Electronic Health Record (EHR) Market Size to Reach $30.4 Billion by 2023

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

• The web/cloud-based delivery mode held the larger share, in the EHR market, in 2017, mainly because of the increasing demand for global access to patients’ health records, especially by insurance providers. Moreover, these solutions are more cost-effective than on-premise solutions.
• The practice management category held the largest share, of 31.5%, in 2017, and it is expected to retain its market dominance during the forecast period, mainly on account of the need to improve the efficiency of the day-to-day operations in healthcare centers.
• Ambulatory care centers are likely to witness the fastest growth, at a CAGR of 5.9%, during the forecast period, under the end user segmentation. The increasing usage of EHRs in ambulatory care centers, coupled with a surge in the number of such settings, globally, is driving the growth of the category.

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.

• Japan is expected to lead the APAC EHR market, accounting for 33.8% of the regional share, in 2023. This can be mainly attributed to the better healthcare facilities and reimbursement policies in the country than elsewhere in the region.
• Colombia is the fastest-growing market in the LATAM region, due to the increasing focus on the role of EHRs in the healthcare sector.
• Owing to the advancements in the healthcare industry and reimbursement policies, Saudi Arabia is expected to hold a considerable share in the MEA EHR market in the forecast period, during which it would witness the fastest growth in the MEA region.

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.

Browse report overview with detailed TOC on "Electronic Health Record (EHR) Market Research Report: By Delivery Mode (Web/Cloud-Based Server, On-Premise), Component (Practice Management, Patient Management, E-Prescription, Referral Management, Population Health Management), End User (Inpatient Facilities, Ambulatory Care Centers, Physician Offices) - Global Industry Size, Share, Growth, Overview and Forecast to 2023" at:https://www.psmarketresearch.com/market-analysis/electronic-medical-records-market

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.