- Oct. 12, 2020
-- 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. 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.
Between these two, the web/cloud-based division held the larger share of the EHR market (http://www.psmarketresearch.com/
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.
The primary reason for this is the benefits of implementing EHR in the healthcare sector, for example, increased efficiency when it comes to the day-to-day operations of clinical and medical centers. Based on end user, the EHR market is classified into physician offices, inpatient facilities, and ambulatory care centers. Among these, the fastest growth in demand for the EHR technology is expected to be created by ambulatory care centers in the coming years, which is due to the rising number of these medical centers across the globe.
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.
Hence, the demand for EHR is increasing due to the rising demand for streamlining and centralizing healthcare administration and growing government initiatives.