The global electronic health record (EHR) market was valued at $22.3 billion in 2017, which is projected to reach $30.4 billion by 2023, at a CAGR of 5.4% during the forecast period (2018–2023). The web/cloud-based category held the larger share in the market during the historical period (2013–2017), based on delivery mode, owing to its advantages of worldwide accessibility of patients’ health records. Besides, cost is another factor that is driving the growth of this category, as the web/cloud-based platform is cheaper than on-premises solutions.
Market to Progress with Surging Demand for Healthcare Administration Centralization and Streamlining
The streamlining of medical data has become necessary to reduce errors in medical documentation, particularly in the case of large amounts of patient health data. This also helps in reducing the time in generating medical claims. Further, EHRs enable patients residing in remote locations to connect with the healthcare providers. Therefore, the growing demand to centralize the heath-related data of patients will lead to the rapid progress of the EHR market in the coming years.
Segmentation Analysis of EHR Market
Geographical Analysis of EHR Market
North America is expected to account for the largest share in the EHR market by 2023, followed by Europe. Together, North America and Europe are expected to hold over 70.0% share in the global EHR market in 2023. This can be mainly attributed to the presence of established players, increasing number of government initiatives, surging geriatric population, and rising incidence of cardiovascular diseases and neurological disorders.
Other regions, such as APAC, LATAM, and MEA, also hold considerable shares in the EHR market, on account of the high investments by private-sector companies in EHR solutions, surging geriatric population, and rising prevalence of chronic diseases.
Competitive Landscape of EHR Market
The EHR market, which is consolidated in nature, is characterized by the presence of established companies, such as Allscripts Healthcare LLC, Epic Systems Corporation, Cerner Corporation, and Medical Information Technology Inc. Besides, McKesson Corporation, athenahealth Inc., NextGen Healthcare Inc., and MEDHOST are other important players operating in the EHR industry.
In recent years, the major players in the EHR market have adopted acquisitions, product launches, and partnerships and agreements as the key strategies to increase their share. For instance, in March 2018, Allscripts Healthcare LLC unveiled its new EHR solution, Avenel, at the annual Healthcare Information and Management Systems Society (HIMSS) conference, held in Nevada, U.S. Avenel is a cloud-based mobile EHR solution, which creates a community-wide patient record, by using machine learning, to reduce the time for clinical documentation.
Moreover, in February 2018, Cerner Corporation collaborated with SureScripts LLC (SureScripts) to integrate SureScripts’ real-time prescription benefit functionality into its Millennium EHR.