According to a new market report published by Transparency Market Research “Electronic Health Records Market – 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 percent from 2015 to 2023, to reach an estimated value of US$30.28 bn by 2023.
Electronic health record (EHR) are a summary of the various electronic medical records which are generated during any clinical encounter. An EHR stores a wide range of data such as medical history of a patient, medication, laboratory test results, diagnostic images and demographics. In the past, EHR adoption has been higher among medium to large-sized hospitals as compared to small-sized practices, primarily because hospitals have a larger budget than small-sized practices. However, during the forecast period from 2015 to 2023, the market for EHR systems used in small-sized practices is expected to witness significant growth rate.
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Significant advantages associated with EHR systems and financial incentives by government of various countries are among the major factors driving the growth of EHR market worldwide. Benefits to EHR system encompasses accurate and up–to-date patient information, reduced healthcare cost in long term, quick access to patient related data, reduced medical errors, increased patient participation and improved efficiency of healthcare providers. These advantages encourage healthcare providers to equip themselves with technically advanced EHR systems, and thereby drive the market growth. During the forecast period from 2014 to 2020, financial incentives by governments in developed countries will continue to drive the growth of EHR market.
The global EHR market based on installation type is studied for three prominent categories: web based, client server based, and software as a services. Rapid technological advancement with data access through smartphones, government initiatives, need for improved efficiency and the quality of service delivery, and increasing disposable income are the major factors fueling the growth of global electronic health records (EHR) market, by installation type.
Web-based EHR systems are popular among medical professionals because these reduce deployment costs. On the other hand, client-server based EHR systems have up-front installation fees, which acts as a major restraint among small and mid-size practices. For instance, in March 2014, CoxHealth deployed a comprehensive web-based population health and patient engagement platform from Phytel, Inc. to enhance health outcome of patients and ease the transition from fee-for-service to outcome-based payment model, currently prevailing in the U.S. under Obama Care. The software as a service (SaaS) segment is likely to grow at a rapid pace during the forecast period i.e. 2015 to 2023. Software as a service (SaaS) is gaining higher preference among physicians as it eliminates technical glitches and offer low upfront costs.
Overall considering the installation type of EHR systems, the client-server based EHR helps to gain more control on both the software as well as the data. Similarly, the cost is reduced significantly in web-based EHR systems and the data is backed up automatically by the vendor. The data can be accessed from anywhere in the world. Software as a service EHR systems are typically beneficial for standalone centers or older physicians who are in the industry for few years in order to avoid the penalty charges by the Centers for Medicare & Medicaid Services.
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.