Electronic Health Record Market to Grow in Asia-Pacific in Near Future
In 2017, the global electronic health record market attained $22.3 billion and is predicted to advance at a 5.4% CAGR during the forecast period (2018–2023). The market is growing due to the benefits of EHR in epidemiology studies and tracking adverse drug events, increasing government initiatives, surging demand for centralization and streamlining of healthcare administration, rising need for advanced healthcare information systems, and increasing investments by IT players in healthcare. The systematized collection of a patient’s health records stored in a digital format is referred to as EHR.
In terms of component, the EHR market is divided into patient management, referral management, practice management, e-prescription, population health management, and others (which include health analytics and decision support). Among these, the practice management division dominated the market during the historical period (2013–2017).
The e-prescription division is projected to witness the highest CAGR of 5.9% during the forecast period because of the rising adoption of e-prescriptions by the healthcare providers. Various surgical and medical specialty organizations have made the utilization of these prescriptions mandatory.
When end user is taken into consideration, the EHR market is categorized into physician offices, inpatient facilities, ambulatory care centers, and others (which include clinical trial centers and clinics). Out of these, the inpatient facilities accounted for the major share of the market during the historical period, holding a share of 52.6% in 2017. This was ascribed to the rising number of hospitals around the world, advantages of EHR, and easy availability of patient-centric data. Due to these factors, the category is further projected to dominate the market during the forecast period.
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Another factor resulting in the growth of the EHR market is the increasing need for advanced healthcare information systems. An integrated healthcare information system aids in enhancing healthcare quality by digitizing patient records, enabling coordinated patient care, and supporting clinical decision making. EHR offers all this by systematizing services related to rehabilitation, diagnosis, care, and treatment and enhancing coordination between patients and healthcare providers. As fragmented healthcare information negatively impacts the quality of healthcare facilities and adds to the overall cost of treatment, the demand for EHR is increasing.
The increasing government initiatives are also contributing significantly to the growth of the EHR market. The governments around the world are introducing several reforms in the healthcare sector for reducing healthcare costs and enhancing patient care. They are further encouraging clinics and hospitals to convert traditional health record into an electronic format as it helps in maintaining the quality of healthcare services. For example, the Health Information Technology for Economic and Clinical Health ACT was Passed in the U.S. in 2009 for modernizing and enhancing the healthcare system in the country.
Hence, the market is growing due to the rising need for advanced healthcare information systems, increasing healthcare initiatives, and surging demand for centralization and streamlining of healthcare information.
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