Electronic Health Record Market Rakes CAGR 5.5% in 2019-2026
admin | December 13, 2019 | 0 | PharmaThe global electronic health record market value is expected to surpass over US$ 30 Bn by 2026 and is anticipated to grow at a CAGR of over 5.5% in terms of revenue during the forecast period from 2019 to 2026.
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To keep track of one’s health, and analyze whether there has been any improvement in the patient’s health, electronic health records have become very important to keep medical records for both the patient and the doctor and hospital centers. In instances where senior physicians or experts are interviewed or where one medical case goes from one geographical place to another, records are very helpful. For the systematic collection of patient health records in a digital format, electronic healthcare records are used to better understand the diagnosis and clinical treatment procedure. Increasing performance of electronic healthcare documents to streamline workflow and improve the provision of patient care will have a positive effect on the implementation of electronic medical records in the years ahead. In addition, the increasing frequency of technology across countless healthcare institutions to promote accessible, effective and streamlined healthcare facilities has further driven market trends in electronic health records.
The market research study on “Electronic Health Record Market (By Product: Web-based, Client Server-based; By Type: Ambulatory, Acute, Post-Acute; End Use: Ambulatory Care, Hospitals) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026” offers detailed insights on the global electronic health record market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report covers global electronic health record market size, and segment markets by product, type, end use, and geography along with the information on companies operating in the market. The electronic health record market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
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Segment Analysis
In terms of end use, the hospital segment gained maximum share in the global EHR market in 2018. Hospitals produce huge daily medical information. Thus, due to comfort and enhanced productivity, EHRs have become an essential component of patient data management. Revenue development is accountable for the advantages provided by in-house EHR technologies such as cost and time savings to large-scale clinics.
In terms of product type, the web-based type accounts for biggest business share in 2018 with a share of about 45%. This big proportion is due to the greater acceptance by healthcare suppliers of a web-based delivery system as the web-based strategy reduces the price of hardware setup and software licensing. Additionally, service suppliers cover the maintenance of servers and software, which allows customers to concentrate on their key company.
The industry is also motivated by cloud-based distribution modes due to growing popularity in EHR applications. The cloud-based EHR solutions provide full flexibility and liberty by offering enhanced information transfer networking across healthcare organizations.
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Regional Outlook
North America is the biggest EHR market owing to variables such as the increase in the EHR adoption rate, the inclusion of HCIT in healthcare, and the existence of several significant competitors in the region. The region is also concentrated on reducing the increasing price of healthcare, which will further boost the region’s market growth.
Europe is anticipated to retain a substantial market share followed by Asia-Pacific as the fastest increasing market owing to powerful public assistance for IT projects in healthcare and a large incidence of the older population in nations such as Japan. While the developed nations have an upper hand in the model of digitized healthcare, the income fight with the emerging countries continues an expected trend. Asia Pacific countries, particularly India, are projected to create a strong impetus in the general market, with huge state pushing to promote’ India’s digital healthcare. Among these developments, electronic health records industry development and economic landscape will experience a variety of dynamics in the coming years.
Latin America’s electronic health record market is driven by health care infrastructure development and population growth. While variables such as rising health consciousness among people are expected to increase rapidly, this will assist Latin America achieve traction in the near future. The Middle East & Africa is gaining a substantial proportion of the worldwide industry for electronic health records.
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Key Players & Strategies
Major players include in this report are GE Healthcare, Epic Systems Corporation; McKesson Corporation; Cerner; Allscripts; MEDITECH; NextGen Healthcare and others.
Major players are making possible ways to grow heir footprints in the rising economies by merger & acquisition method. For example, GE Healthcare obtained Carequality accreditation in October 2017 to allow its outpatient EHR clients to seamlessly share information with thousands of clinics, physician procedures, payer networks, suppliers and national consumer services. In addition, Cerner Corporation announced in January 2017 that the University of Missouri Health Care will expand Cerner’s HealtheIntent population health leadership platform through the Missouri Health Network (HNM), which is a cooperative attempt of six autonomous health care organizations using distinct EHR technologies.
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