Robust Healthcare Spending Complements Expansion of Electronic Health Records Market
With a constant upsurge in the need for real-time records of patient-specific information that make data available instantly and securely to healthcare service providers, the demand for electronic health record (HER) is highly likely to soar. An HER comprises patients’ medical and treatment history and it goes beyond standard clinical data and can be inclusive of a holistic overview of a patient’s care.
EHR extends an array of advantages to the healthcare service providers and patients for eventually improving upon system productivity and patient satisfaction. Emerging as well as developed economies across the world are spending robustly on healthcare facilities. Increasing healthcare spending will propel the growth of global electronic health record industry during the forecast period.
EHR Market Grows Strong, with Technology Pivoting Remote Monitoring of Patients
More number of healthcare professionals are opting for technologically advanced data management systems seeking the benefit of time and resources. To meet the growing need for remote monitoring of patients, there has been a spike in demand for improved healthcare facilities. Moreover, introduction of number of technologically superior software and solutions are expected to drive industry growth further.
Rising awareness about tracking and maintenance of patient care history will augment EHR market growth. Governments and healthcare statutory bodies have been updating guidelines set for the healthcare and medical industries, which has helped in expediting the implementation of EHR across healthcare settings and pharmacies. However, higher capital investments associated with the deployment of electronic health records, lack of skilled professionals especially in developing countries, and constant risks to data security and privacy continue to slow down the EHR adoption rate.
Electronic Health Records Taking a Big Leap Forward amid COVID-19 Pandemic
The current state of COVID-19 has highlighted limitations of the real-time public health information infrastructure in case of large-scale integration. Initially, the response time of healthcare service industry was prolonged as efficient data gathering could not be made possible due to multiple data submissions to a number of healthcare agencies. EHRs, wherever implemented, have been playing a critical role amid all the chaotic situation created by the pandemic.
Governments worldwide are proactively initiating efforts to conduct research activities in coalition with academic and other medical centers. The US Food and Drug Administration (FDA) is going to sponsor a project aiming at harmonizing a list of COVID-19 data elements with several open standards and common data models (CDMs). Leading EHR vendors have been preparing their products and the respective healthcare providers to offer efficient assistance with the record keeping during the worldwide vaccination process. Cerner Corporation and MEDITECH, in collaboration with the United States Centers for Disease Control and Prevention (CDC), have ensured that their clients are abreast with the solution.
Web-/Cloud-based EHR Systems Record Remarkable Adoption in Line with Surging Cost Pressures
Web-/cloud-based EHR systems accounted for a majority of the HER market share in 2019. These systems are more popular among small-scale clinics and care providers as they do not require in-house servers and still offer extensive customisation. Healthcare providers are rapidly switching to subscription-based web EHRs to mitigate the rising cost-cutting pressures. Moreover, these web-/cloud-based systems offer attractive benefits without the need for any infrastructural set-up. Web-/cloud-based systems are thus reflecting staggering performance in product segment in terms of sales. On-premise EHR systems, on the other hand, are preferred by multi-physician facilities as they are safer pertaining to customisation, and data safety and security.
While hospitals remained the major end users in the market in 2019, followed by clinics, the situation is likely to converse in the near future as adoption by clinics is growing at healthy pace. Furthermore, addition of specialised features will boost drive EHR implementation at clinics over the forthcoming period.
Governments Strengthen Market Potential of Asia Pacific
North America accounted for more than half of global electronic health records market in 2019. This is mainly due to an accelerating adoption of healthcare technologies, coupled with the enforcement of several regulations to upsurge the implementation of EHR in the region. The US government has put in special efforts to guide and fund states through Medicaid Transformation Grants to build a strong information technology infrastructure.
The growth of Asia Pacific has been significant and will observe the same trend during the forecast period. This growth is largely driven by increasing mandates for healthcare IT service providers and a substantial rise in government spending on healthcare technology, specifically in highly-populated countries such as India and China.
Strategic Collaborations Remain Key Focus Area
The market is characterized by collaborations between companies and acquisitions of smaller players as a part of developmental strategy. Recently, Vermont Care Partners (VCP) and four member agencies announced the successful launch of the Unified Electronic Medical Records (Unified EMR) project using the Netsmart myAvatar solution. WELL Health Technologies, a Canada-based digital health company has acquired a medical software company Intrahealth Systems for just over US$ 19 Mn.
Some of the other prominent players operating in the EHR market include MEDITECH, Cerner Corporation, Epic Systems Corporation, NextGen Healthcare Information Systems, LLC, General Electric Company, Greenway Health, LLC, eClinicalWorks, Athenahealth, Inc., Allscripts Healthcare Solutions, Inc, Quality Systems, Inc., Medical Information Technology, Inc., and Computer Programs and Systems, Inc.
Key Elements Included In The Study: Global Electronic Health Records (EHR) Market
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