The latest market report published by Credence Research, Inc. “Electronic Health Records (EHR) Market By Delivery (On-Premise Server Based, Cloud-Based, Web-Based), By Product (Inpatient HER, Ambulatory HER), By End-User (Hospitals, Clinics And Diagnostic Centers, Ambulatory Care Centers, Others) – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the worldwide market for electronic health records (EHR) was valued at US$ 24,222.5 million in 2017 and increased to CAGR by 5.9 per cent from 2018 to 2026.
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Electronic Health Records (EHR) has evolved over the last decade from simply being a digital form of patient paper charts to becoming a healthcare tool for capturing, storing and sharing holistic patient medical history. EHRs are becoming an important component of an integrated and value-based healthcare network and repository of clinical evidence that plays a key role in decision-making in healthcare settings. EHR can store patient’s medical history, medicines, diagnostics, therapy regimens, allergies, radiology, and laboratory test outcomes. EHR also helps to streamline administrative workflows in any healthcare environment, beginning with payment appointments and follow-up aid. Growing inclination towards the automation and adoption of software solutions for clinical decision-making systems, radiology information systems and healthcare IT solutions is a key driver of the electronic health record industry. The number of healthcare organizations in developed countries is adopting technologically sophisticated patient management approaches to eliminate human error and to save time and cost in the long run. Technological developments in surgical methods, operating rooms, increasing customer demand for minimally invasive surgeries, radiological imaging technologies and other health facilities have boosted the demand for EHR.
As far as the end-user segment is concerned, hospitals held the biggest share in the worldwide electronic health record (EHR) industry. Several features of patient management, including patient admission, registration, storage of reports, and the medical directory, are currently used in hospital settings by electronic health records. In addition, increasing the footprint of patients in hospitals and the requirement to adapt to strict norms to ensure minimal error in patient safety has accelerated the implementation of EHR in hospitals. Ambulatory care centers (ASCs) are expected to show the highest development rate during the forecast period due to the increasing amount of ASCs in North America and Europe fitted with sophisticated medical devices and software solutions.
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In terms of geography, North America held the largest share in the global electronic health records market. The key factors assisting market growth include the need for centralized storage of standard-compliant healthcare data, government initiatives and support for the use of advanced healthcare information systems and technology and cost-related benefits. The rising healthcare costs and rapid demographic changes have forced governments in North America to emphasize the adoption of EHR to increase hospital productivity and clinical outcomes. The governments have also approved significant economic and legislative incentives to promote the digitization of healthcare workflow which assisting the overall EHR market in North America. Asia Pacific emerged as the fastest growing region owing to the growing hospital infrastructure in the countries such as China, India, Indonesia and Singapore. Growing medical tourism in the region has augmented the growth EHR solutions in the region for swift and error medical procedures in the region. The prominent players operating the global electronic health records (EHR) market are Cerner Corporation, McKesson Corporation, GE Healthcare, Allscripts Healthcare Solutions, Epic Systems Corporation, Greenway Health, LLC and eClinicalWorks, athenahealth among others.
Key Market Movements:
- Growing need for electronic health records in hospitals and other healthcare setting
- Integration of healthcare information systems and advancements in healthcare IT
- Emphasis on digitization of healthcare industry to save resources and cost saving in long run
- Favorable government initiative in developed countries and developing countries to promote digital healthcare
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By Delivery Mode (2016–2026; US$ Mn)
- On-Premise/Server Based
By Product Type (2016–2026; US$ Mn)
- Inpatient EHR
- Ambulatory EHR
By End-User (2016–2026; US$ Mn)
- Clinics and Diagnostic Centers
- Ambulatory Care Centers
- Others (Emergency Care Centers, Specialty Care)
By Geography Segment (2016–2026; US$ Mn)
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America