What's driving the EHR Market Size? | Key Players are Cerner Corporation, McKesson, athenahealth, EPIC Systems, Medical Information Technology Solutions, Quality Systems, Inc

The global EHR market was valued at $22.3 billion in 2017 and is estimated to progress at a CAGR of 5.4% during the forecast period 2018–2023. Rising need for an advanced healthcare information system, increasing investments by healthcare IT players, growing demand for better healthcare facilities, and surging government initiatives are the key factors driving the growth of the market.

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Electronic health record (EHR) is a systematized collection of a patient’s health data in the digital format. The data includes all the details, such as the patient’s medical history, medication, treatment plans, diagnoses, immunization dates, radiology images, allergy information, and pathology test results. This data helps healthcare providers take an informed decision about the patient’s care while sitting in any corner of the world.

An integrated healthcare information system offers better healthcare quality by supporting clinical decision making, digitizing patient records, and enabling coordinated patient care. It has been noted that dispersed healthcare information (associated with diagnosis, billing, and administrative data, medical history, patient demography, and medication) and the coordination gap between healthcare professionals and patients often degrade the quality of healthcare and increases the overall treatment cost. Thus, there is a requirement for integrated healthcare information systems to minimize medical errors and provide better patient care, which is boosting the electronic health record market.

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The report further stated that over 78.0% of all REC-enrolled PPCPs or 112,804 providers had exhibited meaningful use (MU) of certified EHR technology (CEHRT) in areas, including e-prescribing, clinical quality reporting, and medication reconciliation, thereby improving the overall patient care. A key driver of EHR implementation here has been the Health Information Technology for Economic and Clinical Health (HITECH) Act of 2009. Via the EHR Incentives Programs, it offers incentives to healthcare professionals who adopt and display the meaningful use of the technology, thus aiding in the EHR market growth.

The companies operating in the electronic health record industry are introducing new technology platforms for patient healthcare record system to improve patient care. For instance, in February 2018, eClinicalWorks launched cloud-based platform for acute care Electronic Health Record (EHR) and revenue cycle management. The new system was introduced with no capital cost for licensing and started with a base price of $599 per bed per month.

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Some of the key players in the electronic health record industry:
1- Cerner Corporation
2- McKesson
3- athenahealth
4- EPIC Systems
5- Medical Information Technology Solutions
6- Quality Systems, Inc

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