Rapid digitization of healthcare, high adoption of patient care and workflow optimization are the factors contributing to the growth of the market. Moreover, high demand for web-based electronic health records is anticipated to witness rapid pace during the forecast period.
EHRs are widely used in pharmacies, small-scaled laboratories, and clinics, as they require limited hardware infrastructure, which reduces the cost of installation. Moreover, the emergence of EHRs for medical coding and billing has simplified the process, as data entering into computerized systems is easier than paper-based products. Also, EHRs minimize the risk of errors in patient data as well as financial details.
High demand for centralizing and streamlining healthcare workflow
Various initiatives such as new expansion activities, product approvals, product launches, partnerships, and acquisitions have positively boosted the EHR market in recent years. Moreover, significant increase in the demand for EHR is due to the growing digitalization, which in turn is boosting the market growth.
Besides this, rising demand for centralization and streamlining of healthcare administration is anticipated to boost the market for EHR. Also, centralization of health information management is being driven by a value-based model, which aims towards streamlining operations, standardizing processes, and improving the quality of care that results in patient satisfaction.
Collaboration between multiple service providers and government to boost prospects
Rise in number of mergers and acquisitions have boosted market growth. For instance, In January 2021, Allscripts Healthcare Solutions announced a strategic partnership with the US Orthopedic Alliance. Also, government initiatives to encourage healthcare IT usage are one of the key drivers to the market. For instance, My Health record (national digital health record platform) was launched in Australia. Each Australian citizen has a “My Health Record” unless they have chosen that they don’t want it. Moreover, the agency claims that by the end of 2022, all healthcare providers in the country will be able to contribute to and use healthcare information available on the platform. Besides this, the introduction to technologically advanced healthcare services is also expected to boost electronic health record (EHR) market growth.
North America dominates electronic health record market
North America is expected to dominate the market. Major factors contributing to the growth of the market are the policies that support the adoption of EHRs and the availability of infrastructure. Also, in May 2020, the Federal government had proposed that Federal Health IT strategic plan mandates the good usage of EHR by healthcare providers.
In the meanwhile, Asia Pacific market is anticipated to offer lucrative opportunities during the forecast period. This growth is also attributed to the ever-increasing demand for quality standards and services, which are ultimately boosting the digitization of healthcare.
High demand for Web-Based EHRS to boost the market growth
The web-based EHR segment had dominated the market with the largest revenue share of more than 50%. Also, the large market share is attributed to the surge in adoption amongst the physicians and healthcare providers. This is due to web-based EHRs that can install without the requirement of in-house servers. This also offers extensive customizations and improvements. In the meanwhile, the client-server-based EHR segment is expected to show significant growth during the forecast period.
The hospital segment accounts for a major revenue share during the forecast period
The hospital segment accounts for a revenue share of more than 60%. This growth is driven by large volume of medical data generated in hospitals. Also, in addition to this, cost of installation in EHRs is less in hospitals when compared to ambulatory care centers. This is also helpful in saving time for large-scaled hospitals, which further boosts the growth of the market. Various factors such as ease of deployment, is expected to boost the growth of the segment.
