The latest market report published by Credence Research, Inc. “Electronic Health Records (EHR) Market - Growth, Future Prospects, Competitive Analysis, 2018 - 2026,” the global electronic health records (EHR) market was valued at US$ 24,222.5 Mn in 2017 expanding at a CAGR of 5.9% from 2018 to 2026.
Market Insights
Electronic health records (EHR) has evolved in last decade from simply being digital form of patient’ paper charts to become healthcare tool to capture, store and share holistic patient’s medical history. EHRs are becoming an essential part of integrated and value based healthcare network and repository for clinical evidences that play a crucial role decision making in healthcare setting. An EHR can store patient’s medical history, medications, diagnoses, treatment regimes, allergies, radiology images and laboratory test results.
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EHR also help to streamline administrative workflows in any healthcare setting starting from fixing an appointment to payment and follow-up assistance. Growing inclination towards automation and acceptance of software solutions for clinical decision management systems, radiology information systems, and healthcare IT solutions is the major factor driving the electronic health records market. Number of healthcare institutions in the developed countries are adopting technological advanced healthcare solutions for patient management to eliminate human error, and to save time and cost in long run. Technological development in surgical techniques, operating rooms, growing consumer demand for minimally invasive surgeries, radiology imaging systems and other health services has increased the demand of EHR.
In terms of end-user segment, hospitals held the largest share in the global electronic health records (EHR) market. Today in the hospital setting, several functions of the patient management, including patient entry, registration, report storage, and physician directory, are using electronic health records. Moreover, increasing patient footfalls in hospitals and the requirement to adapt to stringent standards for ensuring patient safety with minimal error has accelerated the adoption of EHR in hospitals. Ambulatory care centers (ASCs) are projected to exhibit fastest growth rate during the forecast period owing to growing number of ASCs in North America and Europe equipped with advanced medical devices and software solutions.
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In terms of geography, North America held the largest share in the global electronic health records market. The key factors assisting market growth include the need for centralized storage of standard-compliant healthcare data, government initiatives and support for the use of advanced healthcare information systems and technology and cost-related benefits. The rising healthcare costs and rapid demographic changes have forced governments in North America to emphasize the adoption of EHR to increase hospital productivity and clinical outcomes. The governments have also approved significant economic and legislative incentives to promote the digitization of healthcare workflow which assisting the overall EHR market in North America. Asia Pacific emerged as the fastest growing region owing to the growing hospital infrastructure in the countries such as China, India, Indonesia and Singapore. Growing medical tourism in the region has augmented the growth EHR solutions in the region for swift and error medical procedures in the region. The prominent players operating the global electronic health records (EHR) market are Cerner Corporation, McKesson Corporation, GE Healthcare, Allscripts Healthcare Solutions, Epic Systems Corporation, Greenway Health, LLC and eClinicalWorks, athenahealth among others.
Key Market Movements:
- Growing need for electronic health records in hospitals and other healthcare setting
- Integration of healthcare information systems and advancements in healthcare IT
- Emphasis on digitization of healthcare industry to save resources and cost saving in long run
- Favorable government initiative in developed countries and developing countries to promote digital healthcare
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