Electronic Health Record Market: Current Analysis and Forecast (2021-2027)
In the modern era, Electronic Health Records (EHRs) have become an important component of medical practices. The conversion of the paper-based system to the digital system not just enhances the work quality but also the experience of patients. For the effective capturing and sharing of patient data, health care practitioners require an electronic health record (EHR) for the storage of data in a structured format. Structured data aids the health care practitioners in the easy transfer and retrieval of patient information. Centers for Medicare & Medicaid Services and Office of the National Coordinator for Health Information Technology (ONC) have confirmed the standard criteria for structured data for the promotion of Interoperability Programs in healthcare. The demand for Electronic Health Records is increasing on account of the rise in the use of healthcare information technology (HCIT), the high adoption rate of EHR, the rise in the number of chronic diseases, and the government initiatives to promote the use of IT in healthcare sector. Furthermore, the rise in healthcare expenditure and the introduction of artificial intelligence (AI) in the healthcare industry propel market growth. For instance, PathAI has worked with drug developers like Bristol-Myers Squibb and organizations like the Bill & Melinda Gates Foundation to expand its AI technology in other healthcare sub-sectors.
Insights Presented in the Report
“Amongst Products, Web-based segment holds the major share in 2020.”
Based on Products, the global electronic health record market is segmented into Web-based and on premise-based. The web-based segment holds the largest share, owing to high acceptance of web-based EHRs between healthcare providers and physicians. Moreover, EHR can be established without the need for in-house servers. SimplePractice is a web-based mental health solution that helps healthcare practitioners to manage client relationships through scheduling, payment processing, and documentation.
“Amongst Types, Ambulatory is anticipated to grow at the highest CAGR during the analyzed period.”
Based on Types, the global electronic health record market is fragmented into Acute, Ambulatory, and Post-acute. The ambulatory EHRs are expected to show significant growth in the forecast period. The ambulatory EHR is mainly used in medical practices and outpatient settings. Ambulatory EHRs help the healthcare practitioners to easy tracking of the patient's medical history as well as treatment. With outpatient treatment being the desired option for many patients, ambulatory EHR use has been on the rise significantly over the past few years.
“Electronic health record is majorly used for clinical application.”
Based on Applications, the global electronic health record market is divided into Clinical, Administrative, Reporting in Healthcare Systems, Healthcare Financing, and Clinical Research. The clinical application segment is expected to dominate the market in the forecast period owing to the rise in the number of chronic diseases and surgeries. As per Burden of Obstructive Lung Disease (BOLD), the global prevalence of Chronic Obstructive Pulmonary Disease (COPD) is 10.1%.
“Amongst End-Users, Hospitals leads the adoption of Electronic health record technology.”
Based on End-user, the global electronic health record market is bifurcated into hospitals, Ambulatory care, Pharmacies, and others. In 2020, Hospital has the largest market for electronic health record technology, owing to the rise in adoption of EHR in hospitals for the maintenance of large clinical data. The Health Information Technology for Economic and Clinical Health (HITECH) Act of 2009 assisted in the adoption and use of electronic health records (EHRs). As of 2017, 94% of hospitals used their EHR data to perform hospital processes that inform clinical practice.
“North America holds the largest market share in the global electronic health record market in 2020.”
For a better understanding of the market adoption of the Electronic Health Record, the market is analyzed in major regions including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America dominates the Electronic Health Record market on account of the highly developed healthcare infrastructure, healthcare spending, and presence of numerous prominent players in the US.
Some of the major players operating in the market include GE Healthcare, Allscripts Healthcare Solutions, Cerner Corporation, Advanced Data Systems Corporation, Athenahealth, Inc., Advanced MD, eClinicalWorks, Epic Systems Corporation, McKesson Corporation, and CPSI. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
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