The global electronic health record market size is expected to reach over US$ 30 Bn by 2026 and is anticipated to grow at a CAGR over 5.5% in terms of revenue during the forecasting period from 2019 to 2026.
EMRs refer to both individual patient documents and usually to systems that retain patient documents and serve as data entry interfaces and test ordering, other processes and prescriptions. A medical record is used as a documentation of the medical history and patient's health care service. It is anticipated that electronic transformation of patient medical records will improve patient care continuity between various suppliers and clinicians. Patient medical history electronic documentation also helps mitigate unnecessary repetition processes or prescriptions and assists in the processing of claims for insurance. More widespread implementation of EMRs across national healthcare systems, interoperability norms and other HIT solutions will enable exchanges of health information (HIE) to be formed.
The report provides analysis of global Electronic Health Record market for the period from 2015 to 2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
The market for electronic health records is anticipated to boost in the coming years due to variables such as precise & up-to-date patient information, increased EHR acceptance and decreased long-term healthcare costs. On the other hand, it is anticipated that the elevated price of EHR and development in patient data security and security issues owing to the increase in cyber crime will hamper the development of the market for electronic health records. One of EHR's main features is that health information produced and managed by approved customers can be shared with other suppliers across various healthcare organizations such as laboratories, specialty centers, pharmacies, emergency clinics and other healthcare facilities to provide data to all patient care clinicians. Moreover, remote monitoring of geriatric patients is increasingly required to create demand for enhanced healthcare services. In addition, the introduction of technologically sophisticated software is anticipated to drive market development over the forecast period
North America governs the market in terms of revenue in 2018. Considering the advanced healthcare model and its straight proportional connection with the developments in the EHR industry, the position of developed countries is significantly powerful in claiming national ownership. On that note, in 2019-2025, the U.S. will arise as a powerful global competitor with around 5% CAGR goal. Other than the favorable medical infrastructure, there will be further proliferation of market penetration by public support and huge investments in the region. In 2009, a law referred as the Health Information Technology for Economic and Clinical Health Act (HITECH) was adopted by the United States government. This legislation has allocated billions of bucks to encourage the exercise of EHR schemes by qualified healthcare practitioners across the nation. On the other hand, Canada market is also anticipated to grow at a considerable CAGR amid the forecast period. Increasing EHR application across all physicians and healthcare suppliers in Canada will appear as an impact factor for elevated market growth. An increasing amount of study organizations and clinics in the field of pharmacovigilance will boost demand for EHR system software. In addition, the existence of top national market players will have a major effect on the magnitude of the Canadian electronic health record sector in the coming years.
Asia-Pacific is anticipated to be the fastest growing market over the forecast period. Strong economic growth has been experienced by emerging economies in this region including China and India. High demand for healthcare IT services in healthcare sector is anticipated to boost the EHR industry in this region. Other variables affecting market growth include increasing public e-Health projects, rising medical tourism, and growing demand for quality healthcare in this region. Moreover, China is regarded as home to low-cost electronic chips and parts that are anticipated to draw more buyers.
Latin America's electronic health record market is driven by health care infrastructure development and population growth. While variables such as rising of health consciousness among people are expected to increase rapidly, this will assist Latin America achieve traction in the near future. The Middle East & Africa is gaining a substantial proportion of the worldwide industry for electronic health records. However, the industry is anticipated to grow owing to elevated purchases by personal players in the Middle East & African nations.
The market research study on “Electronic Health Record Market (By Product: Web-based, Client Server-based; By Type: Ambulatory, Acute, Post-Acute; End Use: Ambulatory Care, Hospitals) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers a detailed insights on the global electronic health record market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights on global electronic health record market, its product, type, end use, and major geographic regions. The report covers global electronic health record market size, and segment markets by product, type, end use, and geography along with the information on companies operating in the market. The electronic health record market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global electronic health record market is segmented as below:
Electronic Health Record Market By Product
Electronic Health Record Market By Type
Electronic Health Record Market By End Use
Electronic Health Record Market By Geography
Major players include in this report are GE Healthcare, Epic Systems Corporation, McKesson Corporation, Cerner, Allscripts, MEDITECH, NextGen Healthcare and others.