Status : Published Published On : May, 2019 Report Code : VRHC1004 Industry : Healthcare Available Format : Page : 121

Global Electronic Health Records (EHR) Market - Trends, Share, Analysis and Forecast (2019-2024)

Industry Insights by Product (Solutions Services), by Mode of Delivery (Web based/ Cloud based, Client based server), by End-User (Hospitals, Ambulatory Care Pharmacies Others)

Industry Overview

The global electronic health records market was valued at USD 25.4 billion in 2018 and the market size is predicted to grow at a CAGR of 6.2% during the forecast period. The EHR market provides healthcare facility by web-based/cloud-based and client-based server mode of delivery options. Among the available categories, the web-based mode of delivery is high in demand, with a market share of more than 50% in the EHR market, globally.

Electronic health records, more commonly known as EHR are digitalized collection of patient’s health records. This EHR is used by healthcare providers to analyze the clinical information and facilitate suitable healthcare options.

Electronic Health Records Market Analysis

Market Segmentation

Insight by Product

The different electronic health records products offered in the market include EHR solutions and EHR services. EHR solutions are further segmented into integrated and standalone solution. EHR services market is categorized into support and maintenance, implementation, network, and training and education services.

Insight by Mode of Delivery

The various mode of delivery for providing EHR services are web-based/cloud-based and client-server based. The largest market share is of web-based registering more than 50% share in 2018. This large share is due to the larger adoption of web-based delivery system by healthcare providers since the web-based approach limits the cost of installation of hardware and licensing of software. Additionally, the maintenance of servers and software is covered by service providers, which grants the buyers to focus on its core business.

The market is also driven by the rising popularity of cloud-based mode of delivery in EHR systems. The cloud-based EHR systems offer complete flexibility and freedom by providing increased networking across healthcare organizations for data transfer.

Insight by End User

Hospitals are the major shareholder based on the end user for the electronic health records solutions and services and is also estimated to lead based on size during the forecast period. The category’s large size is due to the increase in adoption of EHR in hospitals to maintain the large pool of patient’s clinical data. The key end users of EHR market primarily includes ambulatory care and physician, which is expected to witness a high demand during the forecast period.

Industry Dynamics

Growth Drivers

The rise in the adoption rate of EHR, incorporation of healthcare information technology (HCIT), and the growing geriatric population with the subsequent rise in the number of chronic diseases are factors that will drive the growth of the electronic health records market. The government initiatives to go paperless for documentation of healthcare data and the growing trend of cloud-based EHR software in the industry is expected to grant opportunities to key players of the market.

Incorporation of HCIT will control the rising healthcare spending, and will also provide efficacy in healthcare facilities. The developing economies are increasing their healthcare expenditure for proper development and management of healthcare infrastructure. This provides ample opportunities for market players to invest and expand their presence in these nations, thereby will drive the growth of the global EHR market.

Geographic Overview

North America is the largest EHR market, due to factors such as rise in the adoption rate of EHR, incorporation of HCIT in healthcare, the presence of several major players in the region. The government is also focused on to reduce the rising healthcare cost expense that will further drive the growth of the market in the region.

Moreover, the EHR industry is expected to witness high demand registering the fastest CAGR of 7.5% in Asia-Pacific, during the forecast period. Factors such need for the value-based healthcare system and the increasing geriatric population with the subsequent rise in prevalence of chronic diseases are also expected to drive the growth of the electronic health records market in Asia-Pacific. The government initiative to develop and maintain healthcare infrastructure, increasing healthcare expenditure as a percentage of the GDP are also key driving forces for the growth of the EHR market in Asia-Pacific.

Competitive Insight

In October 2017, GE Healthcare received Carequality certification to enable seamless data sharing by its ambulatory EHR customers with thousands of hospitals, physician practices, payer networks, vendors and consumer services nationally. Also, In January 2017, Cerner Corporation announced the University of Missouri Health Care will extend Cerner’s HealtheIntent population health management platform across the Health Network of Missouri (HNM), which is a collaborative effort of six independent health care organizations that use different EHR systems.

Similarly, other leading players in the global electronic health records market are providing integrated solutions across organizations for the coordination and care management of patients.

Key players operating in the global EHR market include McKesson Corporation, Cerner Corporation, Epic Systems Corporation, NextGen Healthcare Information Systems, LLC, GE Healthcare, Greenway Health, LLC, eClinicalWorks, Athena health Inc., Quality Systems Inc., Medical Information Technology Inc., Computer Programs & Systems Inc.

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Research Methodology

  •  Desk Research / Pilot Interviews
  •  Build Market Size Model
  •  Research and Analysis
  •  Final Deliverabvle