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
Published Date: Mar 2019 | Report ID: GMI3130 | Authors: Sumant Ugalmugle, Rupali Swain
Electronic Health Record Market size was valued at over USD 25.5 billion in 2018 and is expected to witness growth of over 5.5% CAGR from 2019 to 2025.
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Increasing healthcare expenditure will stimulate the global electronic health records industry growth in the forecast years. Developing as well as developed countries across the world are spending robustly on healthcare facilities. According to official statistics, nearly USD 3,133.81 million were invested in India’s hospitals and diagnostic centers sector by foreign investors between April 2000 to June 2015. Additionally, growing focus on incorporation of healthcare information technology (IT) and digital health solutions will boost the global electronic health records market growth over the forthcoming years. The Information Technology Association of Canada recommends fast adoption of digital technologies to the private and public sectors. Thus, rapid uptake of electronic health solutions will accelerate the demand for EHR over the estimation period.
Rising awareness about the importance of electronic medical records for enhancing the efficiency of patient care and maintenance of patient records will augment EHR market growth. Several organizations strive to raise the awareness regarding usage of electronic records among physicians as well as patient population to access their medical information. Numerous programs, policies and incentives for physicians have been put in place to increase the adoption of the basic model of electronic health record and meaningful use of EHR. The Health Information Technology for Economic and Clinical Health (HITECH) Act of the U.S. was implemented in 2009 to ensure modernization of healthcare infrastructure as well as increasing the meaningful use of interoperable EHRs. Such guidelines assisted in maximum implementation of EHR across healthcare settings and pharmacies, thereby expanding electronic health record business growth.
However, high investment cost of implementation of electronic health records and risk of data security may slow down the adoption rate of EHR in the forthcoming years.
|Base Year:||2018||Market Size in 2018:||25.5 Billion (USD)|
|Historical Data for:||2014 to 2018||Forecast Period:||2019 to 2025|
|Forecast Period 2019 to 2025 CAGR:||5.5%||2025 Value Projection:||38 Billion (USD)|
|Pages:||157||Tables, Charts & Figures:||186|
|Geographies covered (16):||U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Japan, China, India, Australia, Brazil, Mexico, South Africa, Saudi Arabia|
|Segments covered:||Product, Application, End-use and Region|
|Companies covered (14):||AdvancedMD, Allscripts Healthcare Solutions Inc., Cerner Corporation, Computer Sciences Corporation (CSC), CureMD Healthcare, eClinicalWorks, Epic Systems Corporation, GE Healthcare, Greenway Health, Healthcare Information Management Systems, LLC, McKesson Corporation, Medical Information Technology (MEDITECH), Modernizing Medicine, NextGen Healthcare Inc.|
|Pitfalls & Challenges:||
Electronic Health Record Market, By Product
On-premise EHR software held market share of 48.5% in 2018. On-premise electronic health records offer a safer option to its users due to in-house data storage that prevents data theft. These EHR software can be customized as per the user needs and is a favourable option for multi-physician facilities. In addition, on-premise EHR software does not require internet connection. Such benefits coupled with expanding healthcare facilities will gradually accelerate the adoption of on-premise electronic health record software over the future years.
Web/cloud based EHR software market accounted for revenue of over USD 13.0 billion in 2018 and is projected to progress at momentous pace over the analysis period. Web-based EHR solutions only require a proper internet network and can be operated by vendors without spending on purchase of hardware. Besides low upfront costs, cloud EHRs benefit the users with multiple payment models as well as sophistication of EHRs. Moreover, introduction of novel cloud-based electronic health records will expand the opportunities for web/cloud based EHR software segment growth. For instance, Allscripts introduced its first cloud-based electronic health record system having machine learning features, at the Healthcare Information and Management Systems Society.
Electronic Health Record Market, By Application
Referral management component of electronic health records is forecast to proceed at 6.2% CAGR over the analysis period. Referral management system serve as a tool for healthcare settings to maintain their patient referrals throughout the treatment procedure. It enhances and modernizes communication among physicians, specialists and any other healthcare providers involved in a patient’s treatment and care. According to the Archives of Internal Medicine, 50% of referrals result in a scheduled appointment. Thus, such benefits will substantially increase the segmental growth over the coming years.
