Electronic Health Record Market Revenue to Cross USD 46 Bn by 2027: Global Market Insights Inc.
SELBYVILLE, Del., June 1, 2021 /PRNewswire/ -- According to the latest report "Electronic Health Record (EHR) Market by Product (Web/Cloud-based EHR Software, On-premise EHR Software), Application (E-prescription, Practice Management, Referral Management, Patient Management, Population Health Management), End-use (Hospitals, Ambulatory Surgical Centres, Specialty Centers, Clinics), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027", by Global Market Insights Inc., the market valuation of electronic health record will cross $46 billion by 2027. An increasing number of hospital admissions and rising demand for patient data for research and development are augmenting the market growth.
Rising healthcare expenditure, increasing initiatives for the implementation of EHR, and growing adoption of EHR for smooth functioning will fuel the market expansion. The EHR stores complete, accurate, and reliable information about patients, thereby helping in reducing medical error and provides safer care. Thus, the implementation of an EHR system reduces cost, improves safety, reduces duplication of data, and improves patient care.
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The demand for electronic health records has increased exponentially due to the COVID-19 pandemic. The pandemic has compelled policymakers and healthcare providers to analyze a large volume of data with the goal of providing timely and accurate information. Moreover, increasing telehealth services across the world is generating a high volume of data. Therefore, demand for standard and secure EHR systems is making headway amid the pandemic as it can manage a high volume of data and provide quick access to patient data.
Web/cloud-based EHR solutions accounted for more than USD 16 billion in 2020. An upsurge in electronic health records is compelling healthcare providers to expand the use of high secure cloud solution to cater large patient pool. The development of a cloud-based connected supply chain driven by clinical data, from patient diagnosis to discharge, is boosting the EHR market progression. Thus, rising scalability, quick access to data, and the launch of newer cloud-based solutons are the factors contributing to the segment growth.
The e-prescription segment in the electronic health record market is estimated to register growth of 7% by 2027. The COVID-19 pandemic has dramatically changed consumer behavior and contactless service has become the new normal. The massive expansion of teleconsulting, as patients and doctors are restricted to interact in person is driving the e-prescription segment. Many healthcare providers, such as e-pharmacies and hospitals have integrated teleconsultation platforms to provide e-prescription to patients. Thus, favorable government initiatives and rising healthcare spending to develop the develop electronic-based ecosystem will drive the segment expansion.
Hospitals segment captured 42% of the electronic health record market share in 2020. Large hospital chains are extending their telemedicine/teleconsulting services across the globe. The usage of EHR technology in hospitals is creating a universal standard to link all health information systems. Thus, the acceptance of EHR automates and streamlines the doctors' and clinicians' workflow in hospitals. In addition, the availability of better spending capacity and budget in hospitals will foster the segment revenue during the forecast period.
Asia Pacific electronic health record market will progress at 9.7% CAGR by 2027. The presence of a large patient pool and an increasing number of populations are the major factor driving the demand for the market. Several countries in the region are integrating an EHR system with a telehealth platform that can improve clinical workflow. Moreover, favorable government support and the launch of various government initiatives will stimulate the demand for industry growth.
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Major companies operating in the electronic health record market include AdvancedMD, Allscripts Healthcare Solutions Inc, Cerner Corporation, CureMD Healthcare, eClinical Works, and Epic Systems Corporation among others. Industry participants are implementing various strategies such as the implementation of artificial intelligence and machine learning approaches. Furthermore, these leaders are focusing on big data analytics to support an enterprise-wide view of patient care in both acute inpatient and outpatient settings. Thus, this smooth integration across the continuum of care provides informed data-oriented decisions to the patients without any clinical intervention.
Table of Contents (ToC) of the report:
Chapter 3 Electronic Health Record (EHR) Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By application
3.4.3 By end-use
3.5 Regulatory landscape
3.6 Technology landscape
3.6.1 Evolution of electronic health records
3.7 EHR adoption and switching trends
3.8 EHR adoption model
3.9 Future outlook of electronic health records
3.9.1 Cloud-based electronic health records
3.9.2 Value-based electronic health records
3.9.3 Blockchain technology
3.10 Porter's analysis
3.11 Competitive landscape, 2020
3.12 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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SOURCE Global Market Insights Inc.
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