Increase in acceptance of cloud-based EHR software worldwide, surge in incidence of chronic diseases, and rise in ageing population drive the growth of the global EHR market
The top key players involved in the global Electronic Health Records (EHR) Market are discussed in the report such as Cerner Corporation, AdvancedMD, Inc., CureMD Corporation, Allscripts Healthcare Solutions, Inc., Epic Systems Corporation, Computer Programs and Systems, Inc., Greenway Health, LLC, eClinicalWorks, General Electric Company, and Quality Systems, Inc.
According to the report, the global electronic health records (EHR) industry generated $24.90 billion in 2017, and is expected to generate $33.29 billion by 2023, registering a CAGR of 5.0% from 2017 to 2023.
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Increase in acceptance of cloud-based EHR software worldwide, surge in the incidence of chronic diseases, and rise in the aging population drive the growth of the global EHR market. However, expensive EHR software and rise in concerns regarding data security & safety hinder the growth of the industry. On the other hand, untapped potential in emerging countries creates lucrative opportunities in the future.
Cloud-based software segment to grow the fastest
Based on product, the cloud-based software segment is expected to register the highest CAGR of 5.3% from 2017 to 2023, owing to the less upfront costs and low incurred time for implementation. On the other hand, the on-premise software segment accounted for more than half of the total market share of the global electronic health records market in 2017 and is estimated to maintain its leadership status during the forecast period, owing to availability of huge options of customizations along with interoperability.
Inpatient EHR segment to maintain its dominance during the forecast period
Based on type, the inpatient EHR segment held the major market share in the global EHR market, accounting for more than half of the total share in terms of revenue in 2017, and will maintain its dominance throughout the forecast period. This is due to the ability to integrate data of pharmacy, lab, billing systems, x-ray, and other hospital departments for maintaining data consistency. On the other hand, the ambulatory EHR segment is expected to register the highest CAGR of 5.6% from 2017 to 2023, owing to ease in operation of such systems.
Hospital segment to maintain its lion’s share by 2023
Based on end-user, the hospital segment accounted for more than two-fifths of the total share in 2017 and is expected to maintain its lion’s share throughout the forecast period. This is due to an increase in adoption with the enforcement of the Health Information Technology for Economic and Clinical Health (HITECH) Act for the promotion of meaningful usage of healthcare IT. Contrarily, the specialty centers segment would grow at the fastest rate with a CAGR of 5.9% from 2017 to 2023.
North America to lead in terms of revenue during the forecast period
Based on regions, North America accounted for nearly half of the total market share of the global electronic health records market in 2017 and is expected to maintain its leadership status in terms of revenue by 2023. This is attributed to the focus of government bodies on rolling down operational costs of healthcare facilities. However, the Asia-Pacific region would portray the highest CAGR of 6.5% from 2017 to 2023, owing to a large patient population and surge in demand for better healthcare services.
- The study provides an in-depth analysis of the electronic health records market with current trends and future estimations to elucidate the imminent investment pockets.
- It offers a quantitative analysis from 2016 to 2023, which is expected to enable the stakeholders to capitalize on prevailing EHR market opportunities.
- Analysis by type helps understand the various types of EHRs used by healthcare providers.
- Comprehensive analysis of all geographical regions is provided to determine the prevailing opportunities.
- Key players are profiled, and their strategies are analyzed thoroughly to understand the competitive outlook of the global electronic health records market.