NEW YORK, May 06, 2019 (GLOBE NEWSWIRE) -- The global EHR market was valued at USD 25.4 billion in 2018 and is expected to reach USD 36.0 billion by 2024, growing at a CAGR of 6.2% during the forecast period. The market is primarily driven by factors such as rise in the adoption rate of EHR, incorporation of healthcare information technology (HCIT), and the growing geriatric population with the subsequent rise in number of chronic diseases. The government initiatives to go paperless for documentation of healthcare data and the growing trend of cloud-based EHR software in the industry is expected to create ample growth opportunities for the key players of the market.
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Increasing geriatric population and subsequent rise in prevalence of chronic diseases to fuel the demand for EHR solutions
With the increasing geriatric population and subsequent rise in prevalence of chronic diseases, the healthcare cost has witnessed steep increase over the last decade. The trend is anticipated to continue in following years, which will have huge burden over healthcare systems of different countries across the globe.
According to the National Institutes of Health (NIH), U.S., Department of Health and Human Services, 8.5% of the people worldwide (617 million) are aged 65 and over and the number is anticipated to increase to 17% (1.6 billion) by 2050. Also, according to the World Health Organizations (WHO), cancer was the cause of 9.6 million deaths globally, in 2018. Similarly, the organization also reported that 17.9 million people die each year due to cardiovascular diseases accounting for 31% of all deaths globally.
All these statistics show that there is a need for efficient, outcome based healthcare system which prioritises the prevention of diseases, early diagnosis and detection of disorders and constant monitoring as well as providing best value based healthcare. Earlier manual storing the information regarding the health records of patients was cumbersome task; however, the advancements in healthcare information technology has made it possible to keep a record of patient medical history, remote and early diagnosis, and value based healthcare. EHR solutions provide effective clinical workflow; ensure fewer medical errors; support for clinical decision making; and patient safety. EHR solutions are keys to provide a value based personalized healthcare with best outcome for each individual.
Explore key industry insights in 55 tables and 31 figures from the 121 pages of report, “Global EHR Market Analysis and Forecast to 2024 - Industry Insights by Product (Solutions Services), by Mode of Delivery (Web based/ Cloud based, Client based server), by End-User (Hospitals, Ambulatory Care Pharmacies Others), by Geography (U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Japan, China, India, Australia, Brazil, Saudi Arabia, U.A.E., South Africa)”
Web-based mode of delivery is the most adopted deployment option for EHR end users
The web based led the global EHR market by mode of delivery. This leap over client-server based mode of delivery options is due to the large scale adoption of web based EHR systems among healthcare providers, since it reduces the overall cost of installation and requirement of hardware and software systems.
The different electronic health records products offered in the market include EHR solutions and EHR services. EHR solutions are further segmented into integrated and standalone solution. EHR services market is categorized into support and maintenance, implementation, network, and training and education services. EHR solutions hold the larger share in the market owing to the deployment of software and hardware solutions.
The industry on the basis of an end user is categorized into hospitals, pharmacies, ambulatory care and others. A large number of patient pool in hospitals results in generation of large volume of data. This has led the inclination of hospitals to adopt EHR systems to manage their patient’s clinical data, leading to the largest contribution of hospitals in the global EHR market. The hospitals contributed more than 80% of the market share to the EHR market, globally in 2018.
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Asia-Pacific EHR market to grow at a CAGR of 7.5% during the forecast period
North America is the largest contributor to the global EHR industry, whereas Asia-Pacific is expected to witness a significant growth at a CAGR of 7.5% during the forecast period. The growth is driven by the increased healthcare expenditure, increasing investment for the development of better healthcare infrastructure and facility. Moreover, the rise in adoption of HCIT services in healthcare is another factor driving the growth of the market in the region.
Industry players are launching new solutions for outcome based healthcare
The key players of the EHR industry are maintaining their competency through the launching of new products. For example, in March 2018, Allscripts Healthcare Solutions, Inc. unveiled Avenel, the company’s new electronic health record (EHR). Mobile-first and cloud-based, Avenel creates a community-wide shared patient record, uses machine learning to reduce time for clinical documentation and is designed to work like an app instead of traditional software.
Some of the key players operating in the global EHR market include McKesson Corporation, Cerner Corporation, Epic Systems Corporation, NextGen Healthcare Information Systems, LLC, GE Healthcare, Greenway Health, LLC, eClinicalWorks, Athena health Inc., Quality Systems Inc., Medical Information Technology Inc., Computer Programs & Systems Inc.
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