A recent report published by Infinium Global Research on the electronic health record market provides in-depth analysis of segments and sub-segments in the global as well as regional electronic health record market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional electronic health record market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global electronic health record market. According to the report, the global electronic health record market is projected to grow at a CAGR of 5.6% over the forecast period of 2020-2026.
According to the report published by Infinium Global Research, the global electronic health record market was worth USD 25.53 billion in 2019 and is projected to reach up to USD 37.04 billion with a CAGR of 5.6% during the period of 2020 to 2026. EHR systems provide real-time, and patient-centered information to healthcare professionals instantly and securely. The information in EHR can be created and managed by the healthcare providers in a digital format, which can be shared with other providers from different healthcare organizations. The EHR facilitates in automating the information access and streamlining the workflow in the healthcare facility. The EHR supports other care-related activities directly or indirectly through various interfaces, including evidence-based decision support, quality management, and outcomes reporting.
As the coronavirus pandemic spread across the world, the global healthcare sector experienced enormous pressure to attain the balance between supply and demand. Hospitals in the countries hard hit by COVID 19 were overwhelmed by the influx of infected patients. Hospitals, clinics, and other healthcare facilities spent a large number of their resources on combating COVID19. Moreover, several bigger healthcare institutions adopted EHR solutions to handle the growing healthcare demands of patients. EHR helps medical professionals to keep track of the growing number of COVID-19 patients. Doctors and health workers easily access the patients’ vital data and keep track of their health in real-time. Such advantages of EHR came in handy during the pandemic as the number of patients visiting hospitals increased.
The growing adoption of EHR in healthcare firms is one of the major drivers for the growth of the global electronic health record market. Health care professionals are extensively adopting EHR as it assists clinicians and patients with the most accurate and current health data. Moreover, the increasing number of government regulations supporting healthcare IT and growing funding by the government and private organizations in the field of healthcare IT is augmenting the sale of EHR. However, factors including concerns over data privacy, high initial investment, and lack of properly trained staff are expected to hamper the market growth. Nevertheless, the growing demand for digital health solutions from the developing economies is anticipated to offer business opportunities for the market players.
In terms of region, North America generated the highest revenue for the EHR market in 2019. The increasing number of government initiatives by the governments to adopt EHR is majorly supporting the domination of North America in the global market. Moreover, the higher number of chronic illness and the rise in the aging population is driving the growth of the North America electronic health record market. This, in turn, is augmenting the growth of the electronic health record market in the North America region. On the other hand, the Asia Pacific EHR market is anticipated to grow with the highest CAGR over the forecast period of 2020-2025. Factors such as improving IT infrastructure, growing demand for affordable healthcare, and favorable government regulations are expected to boost the adoption of EHRs in this Asia Pacific.
The report on the global electronic health record market covers segments such as type, deployment, and end-user. On the basis of type, the sub-markets include acute electronic health record, ambulatory electronic health record, and post-acute electronic health record. On the basis of deployment, the sub-markets include web based, client-server based, and software as services. On the basis of end-user, the sub-markets include hospital, physician clinic, and diagnostics center.
The report provides profiles of the companies in the market such as McKesson Corporation, Allscripts Healthcare Solutions, Inc., Cerner Corporation, General Electric Company, Epic Systems Corporation, CPSI Inc, Medical Information Technology, Inc., DXC Technology Company, Greenway Health, LLC, and eClinicalWorks, LLC.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the electronic health record market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.