronic health record industry are Cerner Corporation, General Electric Company, McKesson Corporation, Allscripts Healthcare Solutions Inc., athenahealth Inc., Epic Systems Corporation, Medical Information Technology Inc., Computer Programs & Systems Inc., and Quality Systems Inc.

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