Electronic Health Record Market prospering owing to significant increase of healthcare data generated annually
Global Electronic Health Record Market is expected to exceed the market valuation of US$ 37 billion by 2027 expanding at a reasonable CAGR of around 4.64% during the forecast period (2021-2027). In the modern era, Electronic Health Records (EHRs) are the important components of medical practices. The conversion of the paper-based system to the digital system not just enhances the work quality but also the overall patients experience.
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The overall demand for Electronic Health Records is increasing on account of the rise in the use of healthcare information technology (HCIT), the high adoption rate of EHR, the rise in the number of chronic diseases, and the government initiatives to promote the use of IT in healthcare sector. Furthermore, the rise in healthcare expenditure and the introduction of artificial intelligence (AI) in the healthcare industry propel market growth. The Australian Government has taken the initiative to promote healthcare IT in Australia through a lifetime policy PCEHR (Personally Controlled Electronic Health Record) for each of its citizens.
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During the Covid-19 pandemic, the market is experiencing significant growth on account of increasing demand for drug delivery solutions to be used at home. Furthermore, the market is expected to observe enormous growth because of the increase in focus on improving patient compliance and quality of care, raising the awareness of associated costs, and increasing the use of self-administered therapy.
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Based on Products, the market is segmented into Web-based and On premise-based. The web-based segment holds the largest share, owing to the high acceptance of web-based EHRs between healthcare providers and physicians. For instance, SimplePractice is a cloud-based mental health solution that helps healthcare practitioners to manage client relationships through scheduling, payment processing, and documentation. The main features in the SimplePractice involve claims management, compliance tracking, initial assessments, appointment reminders, and a self-service portal. However, the On-premise provides a safer choice for the customers as it tenders to in-house data storage. As per Technology Advice, Cerner and Epic are the on-premise-based EHRs that own about 55% of the market share for acute care hospitals in the United States.
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Based on Types, the market is fragmented into Acute, Ambulatory, and Post-acute. The ambulatory EHR is mainly used in medical practices and outpatient settings. The main objective of an ambulatory EHR is to be the proprietor of a patient’s medical history. Ambulatory EHRs help the healthcare practitioners for the easy track of the patient's medical history as well as treatment. Based on Applications, the global electronic health record market is divided into Clinical, Administrative, Reporting in Healthcare Systems, Healthcare Financing, and Clinical Research. Based on End-user, the market is bifurcated into hospitals, Ambulatory care, Pharmacies, and others. The cost of installation of EHRs is less in hospitals in comparison to the ambulatory care centers, which also propels the market growth. As per National Electronic Health Records (2020), 89% of healthcare physicians reported using an EHR system.
For a better understanding of the market adoption of the Electronic Health Record, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America will dominate the Electronic Health Record market on account of the highly developed healthcare infrastructure, healthcare spending, and presence of a large number of market players in the U.S. region. Some of the major players operating in the market include GE Healthcare, Allscripts Healthcare Solutions, Cerner Corporation, Advanced Data Systems Corporation, Athenahealth, Inc., Advanced MD, eClinicalWorks, Epic Systems Corporation, McKesson Corporation, and CPSI.
Global Electronic Health Record Market Segmentation
Market Insight, by Product
- On premise based
Market Insight, by Type
- Post acute
Market Insight, by Applications
- Reporting in Healthcare Systems
- Healthcare Financing
- Clinical Research
Market Insight, by End-user
- Ambulatory care
Market Insight, by Region
- North America Electronic Health Record Market
- United States
- Rest of North America
- Europe Electronic Health Record Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Electronic Health Record Market
- Rest of Asia-Pacific
- Rest of World Electronic Health Record Market
Top Company Profiles
- Cerner Corporation
- GE Healthcare
- Allscripts Healthcare Solutions
- Advanced Data Systems Corporation
- Athenahealth, Inc.
- Advanced MD
- Epic Systems Corporation
- McKesson Corporation