Electronic Health Records Market Trend- High Adoption of IT in Healthcare Sector
Increasing prevalence of chronic diseases across the globe, rising need for automated solutions to manage large patient database, and increasing number of EHR service providers are some key factors expected to drive global Electronic Health Records market growth.
An Electronic Health Record (EHR) is a digital version of a patient’s paper chart and collection of patient health information. It consists of all relevant documents and clinical data of the patient including medical history, progress notes, demographics, and medications among others. There has been a rapid increase in the adoption of EHR across many health centers owing to increasing patient data across hospitals, clinics, and ambulatory care centers, and for securely sharing electronic information with patients and other healthcare professionals.
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Many companies are heavily investing in R&D activities and are focused on introducing more advanced and user-friendly EHRs. Factors such as rapid adoption of Artificial Intelligence (AI), cloud computing, increasing demand for advanced EHR to minimize data errors and enhance patient care, and increasing funds by private and public organizations are expected to drive global market revenue growth during the forecast period.
However, factors such as high initial investments and maintenance costs, increasing concerns about data privacy, and lack of skilled healthcare professionals in many developing countries can restrain global market growth going ahead.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Web/Cloud-Based EHR Software Segment to Account for Largest Revenue Share:
The web/cloud base EHR software segment is expected to account for largest revenue share during the forecast period. This can be attributed to increasing patient data, high preference for cloud-based EHR due to advantages such as easy installation process, large data storage, cost-effectiveness and easy accessibility from anywhere, and rising investments for developing more efficient solutions.
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Ambulatory Surgical Centers Segment To Register Rapid Revenue CAGR:
The ambulatory surgical centers segment is expected to register rapid revenue CAGR over the forecast period owing to growing preference for outpatient services, increasing number of ambulatory surgical centers across the region, and rapid adoption of advanced EHR solutions.
Asia Pacific to Register Rapid Revenue CAGR:
Asia Pacific market is expected to register rapid revenue CAGR over the forecast period owing to large patient pool, improving healthcare infrastructure, rising demand for advanced solutions for maintaining large database and increasing investments for developing advanced solutions.
Major Companies in the Market Include:
- Epic Systems Corporation
- Allscripts healthcare solutions Inc.
- Cerner Corporation
- NextGen Healthcare, Inc.
- CureMD Corporation
- General Electric Company
- Greenway Health, LLC
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For the purpose of this report, Emergen Research has segmented the global electronic health records market on the basis of product type, end-users, and region:
Product Type Outlook (Revenue, USD Billion; 2017–2027)
- Web/Cloud Based EHR Software
- On-premise EHR Software
End-user Outlook (Revenue, USD Billion; 2017–2027)
- Ambulatory Surgical Centers
- Specialty Centers
Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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