The global electronic health records market size to Garner $34.45 Bn, Globally, by 2027 at 5.8% of CAGR during the forecast period 2020 to 2027.
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. 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 create lucrative opportunities in the future.
The rising demand for streamlining electronic healthcare systems along with technological advancements in the field of healthcare information technology (IT) is expected to be a key factor contributing to the market growth. In addition, government initiatives promoting EHR are likely to accentuate the demand for electronic systems.
EHRs offer a range of advantages to the healthcare providers and patients, ultimately increasing system productivity and patient satisfaction. Increasing adoption of software solutions such as data mining, clinical decision support system, and clinical trial management systems is further expected to propel the demand of EHR.
A rising number of medical professionals are opting for technologically advanced data management systems in order to save time and resources. The increasing requirement of remote monitoring of geriatric patients is responsible for creating demand for improved healthcare facilities. Moreover, the introduction of technologically advanced software is expected to drive industry growth over the forecast period.
Increasing healthcare expenditure will stimulate the global electronic health records industry growth in the forecast years. Developing as well as developed countries across the world are spending robustly on healthcare facilities. According to official statistics, nearly USD 3,133.81 million were invested in India’s hospitals and diagnostic centers sector by foreign investors between April 2000 to June 2015. Additionally, growing focus on incorporation of healthcare information technology (IT) and digital health solutions will boost the global electronic health records market growth over the forthcoming years. The Information Technology Association of Canada recommends fast adoption of digital technologies to the private and public sectors. Thus, rapid uptake of electronic health solutions will accelerate the demand for EHR over the estimation period.
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.
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.
Rising awareness about the importance of electronic medical records for enhancing the efficiency of patient care and maintenance of patient records will augment EHR market growth. Several organizations strive to raise the awareness regarding usage of electronic records among physicians as well as patient population to access their medical information. Numerous programs, policies and incentives for physicians have been put in place to increase the adoption of the basic model of electronic health record and meaningful use of EHR. The Health Information Technology for Economic and Clinical Health (HITECH) Act of the U.S. was implemented in 2009 to ensure modernization of healthcare infrastructure as well as increasing the meaningful use of interoperable EHRs. Such guidelines assisted in maximum implementation of EHR across healthcare settings and pharmacies, thereby expanding electronic health record business growth.
However, high investment cost of implementation of electronic health records and risk of data security may slow down the adoption rate of EHR in the forthcoming years.
The Electronic Health Records (EHR) market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Electronic Health Records (EHR) market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Electronic Health Records (EHR) market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Electronic Health Records (EHR) market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Electronic Health Records (EHR) market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Electronic Health Records (EHR) capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Electronic Health Records (EHR) by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Electronic Health Records (EHR) market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Electronic Health Records (EHR) market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Electronic Health Records (EHR) market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Electronic Health Records (EHR) industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Electronic Health Records (EHR) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Electronic Health Records (EHR) market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Electronic Health Records (EHR) market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Electronic Health Records (EHR) market. These factors have benefited the growth of the global market for Electronic Health Records (EHR). Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Electronic Health Records (EHR). The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
Some of the top companies operating in the electronic medical records market are 3M Company, Toshiba Medical Systems Corp., Hyland Software, Siemens Medical Solutions, McKesson Corporation, Henry Schein, Inc., Allscripts Healthcare Solutions, Inc., WRS Health, Medical Information Technology, Inc. (Meditech), Cerner Corporation,Quest Diagnostics, GE Healthcare, Epic Systems, SequelMed, Kofax Limited and others.
Client Server-based EHR
Electronic Health Records Type Outlook
Electronic Health Records End-use Outlook
Electronic Health Records Regional Outlook
Middle East & Africa
In this study, the years considered to estimate the market size of Electronic Health Records (EHR) are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are: