EHR Market size is set to exceed USD 38 billion by 2025; according to a new research report by Global Market Insights, Inc.
Increasing implementation of electronic health records will foster the global electronic health records industry growth in the upcoming period. Electronic healthcare records are used for systematic collection of patient’s health records in a digital format for better understanding of diagnosis and clinical treatment procedure. Rising adoption of electronic healthcare record for streamlining workflow and enhancing patient care delivery will positively impact adoption of electronic medical records in the forthcoming years.
Increasing government expenditure and funding for the development of healthcare IT solution for better understanding of diagnosis and treatment pattern will contribute to considerable EHR market growth over projected timeframe. Additionally, rising internet penetration and campaigns conducted to increase awareness about the importance and benefit of EHR among the doctor community will significantly expand the business size. Thus, growing awareness of EHR in hospitals and healthcare settings will accelerate the demand for electronic medical record systems over forthcoming years.
However, dearth of capable professionals to handle advanced technology and high cost of EHR systems may hamper the market growth over the upcoming years.
On-premise EHR software market held more than 48% revenue share in 2018. Simultaneous access to multiple users, automation of elimination of redundant processes coupled with better safety of patient information are the major factors attributable to the segmental growth. Rising advancements in EHR technology such as increased work efficiency in controlled medical vocabulary and clinical decision support system should drive the consumer preference for on-premise EHR.
E-prescription application market is estimated to witness considerable growth over forecast period at 6.3% CAGR. E-prescription offers alternatives to the pharmacists to choose among various generic drugs as well as potentially allergic reactions. This feature enables safe and reliable documentation with less errors owing to illegible writing style of the prescribers. Additionally, flexibility of management of broad range of data points in drug store management will offer attractive growth opportunity for e-prescription market growth in the future years.
Specialty centers EHR accounted for USD 3.5 billion market size in 2018. Escalating demand for diagnostics owing to rising prevalence of genetic and orphan disease forms the major impact factor in adoption of electronic solutions. Presence of special software for specialty centers further drives its adoption rate among specialty centers over the forthcoming years. Furthermore, developing healthcare infrastructure in emerging economies should augment the segmental growth in the forecast years.
Canadian EHR market will witness rapid growth at 4.3% CAGR
in upcoming years. Rising implementation of EHR in the Canada across all
physicians and healthcare providers will pose to be high market growth
impacting factor. Rising number of pharmacovigilance research organizations and
hospitals will increase the demand for EHR system software. Furthermore,
presence of established market players in the nation will highly impact
Canadian electronic health record industry size in upcoming years.
Indian EHR market held over 18.0% market share in 2018 and
will witness progressive growth over forecasted period. Wide accessibility of
EHR in specialty centers and hospital attached research centers will spur EHR
market growth over upcoming years. Several providers of electronic health
record systems in India are focusing on innovation of EHR. Furthermore, growing
awareness pertaining to the benefits of electronic health record will expand
India EHR market growth over coming years.
Few notable players operating in electronic health record (EHR) market are Allscripts, Cerner, eClinicalWorks, GE Healthcare and Epic Systems among the other industry players. Companies are implementing new product launch and product improvement strategy for capturing higher market share.
Guest author:Mr. Sumant Ugalmugale
is a research lead at Global Market Insights, He has authored several reports in Healthcare and Medical devices Industry. He graduated from National Institute of Pharmaceutical Education and Research (NIPER) with an MBA degree. Formerly worked on Pharma Forecasting engagements with Novartis and IQVIA.