Global Electronic Health Records Market is valued at USD 28.43 Billion in 2021 and expected to reach USD 52.98 Billion by 2027 with the CAGR of 9.3% over the forecast period.
The growing challenge of chronic conditions in countries like the US, and increasing efficacy of EHR systems to reduce costs, presents a promising opportunity for players in the electronic health records market.
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Electronic Health Records Companies
Toshiba Medical Systems Corp.
Siemens Medical Solutions
Henry Schein, Inc.
Allscripts Healthcare Solutions, Inc.
Medical Information Technology, Inc. (Meditech)
According to the Centre for Disease Control and Prevention (CDC), 90% of the US’s total healthcare costs are devoted to treatment of chronic conditions, and mental health conditions. Hence, the chronic health conditions, and mental health conditions present a major challenge for the healthcare systems. Furthermore, these diseases also account for more than Furthermore; diseases like strokes and heart disease kill more than 800,000 Americans each year, according to the CDC. Furthermore, the conditions account for over USD 138 in lost productivity and USD 214 billion per year in healthcare costs.
Emerging prospect of telehealth, amidst the looming coronavirus pandemic remains a strong opportunity for digitalization. The covid-19 pandemic has derailed treatment plans for various other illnesses, with patients increasingly seeking treatment via telehealth options. According to the CDC, in the first quarter of 2020, telehealth visits increased by 50% in the United States. Furthermore, some weeks even witnessed increase in triple-digits, as week 13 in 2020 noted an increase of 154% for telehealth. This has resulted in strong demand for telehealth, with various disease treatments including chronic, acute, specialty care, and primary care being increasing accessed via digital mediums.
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Furthermore, telehealth is likely to be an important medium, even after the pandemic. The growing urbanization around the world has meant lesser, and facilities with limited availability of services in rural areas. This has led to more disabled and far sicker rural population in rural areas of America, as compared to its urban counterpart. The growing adoption of the digital medium for treatment, the growing demand for effective treatment in rural areas, and lower costs on average for telehealth remain strong drivers of growth for players in the electronic health records market.
Electronic Health Records Market Segmentation:
- Cloud-Based Software
- Server-Based/ On-Premise Software
- Inpatient EHR
- Ambulatory EHR
- Clinical Application
- Administrative Application
- Reporting in Healthcare System
- Healthcare Financing
- Clinical Research Application
By End User:
- Specialty Centers
- Other End Users
Electronic Health Records Market: Regional Analysis
The electronic health records market report is divided into key regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, North America promises to gross highest share of revenues, thanks to widespread adoption, increased regulatory mandates, and growing demand for improvement in information access. The increased transparency in the healthcare system in this region remains key to both treatment outcomes, as well widespread concerns of colossal healthcare costs. Europe also remains a promising region for growth, as penetration rates remain as high as 98% in countries like Norway, Netherlands, and 97% in the UK.
Electronic Health Records Market: Key Trends
EHR also remain a bright promise for patients, who continue to demand more transparent, and quality access to healthcare information. For example, PEW study in 2020 noted that eighty-one percent adults in the US supported growing access to patient, and providers. Moreover, more than two-thirds of adults wanted their clinicians to exchange more information than even the federal mandated requirements. These additional information sets included advanced care plans, end-of-life preferences, family medical histories, and images. Despite increasing appeal of EHR services, the threat of cyber security also continues to increase concerns.
For example, in the PEW study, most respondents wanted to access their information from their personal laptops, mobiles, and desktops, among others. The number of people concerned with cyber security, increased from 35% to 62%, while urging to extend data security laws to cover data stored on apps.
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