Practice management component of EHR dominated the market and population health management segment held market size of USD 2.5 billion in 2018. Population health management encompasses collection and analysis of data pertaining to segments of patient population and the management of specific diseases within that population. Population health management programs use EHR for compiling data and provide comprehensive clinical picture of patients. Providers can use the data for tracking and improving clinical outcomes and lowering costs. Ability of these solutions to provide real time insights to administrators and clinicians, enabling them to identify and address care gaps within patient populations will increase adoption rates. Transition from fee for service to value-based payment model will further boost segment growth during the forecast period.
Electronic Health Record Market, By End-use
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Clinics electronic health record market is estimated to grow at momentous pace of 6.3% over the projection period. Expanding clinic facilities, especially across emerging economies will result into higher adoption of electronic health records in the coming years. Initiatives and collaborative efforts by the clinicians, physiotherapists and others will aid in rapid installation of integrated electronic health record solutions in clinics. Furthermore, addition of specialized features in clinic EHR along with other advantages will boost clinics segment over the forthcoming period.
Hospital electronic health record market held largest share while specialty centers segment held more than 13.0% revenue share in 2018. Substantial growth is attributed to miniaturization of electronics and integration technologies, resulting into the advancement of new EHR solutions in order to incorporate more flexible options within the system that practices can customize. EHRs offer improved ability to address an array of industry demands along with a better access to information at a faster rate with minimum errors. EHRs in specialty clinics is increasingly being implemented owing to advantages such as efficient patient communication, improved diagnosis and treatment, better data management, and mitigation of fraud, thus leading to segment growth.
Electronic Health Record Market, By Region
North America electronic health records market accounted for the majority market share of over 50% in 2018. High revenue share can be attributed to factors such as accelerating adoption of healthcare information technology coupled with enforcement of several regulations to upsurge the implementation of EHR in North American countries. The Canada Action Plan provides funds for EHR implementation, thus increasing the adoption of electronic medical records in primary care across the country. Similarly, the federal government of the U.S. undertook efforts in guiding and assisting state-level healthcare information technology along with funding for healthcare IT through Medicaid Transformation Grants to states. Aforementioned factors will offer lucrative potential to U.S. electronic health record industry expansion in the foreseeable future.
Italy market is forecast to progress at 6.0% CAGR over the estimation timeframe. Growing use of mobile devices and increasing deployment of electronic solutions across hospitals in the country will serve to be a high impacting factor for the market growth. Implementation of projects including the Nuovo Sistema Informativo Sanitario, aimed at establishment of EHR across the country will further augment EHR business expansion. Also, presence of national technological framework, facilitating EHR solutions will boost the Italian market growth in the forthcoming years.
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Competitive Market Share
Epic Systems, AdvancedMD, Allscripts Healthcare Solutions Inc., Cerner Corporation, eClinicalWorks and NextGen Healthcare Inc. are few of the major competitors involved in the global electronic health record industry. Product advancement through addition of new features & interoperability, collaborations and mergers are some of the chief strategies adopted by these firms to consolidate their market position.
Recent industry developments:
- In August 2019, Cerner Corporation announced about development of Cerner Learning Health Network along with Duke Clinical Research Institute. This innovation will assist in enhancement of clinical research registries as well as will expand the company’s client base.
- In January 2018, Epic Systems introduced new interoperability feature, One Virtual System Worldwide to its Verona, a Wis.-based EHR. The new feature will benefit Epic Systems’ customers by better exchange of patient data and will facilitate inter-physician data sharing.
Electronic Health Record (EHR) Industry Background
Before 1960s, patient medical records were maintained on paper-based systems that required manual filing. During the mid-1960s, Lockheed developed an electronic record system that was earlier known as clinical information system. Several technology firms began focusing on the development of electronic systems including electronic medical records and electronic health records for keeping patient records for universities and hospitals. Electronic health records were rapidly adopted across countries with developed economies and with high internet penetration including the U.S. and The Netherlands. Later in the 1970s, the U.S. federal government initiated the use of EHR that was later followed by other institutes and hospitals. Several regulations and guidelines were issued in the country to improve the security of these records along with high penetration to undertake EHR for better maintenance of patient information.
U.S. is a well-established market for EHR and developing countries including India, China, Mexico, Qatar among many others pose lucrative opportunities for expansion of electronic health record industry growth in the foreseeable future.
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