Electronic Health Records Market to Post 6.4% CAGR From 2014 to 2020 as Digitization Wave Hits Healthcare: Transparency Market Research

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Transparency Market Research

23 Sep, 2015, 12:30 GMT

ALBANY, New York, September 23, 2015 /PRNewswire/ --

The healthcare industry is in the midst of an extensive transition from paper-based to paperless records, which will result in the expansion of the electronic health records (EHR) market worldwide. In the UK and U.S. especially, efforts are afoot to expedite this transition across the entire healthcare network - private and public. A recent study by Transparency Market Research states that the global EHR market will stand at US$23.98 billion by 2020 by reporting a CAGR of 6.4% over its value of US$15.56 billion in 2013. These findings are reported in the study titled "Electronic Health Records (EHR) Market (Installation Types: Web-based EHR System and Client Server-based EHR System; End-users: Hospitals and Ambulatory Centers) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020"

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An EHR refers to patients' healthcare records that are stored in a digital format. Nearly all relevant health-related information of a patient - right from medical history to diagnostic test results to laboratory test results to images and scans to the patient's personal details are stored in EHR systems. The systems are configured in a manner that makes EHRs available only to authorized users. Given the sheer convenience, accuracy, and ease of access offered by EHR systems, several large- and mid-sized hospitals have switched over to them. While smaller healthcare institutions have lagged behind in the adoption of EHR, this scenario is fast changing. Over the forecast period of the report, the adoption rate of EHR systems in small-sized practices will report significant growth.

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Governments have encouraged the adoption of EHR by offering incentives to healthcare institutions that go digital. This has prompted several healthcare institutions to invest in the deployment of an EHR system. The federal government of the United States, for instance has earmarked US$27 billion to encourage healthcare institutions to move to EHRs under the HITECH Act, 2009. In a similar move, the National Health Service (NHS) in the U.K. has set 2018 as the deadline for its public healthcare network to go paperless. Other major economies shifting to EHRs will collectively propel the global electronic health records market. The benefits of EHRs are essentially the key forces of this market. The salient advantages are: up-to-date information about patients, accuracy, reduced healthcare costs once breakeven point has been achieved, instant access to patient data (on-site and remotely), reduced medical errors, and overall improvement in efficiency.The report segments the global EHR market by installation type into web-based and client-server-based EHR systems. Based on end-user, the EHR market is composed of hospitals and ambulatory centers. A majority of the EHR market was held by the hospitals segment in 2013, as compared to ambulatory centers. The latter are typically seen to prefer web-based EHR systems that do not come with infrastructure costs and are priced lower than client-server based EHR systems.

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Likewise, the market, on the basis of geography, features North America, Asia Pacific, Europe, and Rest of the World (RoW). North America generated the highest percentage of revenue in the global EHR market in 2013, with a sturdy 5.8% CAGR projected for this market through the forecast horizon. At this CAGR, the North America EHR market will firmly remain in its leading position to 2020. EHR market leaders and participants have their sights set on the emerging markets of China, India, Brazil, South Africa, and Mexico, where many hospitals are going digital. The report features detailed profiles of the following market players: Allscripts Healthcare Solutions, Inc., Epic Systems, Cerner Corporation, McKesson Corporation, Medical Information Technology, Inc. (MEDITECH), Computer Programs and Systems, Inc. (CPSI), NextGen Healthcare (Quality Systems, Inc.), eClinicalWorks, and GE Healthcare.

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The global EHR market is segmented as follows: 

Global EHR Market, by Installation Type 

  • Web-based EHR System
  • Client Server-based EHR System

Global EHR Market, by End-user 

  • Hospitals
  • Ambulatory Centers

Global EHR Market, by Geography 

  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World (RoW)

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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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