The Global Electronic Health Records (EHR) Market is expected to reach USD 33.41 billion by 2025, according to a new report by Hexa Reports. The government initiatives undertaken in support of EHR adoption are most likely to accentuate the market growth.
The federal government introduced Health Information Technology for Economic and Clinical Health (HITECH) Act in 2009 for promoting usage of EHR amongst healthcare providers. The program included provision of training and assistance for health information technology (IT) workers in order to set up EHRs in the hospitals.
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The National Health Services (NHS), UK is planning to convert the documentation process into digitized form completely by the year 2018. In the U.S., federal government has announced financial incentives for physicians planning to adopt EHR systems. Any average physician with at least 30% of his/her patients covered with Medicare is eligible for incentives worth USD 44,000.
Many region-specific initiatives are promoting eHealth services. For instance, EUR-Lex gave eHealth action plan for 2012 – 2020, which states the strategies for deployment of eHealth services amongst European nations.
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Further Key Findings From The Report Suggest:
- Web-based EHR was observed to be the largest product segment owing to the fact that it can be deployed without in-house installation of complex hardware infrastructure. Moreover, web-based EHR is expected to be the fastest growing product segment in the coming years
- Acute care EHR held the majority of EHR type market share at around 48% in the year 2016; whereas post-acute care EHR is likely to showcase fastest growth rate over the forecast period
- The hospital use EHR segment accounted for the largest end-use share due to the excessive adoption rate among hospitals, whereas ambulatory care EHR is expected to be the fastest growing segment
- As a part of the Health HITECH Act of 2009, the federal government allocated USD 27 billion for an incentive program, especially arranged for promoting adoption of EHR in hospitals and ambulatory care centers
- The EHR industry in Asia Pacific is projected to display substantial growth over the forecast period owing to various developments across major economies along with increased expenditure on healthcare IT. This regional market is expected to grow at a CAGR of 7% from 2017 to 2025
- According to Healthcare Information and Management Systems Society (HIMSS) analysis adoption model for EHR, more than 2.5% of total hospitals in the Asia Pacific region crossed stage 6 of EHR implementation by the end of 2016, fueling the regional market growth
- Some of the established key players in this industry include Cerner; Allscripts; McKesson Corporation; MEDITECH; Epic Systems Corporation; and NextGen Healthcare. Some of the emerging players are eClinicalWorks; Healthcare Management System; Healthland; and CureMD Healthcare; etc.
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