Posted August 17, 2016 by admin in Latest News

EHR Market to Exhibit 5.4% CAGR From 2015 to 2023

EHR market
EHR market

According to a new market report published by Transparency Market Research “Electronic Health Records Market [Installation Type (Web Based, Client Server Based, Software as Services); End Users (Hospitals, Physicians Office, Ambulatory Centers and Others)] – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2015-2023” the global EHR market was valued at US$18.93 bn in 2014 and is expected to grow at a CAGR of 5.4% from 2015 to 2023, to reach an estimated value of US$30.28 bn by 2023.

Since the passage of the HITECH Act in 2009, the healthcare industry has undergone rapid changes in technology. The adoption of electronic health records (EHR) among healthcare providers has been one of the most transformative changes to occur, and fluctuations in both the market and in EHR system demonstrated no significant impact off economic slowdown. Geographically, the EHR market has been studied for the five prominent regions: North America, Europe, Asia Pacific, Latin America and Rest of the World. These regions are further assessed based on major contributing countries such as U. S and Canada, France, U.K, Germany and Rest ofEurope, India, China, Australia, Malaysia, Japan, and Rest of Asia Pacific, Brazil, Mexico, Argentina, and Rest of Latin America and Israel, Russia, South Africa, Saudi Arabia, and Rest of the World.

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A number of federal policies and acts worked as catalysts for market growth and are expected to drive market developments in near future. One of the key factors driving the adoption and appropriate utilization of EHR systems is their usability. While recognized as critical, usability has not historically received the same level of attention as software features, functions, and technical standards.

The e-Health market has evolved as one of the fastest growing U.S. industries and remained almost unaffected even post-recession scenarios. North America accounted for lion’s share in the global EHR market Governmental funding encouraging the meaningful use of certified electronic health record (EHR) technology across health care facilities, increasing pressure for health care cost containment, and rising demand for improved quality of health care services are the major factors boosting the growth of the EHR market. According to the sources from the U.S. Department of Health and Human Services, over 50% of all eligible health care providers in the U.S. have received incentive payments from the Federal Government for meaningfully use of EHR systems. The U.S. CDC states that nearly 54% physicians had adopted an EHR system in 2011 and more than 50% physicians plan to implement it within the next year. According to Canada Health Infoway, 99% of the population of Canada has one hospital clinical report or immunization record available in electronic form so that clinicians can access this information outside of a hospital.

The U.K. and Germany are the major markets for electronic health records (EHR) in Europe attributed by rapidly increasing geriatric population, growing need for remote monitoring, increased pressure of health care cost containment, and increasing demand for improved patient care. Funding by government of various countries also supports the growth of EHR. For instance, health secretary Jeremy Hunt’s announcement to paperless National Health Service (NHS) by 2018 is likely to trigger the growth of the EHR market in the U.K. France has developed Dossier Medical Personnel (DMP), accessible to patients through Web services and under the responsibility of the regional ARH agencies. This will help health care professionals to access patient data.

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Asia-Pacific is witnessing increasing adoption of EHR across hospitals, physician offices, and other health care centers. Asia-Pacific held the third largest share of the global EHR market, after North America and Europe. 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. Lack of skilled professionals required to operate EHR systems and broadband connectivity in this region is one of the major restraints of the market. According to the World Bank, India is likely to record the strongest economic recovery among other major developing nations from 2013 to 2016. The EHR market in Malaysia is fueling mainly due to medical tourism, so as the health information is treated with great confidentiality.

The EHR market in Russia is maturing alongside the health care system. Major players have entered the EHR market in the country to provide rapid EHR data exchange and access to health care data, to meet the stringent medical information requirements, and to provide more secure access to patient information. For instance, in 2011, IBM became the EHR service provider for nine hospitals using IBM Lotus Notes in Russia.

Key players profiled in the electronic health record market study encompasses Allscripts Healthcare Solutions, Inc., Athenahealth, Inc., Cerner Corporation, CPSI, Epic Systems, eClinicalWorks, GE Healthcare, Greenway Health, LLC, Medical Information Technology, Inc., McKesson Corporation, NextGen Healthcare and 4medica.

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The electronic health records market has been segmented as follows:

Global Electronic Health Records Market, by Installation

  • Web Based
  • Client Server Based
  • Software as Services

Global Electronic Health Records Market, by End User

  • Hospital
  • Physician Office
  • Ambulatory Centers

Global Electronic Health Records Market, by Geography

  • North America
    • United States
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Rest of Europe
  • Asia Pacific
    • India
    • China
    • Australia
    • Malaysia
    • Japan
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • Rest of the World
    • Israel
    • Russia
    • South Africa
    • Saudi Arabia
    • Rest of the World

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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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