Electronic Health Records Market Size Is Projected To Be Around $33 Billion By 2025
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A research study titled, “Electronic Health Records Market by Type, Installation, and End User - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that electronic health records market is projected to be around $33 billion by 2025.
The U.S. Centers for Medicare & Medicaid Services has defined Electronic Health Record (EHR) as an electronic version of a patient’s medical history. It is an electronic record of a patient’s health information generated through one or more encounters in any care provider’s setting. These records include information such as patient demographics, problems, progress notes, vital signs, medications, past medical history, laboratory data, immunizations and radiology reports. An EHR system streamlines and automates clinician's workflow. The EHR system can also directly or indirectly support care related activities through different interfaces including quality management, evidence based decision support and outcome reporting. EHRs assist healthcare providers in providing better care and taking better informed decisions. One of the key features of EHR is that the health related information can be managed in a digital format and can be shared with other healthcare providers across multiple healthcare organizations such as laboratories, medical imaging facilities, pharmacies, and emergency healthcare facilities. The key benefits of EHR systems are improved patient care, increased patient participation, enhanced care coordination, improved diagnostic and patient outcomes, and increased practice efficiency. According to a survey conducted by the U.S. Department of Health and Human Services, in 2014, 79% healthcare providers reported increase in practice efficiency by using an EHR system whereas 70% healthcare providers reported improvement in data confidentiality. Providers can have quick access to patients’ records from remote locations which can save valuable time while dealing with emergency cases.
The key driving factors for the EHRs market are technological advancements in healthcare IT, rising need to streamline different healthcare systems, and favorable government initiatives for adoption and implementation of EHR systems. With EHRs, healthcare providers can give their patients complete and accurate information regarding their medical evaluations. They can manage and schedule patient appointments electronically and exchange e-mails with their patients. Moreover, quick communication between providers and patients can aid in early identification of symptoms. However, the possible data privacy and security issues associated with EHR systems can hamper the market growth.
Web-based EHR segment held a major share of the EHR market in 2016 owing to the associated benefits of low-cost installation and maintenance, favorable for small-scale hospitals, clinics, laboratories and pharmacies. These systems eliminate the need for installing on-premise services in order to use the EHR systems. The segment is expected to dominate the market throughout the forecast period while growing at the fastest rate between 2016 and 2025.
Acute EHR segment held the majority share of EHR market in 2016 owing to the critical need of gathering health related information of patients suffering from severe acute health conditions in order to provide timely and relevant treatment. Post-acute EHR segment is expected to exhibit fastest growth over the forecast period as EHR systems aid the healthcare providers to efficiently record and manage health related information in case of patients requiring long-term care and observation.
Hospitals segment dominated the EHR market in terms of end users owing to the increasing adoption of EHR systems by hospitals to integrate and manage health information of their patients, thus favorably facilitating streamlining of the clinical workflow. Ambulatory care settings segment is projected to witness fastest growth throughout the forecast period as EHR systems facilitate the recording and management of information related to applicable reimbursements for patients undergoing ambulatory surgical procedures and treatments.
U.S. dominated the North American EHR market in 2016 owing to the presence of favorable legislations related to the promotion of IT in healthcare such as the Health Information Technology for Economic and Clinical Health (HITECH) Act of 2009 and other favorable initiatives leading to large scale adoption of EHR systems by healthcare institutions in the country. Emerging economies such as China and India are expected to show significant increase in the adoption of EHR systems as a result of rising healthcare expenditure in these countries facilitated by favorable economic growth.
Technological advancements in EHR systems will further enhance the utility of these systems for applications in healthcare industry. Connecting these systems with mobile devices such as smartphones and tablets through mobile apps has contributed to the key benefits of information availability derived by EHRs. Increasing data security and confidentiality features of EHRs will contribute to the acceptance rate of these systems over the coming years.
The major players in the global EHRs market are focusing on research and development to come up with more advanced next generation systems. For instance, in July 2014, NextGen Healthcare and Mirth LLC, a global provider of health information technology, launched NextGen Share, a health information service provider (HISP). This platform enables clients to connect to external providers through EHR products.
Some of the key players operating in the global HER market are, CompuGroup Medical, Merge Healthcare Incorporated (an IBM company), Greenway Health, LLC, athenahealth, Inc., NextGen Healthcare Information Systems, LLC (a part of Quality Systems, Inc.), General Electric Company, eClinicalWorks, LLC, Epic Systems Corporation, Cerner Corporation, Allscripts Healthcare Solutions, Inc. and McKesson Corporation.
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Key Findings of the Research Study:
- Web-based EHR segment dominated the global EHR market in 2016 owing to the large scale adoption of these EHR systems supported by low-cost installations favorable for small scale healthcare institutions.
- Acute EHR segment accounted for nearly half of the overall EHR market in 2016 whereas post-acute EHR segment is projected to showcase fastest growth during the forecast period.
- Hospitals segment accounted for a major share of the EHR market with respect to end users in 2016 due to the large scale acceptance of EHR systems in hospital settings for effectively recording health related data of the patients.
- North America dominated the global EHR market in 2016 due to the presence of advanced healthcare IT infrastructure in the region along with increasing adoption of EHR systems by healthcare providers.
- Asia-Pacific EHR is expected to witness fastest growth throughout the forecast period while growing with a high single-digit CAGR. This significant growth can be attributed to the increasing demand for improved healthcare infrastructure by the population in the region.