Electronic Health Records Market Projected to Grow at a CAGR of 4.9% from 2020 to 2027

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The global electronic health records market size surpassed at US$ 26.2 billion in 2019 and is projected to grow at a CAGR of 4.9% from 2020 to 2027.

According to Vision Research Reports, the global electronic health records market size is expected to reach US$ 42.3 billion by 2027, technological advancements, diseases prevalence and incidence rate at regional level, and reimbursement scenario of the market at regional level are projected to drive the global electronic health records market during the forecast period.

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Overview

  • 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.

Technological Advancements to drive Electronic health Records Market

  • Technological advancements in healthcare offers promising future for enhancing healthcare delivery through electronic health records. Natural language processing software is a speech recognition software enable enhancing interaction with Electronic health records. This technology enables the physician to save their valuable time and available for the patients at given precise time.
  • For instance, in year 2018, Allina Health, non-for-profit organization introduced Nuance Communications Dragon Medical One, medical speech recognition solution in its organization. Allina Health witnesses an improvement in clinician’s optimum workflow and in electronic health records experience.
  • Predictive analytics methods uses modelling, statistics, and data mining in coordination with artificial intelligence (AI), for better clinical outcomes based on electronic health records for improving care delivery and improving better patient experience.
  • Technological advancement leading to expansion of the patient access to their medical data. Patient portal is a primary way for collecting, storage, and sharing health information amongst clinics and patients.

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.

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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 2019 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

Competitive Landscape

  • The global electronic health records market is consolidated in terms of number of players. Key players in the global market include AdvancedMD, Allscripts Healthcare, LLC and/or its affiliates, Cerner Corporation, DXC Technology Company, CureMD Healthcare, eClinicalWorks, GE Healthcare, Greenway Health, LLC, Healthcare Information Management Systems, McKesson Corporation, Athena Health Inc., and other prominent players.

The global Electronic Health Records market has been segmented as follows:

By Installation Type

    • Web based
    • Client Server Based
    • Software-as-a-service

By End-user

    • Hospitals
    • Physician Offices
    • Ambulatory Surgical Centers
    • Others

By Region

    • North America
      • U.S.
      • Canada
    • Europe
      • Germany
      • U.K.
      • France
      • Italy
      • Spain
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia & New Zealand
      • Rest of Asia Pacific
    • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America
    • Middle East & Africa
      • GCC Countries
      • South Africa
      • Rest of Middle East & Africa

Report Scope

VRR’s report on the global electronic health records market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2020 to 2027. The report provides revenue of the global electronic health records market for the period 2016–2027, considering 2020 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the Global Electronic Health Records Market during the forecast period.

The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the Global Electronic Health Records Market.

Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the Global Electronic Health Records Market.

The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the Global Electronic Health Records Market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the Global Electronic Health Records Market.

The report delves into the competitive landscape of the Global Electronic Health Records Market. Key players operating in the Global Electronic Health Records Market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the Global Electronic Health Records Market that have been profiled in this report.

Key Questions Answered in Global Electronic Health Records Market Report

  • What is the scope of growth for companies in the Global Electronic Health Records Market?
  • What will be the Y-o-Y growth of the Global Electronic Health Records Market between 2020 and 2027?
  • What is the influence of changing trends in technologies on the Global Electronic Health Records Market?
  • Which regional market is set to expand at a high CAGR during the forecast period?
  •  Which factors are anticipated to hamper the growth of the Global Electronic Health Records Market during the forecast period?
  • Which are the leading key players in the Global Electronic Health Records Market?

Research Methodology

A unique research methodology has been utilized by VRR to conduct comprehensive research on the growth of the global electronic health records market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.

Secondary research sources referred to by analysts during the production of the global electronic health records market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of VRR’s study on the electronic health records market as primary methods.

These primary research respondents have provided exclusive information during interviews, which serves as a validation from the electronic health records market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global electronic health records market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching VRR’s estimates on future prospects of the global electronic health records more reliably and accurately.

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Steve Robber

My name is Steve Robber, I’m the Owner of Market Stats News. Steve has served in many positions at various organizations for the past seven years. Currently he is an Author at Finance.Yahoo. Contact us for a free news publication, we look forward to speaking with you!

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