The global electronic health records (EHR) market size was worth US$ 25.21 billion in 2019, and is expected to generate US$ 42.35 billion by 2027, registering a CAGR of 8.3% from 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.
- An electronic health record (EHR) system helps health care workers to record patient-related data electronically. Patient-related data may include demographics, medications, medical history, vital signs, diagnostic test results, and imaging reports.
- An EHR system enables clinicians to offer improved patient care through automated access to information. EHR enhances patient care by reducing the incidence of medical error by improving the accuracy and clarity of medical records, reducing duplication of tests, reducing delays in treatment, thus helping patients to take better decisions related to their health.
- Globally, the EHR market is witnessing rapid growth as a result of its increasing popularity among health care professionals. For instance, health care facilities with high budgets have been way ahead of small-size practices in adopting EHR systems. Over the past few years, small-size practices have been increasingly adopting web-based EHR systems, which come for little or no upfront cost and monthly rental facility.
Government incentives propel rapid adoption of EHR systems across health care facilities
- Governments of various countries encourage health care providers to adopt EHR systems by providing incentives. Financial incentives by governments would continue to drive the EHR market during the forecast period.
- The Medicare Electronic Health Record (EHR) Incentive Program is governed by the Centers for Medicare & Medicaid Services (CMS), while the Medicaid EHR Incentive Program is managed by the state Medicaid agencies. The Medicare and Medicaid EHR Incentive Programs offer incentives to physicians, hospitals, and other health care facilities for meaningful use of certified EHR technology in the U.S. An eligible professional or hospital can receive a maximum incentive amount of up to US$ 44,000 through the Medicare EHR Incentive Program and up to US$ 63,750 through the Medicaid EHR Incentive Program. This incentive program succeeded in encouraging a large number of health care facilities to adopt EHR systems.
- Similarly, in the U.K., as part of the NHS Digitization initiative, the U.K.’s Department of Health (DoH) allocated over US$ 6 Bn to NHS for the healthcare digitization in 2016; of which over US$ 2.6 Bn was allocated for movement of paper records to a centralized electronic record systems, in addition to the implementation of wireless technologies and addressing the cyber security concerns in NHS IT ecosystem
Client Server Based Segment to Dominate Market
- Based on installation type, the global electronic health records market has been divided into web-based, client server based, and software as service. The client server based segment, dominates the market in year 2019, attributable to its efficiency of storage of patient medical data and it widely stores a large amount of patient data. Moreover, in house IT teams offer priority to the data and client server based is more accessible than other server.
- Software as services segment is estimated to propel at rapid pace during forecast period. Software as a service (SaaS) is gaining higher preference among physicians as it eliminates technological error and offer low upfront costs. Moreover, SaaS EHR vendors charge a monthly subscription fee that covers both the software cost and the cost of maintaining the remote server and updating the EHR. This is likely to augment the market of the segment in coming years.
North America to Dominate Global Market
- In terms of region, the global electronic health records market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global electronic health records market in 2019, followed by Europe.
- North America accounted for major share of the global electronic health records market in 2019, owing to increased governmental funding for EHR implementation. Technological advancements, governmental and private organizations’ initiatives to ensure EHR implementation across health care settings in North America is another propel factor for driving electronic health records market during the forecast period. Moreover, financial incentives by governments will continue to drive the EHR market in coming years.
- The electronic health records market in Asia Pacific is anticipated to expand at a high CAGR from 2020 to 2027. This can be attributed to disease prevalence across region, unmet medical needs, implementation and technological advancements in electronic health records are some of the factors expected to drive the electronic health records market in Asia Pacific during the forecast period. Presence of a large pool of patients in the region makes Asia-Pacific a potential market for EHR, as health care providers need a large number of EHRs for effective patient care and services. This is likely to augment the growth of the electronic health records in Asia-Pacific market
The report analyzes and forecasts the electronic health records (EHR) market at global and regional levels. The market has been forecast based on volume (Tons) and value (US$ Mn) from 2019 to 2026. 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 comprises a detailed value chain analysis, which provides a comprehensive view of the global electronic health records (EHR) market. The Porter’s Five Forces model has also been included to help understand the competitive landscape of the market. The study encompasses market attractiveness analysis, wherein various applications have been benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the electronic health records (EHR) market by segmenting it in terms of form and application. The segment has been analyzed based on the present and future trends. Regional segmentation includes the current and projected demand in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The report provides size (in terms of volume and value) of electronic health records (EHR) market for the base year 2018 and the forecast between 2019 and 2026. 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.
The list of key players profiled in this report include Advanced MD, Inc., Allscripts Healthcare Solutions, Inc., Cerner Corporation, Computer Programs and Systems, Inc., CureMD Corporation, eClinicalWorks, Epic Systems Corporation, General Electric Company, Greenway Health, LLC, and Quality Systems, Inc.
- 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
- North America
- Rest of Europe
- Rest of Asia-Pacific
- South Africa
- Saudi Arabia
- Rest of LAMEA
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents of key players operating in various application areas have been reviewed for competition analysis and market understanding.
Secondary research also includes recent trends, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. These have proved to be reliable, effective, and successful approaches for obtaining precise market data, capturing market participants’ insights, and recognizing business opportunities.
The study objectives of this report are:
- To analyze and study the global electronic health records (EHR) capacity, production, value, consumption, status (2014-2018) and forecast (2019-2026);
- Focuses on the key electronic health records (EHR) manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.