Electronic Health Record Market worth over $46bn by 2027
Published Date: May 28, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Electronic Health Record (EHR) Market size is set to surpass USD 46 billion by 2027, according to a new research report by Global Market Insights, Inc.
Introduction of innovative digital technologies to improve quality of care and minimize additional expenses have offered growth opportunities to the market. Improved patient engagement, unified standards and precision in medical treatments will further favor its adoption in hospitals and other healthcare settings. Evolving technologies including centralized database that allow access to physicians, government and R&D organizations assisting in identification of treatments and disease trends will foster the overall market growth. In addition, integration of cloud platforms has offered effective way to clinicians in optimizing and automating workflow. Thus, implementation of EHR software has provided data-mining solutions to enhance financial, operational and clinical processes that has empowered industry players.
COVID-19 has moderate positive impact on the acceptance of EHR by healthcare systems. Electronic health record is also used to support clinical research activities for sharing and accessing detailed clinical data that has assisted researchers during COVID-19 trend analysis and drug development activities. Additionally, this has also helped to manage extensive patient database in hospitals with integrated EHR systems. Moreover, industry providers are supporting government efforts for pandemic management.
Increased accessibility and convenience in operational settings with specific needs will offer unprecedented opportunities for the electronic health record market expansion
On-premise EHR software accounted for USD 13 billion revenue in 2020. On-premise EHR caters to need for huge data storage capacity and server maintenance in large healthcare organizations. Benefits such as complete control over data storage and infrastructure configurations has augmented its demand. Furthermore, accessibility of patient data without internet connection that enables to maintain operational continuity with the use of on-premise software has nurtured the segment growth.
Browse key industry insights spread across 160 pages with 173 market data tables & 11 figures & charts from the report, “Electronic Health Record (EHR) 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), COVID19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Easy management of extensive patient health data allowing accessibility during referrals will impel the adoption of EHR software
Referral management segment in the electronic health record market is projected to witness 6.8% growth rate through 2027. Numerous referrals in large healthcare facilities increase complexity in tracking, that can be eliminated with the use of EHR. Electronic data allows quick accessibility of patient records, thus minimizing the time in referral management as compared to paper-based records. Further, EHR software have been considered as effective management tool as it allows e-messaging during referral process.
Increasing number of patient visits accessing treatment for chronic diseases in specialty centers will create need for effective data management solutions
Electronic health record market for specialty centers segment exceeded USD 4 billion in 2020. Growing prevalence of chronic and severe health diseases such as cancer, diabetes, skin infections and orthopedic conditions among others has led to rise in number of patient visits to specialty centers. In order to provide continued care and optimized treatment process, healthcare specialists have been increasingly using digital technologies. As EHR software offers efficient means for patient health data management, the acceptance will continue to increase in specialty centers in future.
Government support for integration of EHR software in healthcare ecosystem to develop sustainable infrastructure in the European region will influence the market revenue
Europe electronic health record market captured over 34% of revenue share in 2020 led by the increasing interest in healthcare digitalization by national governments, institutes and healthcare organizations in the region. Focus on deployment of cost-effective provisions, reducing workload and easing process of healthcare providers along with facilitation of cross-border care will drive the market value. Therefore, aim towards sustainable healthcare infrastructure will fuel the regional growth during the forecast timeframe.
Collaborative agreements and partnerships will fortify companies’ business performance
Some of the notable companies operating in the market are Cerner Corporation, Epic Systems, Allscripts Healthcare Solutions Inc., AdvancedMD, eClinicalWorks and NextGen Healthcare Inc. among others. These players are introducing new technologies and collaborating with other organizations to set their footprint in the market.