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What are the Growth Drivers of Electronic Health Records Market? Practice Fusion, NextGen Healthcare, Medical Information Technology, McKesson Corp., Healthcare Management System (HMS), Greenway Health, GE Healthcare, Epic Systems Corp., eClinicalWorks, C

04-23-2020 08:44 AM CET | Health & Medicine

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What are the Growth Drivers of Electronic Health Records Market?

According to the research report titled 'Electronic Health Records Market Size By Product, By Application, By End-Use Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025', available with Market Study Report LLC, the global electronic health records (EHR) market is expected to be worth USD 38.3 billion by the year 2025.

Surging investments by HIO (health information organization) towards R&D activities and rising number of healthcare providers are major factors driving the electronic health records market growth. Favorable government initiatives for adoption of EHR solutions to improve and streamline workflow are further aiding the market expansion. However, high installation cost of electronic health records may hinder the overall market growth.

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By product type, the report states that web/cloud based EHR software market segment held 48% revenue share in 2018 and is expected to register continuous growth in the ensuing years. Cloud-based electronic health records solutions offer instant access to IT services and further helps to reduce maintenance and hardware costs. Gradual upgradation from on-premise EHR to cloud based EHR is fueling the segmental growth.

Based on the application spectrum, electronic health records market share from practice management application is presumed to expand with a CAGR of 5.5% during 2019-2025. Practice management provides information to clinicians and physicians regarding revenue cycle and appointments. Integration of automation solutions in physician functions via digital platforms in order to provide high convenience is stimulating the industry outlook.

Citing the end-use landscape, market size from specialty centers was worth USD 3.6 billion in 2018 and will witness consistent growth throughout the forecast period. EHR solutions meet the critical and specific needs of specialty centers.

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Considering the geographical landscape, the report cites that Canada electronic health records industry was valued at USD 1.14 billion in 2018. Favorable government initiatives which promote EHR and surging investments in healthcare infrastructure are augmenting the regional demand.

On the other hand, electronic health records market in Australia to exhibit a CAGR of 8.5% between 2019 and 2025, primarily due to rising collaborations between public entities and healthcare facilities for nationwide deployment of EHR solutions.
Practice Fusion, NextGen Healthcare, Medical Information Technology, McKesson Corp., Healthcare Management System (HMS), Greenway Health, GE Healthcare, Epic Systems Corp., eClinicalWorks, CureMD Healthcare, Computer Sciences Corp. (CSC), Cerner, Allscripts and AdvancedMD are the prominent companies operating in electronic health records market.

Question and Answers: Electronic Health Records Market

Question 1: What factors are leading to growth of electronic health records market?

Answer: Surging investments by HIO (health information organization) towards R&D activities and rising number of healthcare providers are major factors driving the electronic health records market growth.

Question 2: Why are web/cloud based EHR solutions preferred over on-premise solutions?

Answer: Cloud-based electronic health records solutions offer instant access to IT services and further helps to reduce maintenance and hardware costs. Gradual upgradation from on-premise EHR to cloud based EHR is favoring the business scenario.

Question 3: How will Australia electronic health records industry expand in the forthcoming years?

Answer: The electronic health records market in Australia will fare decently primarily due to rising collaborations between public entities and healthcare facilities for nationwide deployment of EHR solutions.

Question 4: Which companies boast of their prevalence in electronic health records market?

Answer: Practice Fusion, NextGen Healthcare, Medical Information Technology, McKesson Corp., and Healthcare Management System (HMS) are some prominent companies operating in global electronic health records industry.

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