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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