About the Electronic Health Records Market
EHR or EMR solutions are IT solutions used to store demographic and medication-related information of people visiting hospitals for diagnosis. With the increase in the user base of personal health information devices, we expect a high demand for applications involving monitoring of health conditions without visiting hospitals. Physicians now use EHR systems to access digital patient records. The availability of cloud-based solutions facilitates the use of the latest information technologies in these systems. The increase in the use of health and fitness applications in mobile devices creates a high demand for mobile health solutions, enabling healthcare providers to improve their productivity and reduce costs of their IT infrastructure. In addition, an increase in the advanced patient care system and third-platform technologies will likely boost the market growth.EHR adoption is picking up among clinics and hospitals as it is user-friendly and easy to manage. EHR stores patient health-related data such as past medications, radiology reports, and progress reports. These data are collected from different departments of hospitals such as laboratories and pharmacy and can be accessed from anywhere. It helps automate and streamline a healthcare service provider’s workflow.
Technavio’s analysts forecast the global electronic health records market to grow at a CAGR of 5.53% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global electronic health records market for 2016-2020. To calculate the market size, Technavio considers the revenue generated from from EHR vendors. The global EHR market can be broadly classified into two categories based on the technology deployment model of EHR solutions and geographic concentration of vendors.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Electronic Health Records Market 2016-2020
Technavio recognizes the following companies as the key players in the global electronic health records market: Allscripts Healthcare Solutions, Cerner, CPSI, Epic Systems, and McKesson.
Other Prominent Vendors in the market are: Advanced MD, CSC, CureMD, Dell, GE, Greenway Health, MEDITECH, NextGen Healthcare, Practice Fusion, and Siemens Medical Solutions.
Commenting on the report, an analyst from Technavio’s team said: “One trend impelling growth in this market is the increased adoption of predictive analytics. Healthcare organizations generate massive amount of clinical data such as patient health data and non-clinical data such as administrative and financial data. The ever increasing volume, variety, and velocity of clinical and non-clinical data have compelled healthcare organizations to implement statistical tools, data science, and mining technology.”
According to the report, one driver gaining traction in this market is the shift from ICD-9 to ICD-10. ICD is the medical categorization and standard diagnostics tool for epidemiology. It was introduced by WHO for population health management. ICD-10 is the latest version that has replaced the ICD-9 version of medical coding systems. Healthcare providers such as doctors, medical staffs, healthcare policy makers, medical coders, and medical researchers use ICD-10 to classify diseases and health-related issues.
Further, the report states that the high cost of EHR solutions will act as a significant barrier for this market’s growth. The cost of implementing healthcare information system is expensive as it requires installation of software, hardware, networking infrastructure, IT support, and training fees. In addition, the integration of EHR systems with pharmacy information and laboratory information systems for information exchange requires additional hardware and software installation costs that may not be affordable for hospitals in developing countries.
Allscripts Healthcare Solutions, Cerner, CPSI, Epic Systems, McKesson, Advanced MD, CSC, CureMD, Dell, GE, Greenway Health, MEDITECH, NextGen Healthcare, Practice Fusion, and Siemens Medical Solutions.
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