Paper-based
records are being phased out at a rapid pace in the healthcare
industry, and paperless healthcare systems are filling this void.
Digitization and virtualization are the two biggest trends and they
have created a whole new electronic health records (EHR) market
within the global healthcare industry. The ball has been set rolling
with over 54% physicians in the United States adopting electronic
health record systems, as of 2011. These estimates were reported by
the U.S. Centers for Disease Control (CDC). In the same year, 50% of
physicians who were not already using an EHR system said that they
planned to invest in one within the next twelve months.
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A
similar change is taking place in the United Kingdom, as by 2018, the
National Health Service (NHS) is slated to go entirely paperless.
Thus, the market for electronic health records in the United Kingdom
looks promising.
Market
Forecasts in Numbers: The Electronic Health Records Market will Show
a 6.4% CAGR
According
to the findings of Transparency Market Research (TMR), a U.S.-based
market intelligence firm, the global electronic health records (EHR)
market is projected to show a CAGR of 6.4% between 2014 and 2020.
This marks an imminent phase of moderate growth that will largely be
seen in traditional markets.
The
global EHR market can be segmented based on the way the EHR systems
are installed as web-based or client server-based. The latter
accounted for the better part of the market share in 2013, when
considered from the revenue perspective. But, the CAGR of web-based
EHR systems is expected to be higher through 2020 largely because
such systems have only a nominal upfront cost, and do not call for
the installation of hardware systems and components.
The
market for electronic health records (EHR) can also be classified
based on the end-users that purchase such systems; the market is thus
composed of hospitals and ambulatory centers. The former was the
dominant segment by revenue in 2013, as 90% of all hospitals in the
United States were found to have a certified EHR system in 2013. This
estimate was provided by the Annual IT Health Survey conducted by the
American Hospital Association (AHA). Most of these hospitals,
however, opt for a client server-based electronic health record
system simply because it facilitates faster data transmission between
multiple facilities when compared with cloud-based electronic health
record systems. However, the future growth prospects of the
ambulatory centers end-user type are expected to be most promising.
The key reason behind this is the higher penetration of cloud-based
EHR solutions providers in the market. With minimal or no upfront
costs to ambulatory centers, cloud-based EHR systems offer a great
solution. Many government health agencies and not-for-profit health
organizations have been putting pressure on hospitals and physicians
to switch over to electronic health records.
Europe
and North America Will Continue Dominance in the Electronic Health
Records (EHR) Market to 2020
About
42% of the total global EHR market was held by North America in 2013.
The second largest market was that of Europe, which was followed by
Asia Pacific. Till 2020, these rankings are unlikely to change, as
North America will continue to hold a lead over other regional
markets supported by solid government funding.
However,
the EHR market is gathering steam in Australia and New Zealand as
well as Asian countries such as China, Japan and India. The three
Asian economies will exhibit the fastest growth, and will grow
consistently to contribute to a major chunk of the market revenues by
2020.
The
leaders in the electronic health records market have a grip on over
50% of all revenues. These leading players include: Cerner
Corporation, Allscripts Healthcare Solutions, Inc., McKesson
Corporation, GE Healthcare and Epic Systems.
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Geographically,
the global EHR market has been classified into four major regions,
namely, North America, Europe, Asia-Pacific and Rest of the World
(RoW). The market size and forecast for each of these regions along
with the CAGR has been provided in the report.
The
study on the global EHR market also suggests a list of
recommendations for new companies willing to enter the market and for
existing companies to accentuate revenue shares. The report concludes
with the profiles of major players in the global EHR market such as
Allscripts Healthcare Solutions, Inc., Cerner Corporation, Epic
Systems, Medical Information Technology, Inc. (MEDITECH), McKesson
Corporation, NextGen Healthcare (Quality Systems, Inc.), Computer
Programs and Systems, Inc. (CPSI), GE Healthcare and eClinicalWorks.
Each company profile in the report provides information under the
heads: company overview, financial overview, product portfolio,
business strategies and recent developments.
The
company overview section comprises basic information about the
company such as major business areas, company’s brief history and
its establishment year, number of employees and geographical
presence. In the financial overview section, annual revenue for the
last three consecutive years (2011, 2012 and 2013) has been provided.
The business strategies section mentions key strategies adopted by
the company in the past to strengthen its position in the EHR market.
The recent development section gives information about the recent
happenings in the companies operating in the EHR market.
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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Contact
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