Electronic Health Records Market to Cross USD 30 billion by 2022 Owing to The Increasing Demand of Digitalization and Automation in Healthcare Sector | Hexa Research
07 May 2019, The growing trend of automation & digitalization in healthcare drives the global electronic health records market. This industry is anticipated to surpass USD 30 billion by the end of the forecast period (2015 to 2022). Need for greater efficiency, improvements in service quality and patient safety are factors that may augment growth in the forthcoming years. Implementation of favorable government initiatives, such as the ARRA (America Recovery and Reinvestment Pack) helps foster widespread adoption of health record systems.
Technological improvements in EHR have led to greater access to critical information with the help of handheld devices, such as tablets and iPhones. EHR systems are equipped with technologies that facilitate monitoring, evaluation, management, sharing, and modifications of treatment plans. They can even track the exact patient location in times of medical emergencies.
The global electronic health records Market is segmented as per applications, end users, and geographies. Based on applications, the Market is bifurcated into web-based and client-server based. The web-based EHR segment is projected to expand considerably over the forecast period. Organizations can reduce initial costs by adopting web-based EHR. They can also have access to their systems at any time and from anywhere because of the SaaS model. Client-server based models are generally expensive because of high hardware installation costs. However, their efficiency and speed are higher than those of web-based EHR.
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On the basis of end users, the worldwide industry is divided into ambulatory centers, clinics, and hospitals. Owing to lesser medical errors and efficient patient handling, hospitals may witness significant growth in the years to come. This segment can register the highest growth rate till 2022. EHR devices are employed extensively by ambulatory centers. Physicians have reported that the adoption of EHR has led to quality healthcare services and greater patient satisfaction.
Geographically, the global electronic health records market is segmented into Asia Pacific, Europe, North America, and Rest of the World. In revenue terms, North America was the largest regional market in 2013. The region may continue dominating the worldwide market because of high investments in novel technologies and widespread adoption of EHR technology. Surging demand for quality healthcare also plays a key role in stimulating regional growth.
Ongoing industry trends suggest that the Asia Pacific could be the fastest growing regional segment from 2015 to 2022. This owes to the growing importance of EHR, high R&D investments, rising disposable incomes, and the popularity of sophisticated healthcare devices. Price sensitivity among consumers is also the key driver of the Asia Pacific market.
Main industry competitors are NextGen Healthcare; Allscripts Healthcare Solutions, Inc.; Medical Information Technology Inc.; GE Healthcare; and Epic System. Besides being highly competitive, the global market is a consolidated one and monopolistic too. Most companies engage in the development of innovative & novel devices. Business ventures and geographical expansions are common strategies adopted by companies for gaining higher market shares.
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