Electronic health record (EHR) market has witnessed some exciting trends over the past few years and will continue to experience robust transformation in the future.
Electronic health record (EHR) market has witnessed some exciting trends over the past few years and will continue to experience robust transformation in the future. EHR systems, also known as electric medical record (EMR) systems, can help create a better public health infrastructure, enable more efficient predictive clinical models, improve health outcomes, and enable better informed research critical to solving some of the industry’s most pressing challenges.
A large number of health information exchange (HIE) organizations are enabling widespread adoption of EMR systems across healthcare facilities. In October 2020, the U.S. Department of Veteran Affairs had announced the a near flawless deployment of a new EHR platform to provide overall quality of healthcare services.
Reports estimate that global electronic health record market size will be worth over US$38.3 billion by 2025. Highlighted below are some of the major factors driving the technology adoption in near future.
- Proliferation of cloud/web based EHRs
EMR platforms can be broadly classified into on-premise and cloud/web based software solutions. Cloud/web-based platforms accounted for over 48% revenue share of global EHR industry in 2018 and will witness widespread adoption by 2025. Cloud or web-based systems provide on-demand access to IT services and help reduce hardware and maintenance costs. The upcoming years are poised to witness a major shift from on-premise EHRs to cloud/web based EHRs.
- Growing adoption across specialty centers
In terms of the end-user, EHR market size from specialty centers exceeded US$3.6 billion in 2018 and will experience notable growth in the upcoming years. A large number of enterprises today are involved in the development of EMR platforms customized for specialty center applications which help address their differentiated and critical needs. Hospitals, clinics, and ambulatory surgical centers are among the other end-users of these systems.
- Increasing application in practice management
The different applications of electric medical record systems include e-prescription, patient management, practice management, population health management, and referral management. The adoption of EHRs in practice management is likely to grow at a CAGR of 5.5% through 2025. It helps healthcare staff overlook appointments, revenue cycle and simplify various functions via automated digital platforms and services.
To access sample pages of this report titled, “Electronic Health Record Market Size By Product (Web/Cloud Based EHR Software, On-premise EHR Software), By Application (E-prescription, Practice Management, Referral Management, Patient Management, Population Health Management), By End-use (Hospitals, Specialty Centers, Clinics, Ambulatory Surgical Centers), Industry Analysis Report, Country Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents, please click on the link below:
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- Supportive government policies in Australia
Australia EHR industry is set to record a robust 8.5% CAGR through 2025, with increasing number of collaborations among healthcare facilities and the government to promote the adoption of various technologies. Citing an example, in February 2018, one of the country’s largest pathology laboratories had inked a collaborative agreement with the Australian Digital Health Agency to enroll for the national electronic medical record program.
- Rising healthcare investments in Canada
The electronic health record market in Canada was valued at over US$1.14 billion in 2018 and is likely to record substantial gains by 2025. The regional technology adoption will be augmented by the implementation of the pan-Canadian EHR initiative. The country has been actively investing in development of its healthcare infrastructure, which includes expenditure on advancement of its healthcare information technology.
Excessive installation costs of EMR systems may limit their adoption across several developing countries. However, Increased funding for research and development of cost-effective platforms by the HIE organization and other regulatory bodies will promote the technology adoption. The adoption of EHRs in near future will also be influenced by growing global recognition of the importance of these solutions in streamlining and improving workflows.
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