The global electronic health record (EHR) market is anticipated to grow at a Compound Annual Growth Rate (CAGR) of more than 6% during the forecast period 2020-2024. The market revenue is expected to reach US$ 38.82 billion by the end of the year 2024.
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The major key companies in the global electronic health record marketplace are AdvancedMD, Inc., Allscripts Healthcare Solutions, Inc., Athenahealth, Cantata Health LLC, Cerner Corporation, Computer Programs and Systems, Inc., CureMD Corporation, eClinicalWorks, Epic Systems Corporation, General Electric Company, Greenway Health, LLC, Intersystems Corporation, MEDHOST, Medical Information Technology, Inc. and Quality Systems, Inc. among other. Companies are adopting various competitive strategies to acquire majority of the market share in the global market.
The market growth is traced by studying various growth factors such as rising demand to centralize and streamline the medical data, Government initiatives to encourage the usage of healthcare IT and technological advancements in various medical equipment and machines that allow the easy integration with advanced platforms and technologies contributes majorly to the overall market growth.
Adoption of IT in healthcare services coupled with increasing healthcare expenditure by countries is a key trend influencing the market growth at rapid pace.
Government initiatives to encourage the usage of healthcare IT
Consistent efforts by the government in the form of financial incentives and regulatory reforms which focused upon improving patient engagement is keenly driving the growth of the electronic healthcare record market during the forecast period. Government in several countries are actively engaged in offering incentives to hospitals, physicians, and other healthcare facilities for the meaningful usage of certified electronics. Moreover, parallel participation from private organizations and technological advancements to ensure EHR implementation across health care settings is another factor making difference in healthcare infrastructure and services across the world. For instance, the Digital Health Platform named My Health Record implemented by the South Korean government nationwide to ensure medical records on the go. As per the agency handling the platform, by the end of the year 2022, medical providers in the country can use medical data through this platform.
North America Electronic Health Record Market
The North America EHR market accounts for the largest market share in the global electronic health records marketplace. The regional market dominance is attributed to various factors such as favorable government policies and wellbeing IT strategic plan and developed digitalized medical infrastructure. For instance, the US government undertook efforts guiding state-level healthcare information technology along with funding for healthcare IT through Medicaid Transformation Grants. Similarly, under the Canada Action Plan, the government provides funds for EHR implementation across the country. Hence, the aforementioned factors create lucrative opportunities for electronic health record industry growth in the future.
Segmentation Overview of the Global Electronic Health Record Market
The global EHR market is segmented on the basis of function, type, deployment and end-user. These market segments are further categorized into various sub-segments to detail the market insights.
Based on function, the market is segmented into:
- Administrative Application
- Clinical Application
- Clinical Research Application
- Healthcare Financing
- Reporting in Healthcare System
Based on type, the market is segmented into:
- Ambulatory EHR
- Inpatient EHR
Based on deployment, the market is segmented into:
Based on end-user, the market is segmented into:
- Ambulatory Surgical Centers
- Hospitals & Care Providers
Based on region, the market is segmented into:
- North America
- The U.S.
- The U.K.
- Rest of Europe
- Asia Pacific
- South Korea
- Australia & NZ
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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