The global electronic health records market size is expected to reach USD 40.50 billion by 2027 registering a CAGR of 4.8%, according to a new report by Grand View Research, Inc. Web-based EHRs are anticipated to lead the market over the forecast period. These EHRs are convenient for use in pharmacies, small-scaled laboratories, and clinics, as they require limited hardware infrastructure, which reduces the cost of installation, thereby enabling speedy adoption. EHR vendors and organizations help in curbing the pandemic by making telehealth a mainstream alternative, enhancing data access through EHRs, and collaborating to develop Covid-19 dashboards in detail.
The
introduction of EHRs for medical coding and billing has eased the process, as
computerized data entry systems are more convenient & efficient than
paper-based methods. EHRs also minimize the risk of errors in patient data as
well as financial details. As per the University of Michigan, the cost of
outpatient care reduced by 3% upon shifting to EHRs from paper-based records.
In
addition, M&A activities and new product launches by the key players are
boosting the market growth. For instance, in December 2018, Meditech U.K.
acquired Centennial Computer Corporation, its long-time business affiliate in
the U.K. This acquisition was part of the formation of Medical Information
Technology U.K. Ltd. and would allow the company to strengthen its geographic
footprint in the country. In August 2020, Cerner Corp. collaborated with Amazon
to integrate its EHR solutions with the latter’s wearables, such as Amazon
Halo. This would provide greater interoperability to its customers and
strengthen its service portfolio.
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Electronic Health
Records Market Report Highlights
- The web-based product
segment led the market in 2019 and is projected to expand at the fastest
CAGR of 5.5% from 2020 to 2027 due to the rapid adoption of these products
by physicians
- North America held the
highest revenue share of the global market in 2019 due to the presence of
well-established healthcare infrastructure and favorable government
initiatives regarding population health management
- The industry participants
are focusing on key business strategies, such as product launch,
partnerships, collaborations, mergers, and acquisitions, to sustain the
competition
- The ambulatory use segment,
which includes physician clinics, laboratories, and pharmacies, is
expected to exhibit the fastest growth rate over the forecast period owing
to the increasing number of ambulatory care centers globally
- The acute care segment held
the largest market share of over 47% in 2019 due to the government
initiatives for the adoption of EHRs
- Asia Pacific is anticipated
to be the fastest-growing regional market from 2020 to 2027 owing to the
developing healthcare infrastructure in countries, such as Indonesia,
China, and India
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Electronic Health
Records Market Segmentation
Grand View Research has segmented
the global electronic health records market on the basis of product, type, end
use, and region:
Electronic Health
Records Product Outlook (Revenue, USD Million, 2016 - 2027)
- Client Server-based EHR
- Web-based EHR
Electronic Health
Records Type Outlook (Revenue, USD Million, 2016 - 2027)
- Acute
- Ambulatory
- Post-acute
Electronic Health
Records End-use Outlook (Revenue, USD Million, 2016 - 2027)
- Hospital Use
- Ambulatory Use
- Physician’s Clinic
- Laboratories
- Pharmacy
Electronic Health
Records Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- The Netherlands
- Sweden
- Russia
- Asia Pacific
- Japan
- China
- India
- Australia
- Singapore
- Latin America
- Brazil
- Middle East & Africa
- South Africa
- Saudi Arabia
List of Key Players
of Electronic Health Records Market
- Cerner Corp.
- GE Healthcare
- Allscripts Healthcare, LLC
- McKesson Corporation
- Epic Systems Corp.
- NextGen Healthcare, Inc.
- eClinicalWorks
- Medical Information
Technology, Inc.
- HMS
- CPSI
- AdvancedMD, Inc.
- DXC Technology Company
- CureMD Healthcare
- Greenway Health, LLC
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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