Electronic Health Record Market Set to Soar Over US $ 111 Billion Mark by 2026 End

  • 30 Apr 2019

Digitization in the healthcare sector has facilitated the rapid adoption of the electronic health record. According to comprehensive research conducted by research experts at FutureWise Market Research, the global electronic health record market is anticipated to register at a whopping CAGR of 38.21% during the forecast period of 2019-2026. The streamlined patient data management workflow with electronic health record (EHR) is to stir up the global electronic health record market value over US$ 111 billion by 2026 end.

Factors Influencing Positive Growth  of the EHR Market Include:
•    Ongoing modernization efforts in the defence medical services by utilising EHR implementations
•    Increasing investments in the integrated healthcare system to fulfil the need for flexible, safe and reliable patient care
•    Prevalence of high-end technologies like Bigdata, blockchain and so on
•    Highly competitive market with established and new entrants striving to surmount healthcare service standards using high-tech solutions
•    Government initiatives to encourage adoption of technology for better healthcare amongst the general public
 

Data Security Remains a Major Challenge to the Global Electronic Health Record Market
With the use of open and shared databases, the security concerns over patient identity theft, risk of unintentionally breaching privacy protection laws and lack of secured data recovery practices will pose a challenge to the EHR market growth during the forecast period. Besides, other impeders responsible for restricted growth of the market can be attributed to:
•    Interoperability issues faced by health care systems
•   Scarcity of technically skilled healthcare professionals
•    High investment cost for EHR setup
•    A constant need for high funding to facilitate innovative research experiments

Global Electronic Health Record Market, by Deployment Type
•    On-Premise
•    Cloud-Based

Cloud-based segment estimated to grow at sturdy CAGR in the near future
Cloud-based implementations can enable significant saving as the resources can be accessed simultaneously by a wider user base. Also, the speed and flexibility offered remain unmatched when it comes to retrieving and analysing vast patient medical records. Hence cloud-based segment is forecasted to grow at robust CAGR during 2019-2026. Currently, the on-premise segment is predominant amongst end-users to facilitate training and familiarization benefits.

Global Electronic Health Record Market, by End-User
•    Hospitals
•    Clinics
•    Others

Global Electronic Health Record Market, by Region
•    North America
•    Latin America
•    Europe
•    Asia Pacific
•    Rest of the World

North America dominates the overall global electronic health record market due to the high adoption of modern technologies and availability of investments in the healthcare innovation. Europe ranks second in terms of market share due to the rising awareness of benefits pertaining to EHR usage and government funding. The emerging economies in APAC are soon adopting the EHR systems due to a rise in per capita income, an increase in technology providers and high-speed internet facilities. APAC is estimated to grow at a lucrative CAGR during upcoming years.


Competitive Landscape:  
•    Tier 1 players- established companies in the market with a major    market share
•    Tier 2 players 
•    Emerging players which are growing rapidly 
•    New Entrants  

FutureWise Key Takeaways 
•    Growth prospects
•    SWOT analysis 
•    Key trends 
•    Key data-points affecting market growth 

Objectives of the Study: 
•    To provide with an exhaustive analysis on the global electronic health record market on the basis of deployment type, end-users, and region
•    To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
•    To evaluate and forecast micro-markets and the overall market 
•    To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East
•    To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
•    Profiling of companies to evaluate their market shares, strategies, financials and core competencies  

 

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