Electronic Health Record Market to Register 5.4% CAGR during 2018–2023

According to a research conducted by P&S Intelligence, the global electronic health record (EHR) market is predicted to reach a value of $30.4 billion by 2023, increasing from $22.3 billion in 2017, progressing at a 5.4% CAGR during the forecast period (2018–2023).

The market is being driven by the growing demand for streamlining and centralization of healthcare administration, rising government initiatives, increasing need for innovative healthcare administration, and benefits of EHR in tracking adverse drug events and epidemiology studies. On the basis of delivery mode, the market is divided into web/cloud-based and on-premise.

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Between these two, the web/cloud-based division held the larger share of the EHR market in 2017, which can be ascribed to the increasing focus of insurance companies and healthcare providers on the worldwide accessibility of patients’ health records. In addition to this, web/cloud-based solutions are more efficient, in terms of cost, as compared to on-premise solutions. In terms of component, the market is categorized into population health management, practice management, referral management, patient management, and e-prescription, among which, the market was dominated by the practice management category in 2017.

In addition to this, the increasing requirement for healthcare administration streamlining and centralization is also a key driving factor of the EHR market. The streamlining of medical data is of great importance for decreasing the number of errors in medical documentation, especially in cases of huge volumes of patient health data. This further aids in decreasing the time required for generating medical claims. In addition to this, EHR allows patients residing in remote locations to connect easily with healthcare providers. These factors are leading to the growth of the market.

This study covers

• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
• Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
• Major players operating in the market and their service offerings

Geographically, North America dominated the EHR market during the historical period (2013–2017), owing to the surging geriatric population and rising awareness regarding the relevance of EHRs in medical settings. Within the region, the U.S. is leading the market due to the enhanced healthcare infrastructure. Other than this, the Asia-Pacific region is predicted to advance at fastest pace during the forecast period, which can be attributed to the increasing investments by non-profit entities, governments, and private sector companies in EHR solutions.

The rising initiatives that are being taken by governments of various countries are among the major factors that are leading to the growth of the market. Governments are focusing on encouraging clinics and hospitals in converting conventional health records to the electronic format, thereby leading to the growth of the market. This is due to the fact that EHR provides a number of benefits over conventional health records, such as reducing the cost of healthcare services and maintaining the quality of healthcare services that are being provided to people.

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