Global Market Study on Electronic Health Records Market
Over the past two decades, information technology has revolutionized every facet of the mankind. In current scenario, healthcare practices of all types and sizes, and information is both a benefit and a challenge for every provider. Awareness about the disease and treatment is saving lives, while lack of effectively managed data might place this information at risk. Although, several pilot and cohort studies has been undertaken by government organizations and institutions pertaining to effectiveness of a computerized patient healthcare information system. Despite such studies many hospitals/providers especially in emerging markets have not successfully introduced an electronic health record (EHR) with clinical data entry at the point of care which clearly illustrates latent gap and scope of market expansion in forthcoming years.
The global EHR market has been studied from three broad perspectives: by installation type, by end users, and by geography. The market by installation type is further assessed and estimated by web-based, client server-based and software as a service. Moreover, the market by end users segment is sub-categorized into hospitals, physician’s office, and ambulatory centers. Whereas, in terms of geographical analysis the report provide detailed illustration and market trends for five regions i.e. North America, Europe, Asia Pacific, Latin America and Rest of the World. The global electronic health record market was valued at US$ 18,932.1 Mn in 2014 and is projected to reach US$ 30,280.0 Mn by 2023, expanding at a CAGR of 5.4% during the forecast period.
The study depicted that the client server-based installation type accounted for lion’s share in the market enabling transmission of data from server to the client at a higher rate as compared to cloud-based EHR system, primarily due to the close proximity and direct connections which streamlines the overall health care process. Whereas, pertaining to market growth, software as service (SaaS) market is projected to poise the fastest growth rate driven by low cost, increased demand from small organizations and provisions to store data at an off-site vendor location.
In the end user segment, hospitals are among the most prominent buyers as around 59% of the hospitals across the globe have installed some form of EHR in 2013 compared to 34% in 2012. Majority of the hospitals have adopted client server-based EHR systems in order to improve the health care of the patients. However, several hospitals are expected to opt for cloud-based EHR systems during the forecast period from 2015 to 2023 due to continued advances in the area of cloud computing. As government and non-government organizations encourage physicians to adopt EHR systems is assessed to be one of the contributing factors driving the growth of the ambulatory centers segment. Additionally, the U.S. Federal Government allocated US$ 27 Bn with the intent to encourage EHR adoption across the nation as part of the Health Information Technology for Economic and Clinical Health (HITECH) Act, 2009.
Geographically, North America which is a cumulative market for the U.S. and Canada has major share in the market in 2014 primarily attributed by favorable government policies such as pay for value and rapid inclination towards installation of EHR platforms across care providers segment. The major role is being played by Digital marketers who always seem to tend to deploy Indianapolis SEO strategies for overall marketing progress. According to the National Coordinator for Health Information Technology (ONC), adoption of EHR systems among non-federal acute care hospitals in the U.S. has increased more than five-fold since 2008. Moreover, 77% of primary care doctors and 73% of specialists are using electronic medical records to record patient encounters as of 2016. Factors responsible for market growth in the U.K. and Germany include rapidly increasing geriatric population, growing need for remote monitoring, increased pressure of health care cost containment, and increasing demand for improved patient care. Moreover, the Government of Italy under Italian Health Service is developing EHR systems for e-prescriptions and for the transfer of medical data.
Latin America market followed by Asia Pacific are evaluated to be the fastest emerging market in coming years due to consistent growth in health care infrastructures followed by growing awareness to centralized patient current and past data have successfully initiated the demand and installation process in these regions. The EHR market in China has attracted both local and international EHR service providers such as IBM, Dell, Cisco, Siemens, and Fujitsu, and regional suppliers such as Yonyou, DHC, Neusoft, B-Soft, Winning, Founder, and Jiangsu Zhongkang.