The global electronic health records (EHR) market is set to gain momentum from the introduction to artificial intelligence (AI) in the healthcare industry. AI not only helps clinicians in diagnosing a patient’s condition, but also recognizes historical trends of the patient. This information is given by Fortune Business Insights™ in a recently published report, titled, “Electronic Health Records (EHR) Market Size, Share & Industry Analysis, By Product (Web-based, On-premise), By Type (Stand Alone, Integrated) By End User (Physician’s Office, Hospitals, Others) and Regional Forecast, 2019-2026.” The report further states that the EHR market size stood at USD 26,200.48 Million in 2018 and is projected to reach USD 39,913.16 Million by 2026, exhibiting a CAGR of 5.4% during the forecast period.
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Drivers & Restraints-
Rising Usage in Administrative & Clinical Applications to Boost Growth
Since the past few years, in many countries, the adoption of electronic medical record is upsurging at a fast pace. It is occurring because of the realization of the masses that to gain top-quality care at lower costs, implementation of a robust health information technology (HIT) is extremely vital. EHR is used extensively in clinical applications, such as decision supports, results management, order entry and support, and health information and data. It is also used in healthcare financing, as well as administrative applications. However, deployment of EHR involves a lot of money spending. It may hinder the electronic health records market growth during the forthcoming period.
Ability to Reduce Cost of IT Support Will Accelerate Growth of Web-based Segment
In terms of product, the market is grouped into on-premise and web-based. Out of these, the web-based segment is expected to showcase significant EMR market revenue and lead throughout the forecast period. It is attributable to their easy installation process where technicians don’t have to work with complex infrastructure to host data. All these works can be easily done through the Internet and hence, it doesn’t require IT support and lowers additional cost. The on-premise segment is likely to exhibit slow growth because of the requirement of in-house servers.
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Favourable Government Policies to Favour Growth of North America
Geographically, the market is divided into Asia Pacific, the Middle East and Africa, North America, Latin America, and Europe. Amongst these, in 2018, North America procured USD 12,123.12 million EHR market revenue. This growth is attributable to the presence of flexible regulatory scenario, favourable government policies, and rising digitalization in the healthcare sector in the U.S. In Asia Pacific, the market would exhibit lucrative growth fuelled by the increasing initiatives by key vendors to explore the untapped countries in this region. In the Middle East and Latin America, the rising prevalence of chronic diseases requiring suitable management in the health clinics is set to drive the market growth. Lastly, in Europe, several countries are adopting healthcare IT rapidly, which, in turn, is anticipated to boost growth.
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Key Players Focus on Unveiling State-of-the-art Products by Joining Hands with Others
The market consists of a large number of big, medium, and small companies that are striving persistently to gain more share. To attain their business goals, they are focusing on research and development activities to introduce cutting-edge products in the market. Some of them are also teaming up with other local players. Below are a couple of the latest key industry developments:
- October 2019: Northwell Health and Allscripts announced signed an agreement to develop the next-generation EHR that would be AI-based, voice-enabled, and cloud-based.
- September 2015: Meditab Software, Inc. joined hands with CoverMyMeds to broaden its unique range of EHR solutions. It would also aid the companies in integrating electronic prior authorization (ePA) feature to the e-prescribing workflow of all the users of the intelligent medical software (IMS) platform.
Fortune Business Insights™ presents a list of all the reputed companies operating in the electronic health records market. They are as follows:
- Medical Information Technology, Inc. (MEDITECH)
- Cerner Corporation
- Epic Systems Corporation
- CareCloud Corporation
- Allscripts Healthcare, LLC
- NextGen Healthcare
- Other prominent market players
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- New Product Launch
- Regulatory Scenario for Key Countries
- Key Industry Developments- Mergers, Acquisitions and Partnerships
- Overview on Electronic Health Records Industry Background
- Statistics on Adoption Rate of EHR for Key Countries
- Technological Overview Pertaining to Electronic Health Records
- Global Electronic Health Records (EHR) Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- On premise
- Market Analysis, Insights and Forecast – By Type
- Market Analysis, Insights and Forecast – By End User
- Physician’s Office
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Electronic Health Records (EHR) Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis – By Product
- On premise
- Market Analysis – By Type
- Market Analysis – By End User
- Physician’s Office
- Market Analysis – By Country
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