Global Electronic Health Records Market: Snapshot
Electronic health records (EHR) are the digital version of a patient’s medical history, which is maintained by the healthcare provider over time, and may include all of the key executives’ clinical data relevant to that individual care under a particular provider. EHRs include data ranging from demographics, problems, progress notes, vital signs, medications, past medical history, immunizations, radiology reports, to laboratory data.
Over the past two decades, information technology (IT) has revolutionized every facet of the global healthcare industry. The vast adoption of IT and digital infrastructure in the healthcare industry has made information both a benefit and a challenge for every provider. Awareness about the disease and treatment is saving lives, while lack of effectively managed data might place this information at risk. Nevertheless, several pilot and cohort studies are being undertaken by government organizations and institutions pertaining to effectiveness of a computerized patient healthcare information systems and EHRs are increasingly replacing manually filled paper sheets, medical images, and other documents concerned with a patient’s healthcare history.
Transparency Market Research estimates that the global electronic health records market, which was pegged at US$ 23.22 bn in 2016, will exhibit a promising 5.7% CAGR from 2017 to 2025 and rise to a valuation of US$38.29 bn by 2025.
SaaS-based Deployment to Gather Momentum
Web-based EHR systems are popular among medical professionals because these reduce deployment costs. On the other hand, client-server based EHR systems have up-front installation fees, which acts as a major restraint among small and mid-size practices. However, client-server based EHR systems help gain more control on both the software as well as the data. Web-based EHR systems, on the other hand, help reduce cost and the data is backed up automatically by the vendor.
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The software as a service (SaaS) segment is likely to grow at a rapid pace during the forecast period i.e. 2017 to 2025. Software as a service (SaaS) is gaining higher preference among physicians as it eliminates technical glitches and offer low upfront costs. The data can be accessed from anywhere in the world. Software as a service EHR systems are typically beneficial for standalone centers or older physicians who are in the industry for few years in order to avoid the penalty charges by the Centers for Medicare & Medicaid Services.
North America to Continue Exhibiting Excellent Growth Prospects
The e-Health market has evolved as one of the fastest growing U.S. industries and remained almost unaffected even post-recession scenarios. Owing to this, North America accounted for lion’s share in the global EHR market driven on the back of government funding encouraging the meaningful use of certified electronic health record (EHR) technology across health care facilities, increasing pressure for health care cost containment, and rising demand for improved quality of health care services are the key factors boosting the growth of the North America EHR market.
Europe and Asia Pacific are also among the leading contributors of revenue to the global EHR market. The U.K. and Germany are the key EHR markets in Europe, attributed to the rapidly increasing geriatric population, growing need for remote monitoring, increased pressure of health care cost containment, and increasing demand for improved patient care. The Asia-Pacific is witnessing increasing adoption of EHR across hospitals, physician offices, and other health care centers and is driven by the presence of a large pool of patients.
Some of the leading players operating in the global electronic health record market are Allscripts Healthcare Solutions, Inc., Athenahealth, Inc., Cerner Corporation, CPSI, Epic Systems, eClinicalWorks, GE Healthcare, Greenway Health, LLC, Medical Information Technology, Inc., McKesson Corporation, NextGen Healthcare, and 4medica.