Electronic Health Record Market: Current Analysis and Forecast (2021-2027)

Report Description

In the modern era, Electronic Health Records (EHRs) have become an important component of medical practices. The conversion of the paper-based system to the digital system not just enhances the work quality but also the experience of patients. For the effective capturing and sharing of patient data, health care practitioners require an electronic health record (EHR) for the storage of data in a structured format. Structured data aids the health care practitioners in the easy transfer and retrieval of patient information. Centers for Medicare & Medicaid Services and Office of the National Coordinator for Health Information Technology (ONC) have confirmed the standard criteria for structured data for the promotion of Interoperability Programs in healthcare. The 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. For instance, PathAI has worked with drug developers like Bristol-Myers Squibb and organizations like the Bill & Melinda Gates Foundation to expand its AI technology in other healthcare sub-sectors.

Value Chain of Global Electronic Health Record Market

Insights Presented in the Report

“Amongst Products, Web-based segment holds the major share in 2020.”

Based on Products, the global electronic health record market is segmented into Web-based and on premise-based. The web-based segment holds the largest share, owing to high acceptance of web-based EHRs between healthcare providers and physicians. Moreover, EHR can be established without the need for in-house servers. SimplePractice is a web-based mental health solution that helps healthcare practitioners to manage client relationships through scheduling, payment processing, and documentation.

“Amongst Types, Ambulatory is anticipated to grow at the highest CAGR during the analyzed period.”

Based on Types, the global electronic health record market is fragmented into Acute, Ambulatory, and Post-acute. The ambulatory EHRs are expected to show significant growth in the forecast period. The ambulatory EHR is mainly used in medical practices and outpatient settings. Ambulatory EHRs help the healthcare practitioners to easy tracking of the patient’s medical history as well as treatment. With outpatient treatment being the desired option for many patients, ambulatory EHR use has been on the rise significantly over the past few years.

“Electronic health record is majorly used for clinical application.”

Based on Applications, the global electronic health record market is divided into Clinical, Administrative, Reporting in Healthcare Systems, Healthcare Financing, and Clinical Research. The clinical application segment is expected to dominate the market in the forecast period owing to the rise in the number of chronic diseases and surgeries. As per Burden of Obstructive Lung Disease (BOLD), the global prevalence of Chronic Obstructive Pulmonary Disease (COPD) is 10.1%.

“Amongst End-Users, Hospitals leads the adoption of Electronic health record technology.”

Based on End-user, the global electronic health record market is bifurcated into hospitals, Ambulatory care, Pharmacies, and others. In 2020, Hospital has the largest market for electronic health record technology, owing to the rise in adoption of EHR in hospitals for the maintenance of large clinical data. The Health Information Technology for Economic and Clinical Health (HITECH) Act of 2009 assisted in the adoption and use of electronic health records (EHRs). As of 2017, 94% of hospitals used their EHR data to perform hospital processes that inform clinical practice.

“North America holds the largest market share in the global electronic health record market in 2020.”

For a better understanding of the market adoption of the Electronic Health Record, the market is analyzed in major regions including 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 dominates the Electronic Health Record market on account of the highly developed healthcare infrastructure, healthcare spending, and presence of numerous prominent players in the US.

Competitive Scenario

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. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Electronic Health Record were the three major steps undertaken to create and analyze the adoption of the technology across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted, with industry experts across the value chain of the Electronic Health Record Market sector. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Global Electronic Health Record Market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are Product, Type, Applications, and End-user. Further country-level analyses were conducted to evaluate the overall adoption of the Electronic Health Record Market in every region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Electronic Health Record. Further, we conducted factor analysis using dependent and independent variables such as increasing penetration of the Internet of Things (IoT) in the healthcare sector, increasing focus on patient compliance, quality of healthcare, rising awareness of costs, rising healthcare programs, and the rise in the number of chronic diseases.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Electronic Health Record Market, and market shares of these players. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (USD) and the adoption rate of Electronic Health Record across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Electronic Health Record Market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Electronic Health Record Market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Product, Type, Applications, and End-user of the Electronic Health Record Market.

Main Objective of the Electronic Health Record Market Study

The current & future market trends of the Electronic Health Record Market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Electronic Health Record Market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include Product, Type, Applications, and End-user
• Define and analysis of the regulatory framework for the Electronic Health Record Market industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Electronic Health Record Market for the major regions including North America (the United States and Canada), Europe (Germany, France, Italy, Spain, and United Kingdom), Asia-Pacific (China, Japan, India, and Australia), and Rest of the World
• Company profiles of the Electronic Health Record Market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry