EU Electronic Health Records Market 2023 : Projected to Deliver Greater Revenues during the Forecast Period 2028

The EU Electronic Health Records Market 2023 Report makes available the current and forthcoming technical and financial details of the industry. It is one of the most comprehensive and important additions to the Prudent Markets archive of market research studies. It offers detailed research and analysis of key aspects of the global EU Electronic Health Records market. This report explores all the key factors affecting the growth of the global EU Electronic Health Records market, including demand-supply scenario, pricing structure, profit margins, production, and value chain analysis.

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Report Description of the EU Electronic Health Records Market Analysis

Research Scope and Assumption

The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)
The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis
We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses
All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis
Inflation has not been accounted for in order to estimate and forecast the market
Numbers may not add up due to rounding off

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Facilitate decision-making based on strong current and forecast data for EU Electronic Health Records Market Analysis
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Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the EU Electronic Health Records Market Analysis
Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
To strategically profile key players and comprehensively analyze their market shares and core competencies
We have technically sound team which do a deep dive research and also provide strategy based consulting analysis

EU Electronic Health Records Market Analysis Executive Summary

Electronic health record (EHR) is a digital version of patients medical records. EHRs are patient-centred and real-time records that make patient data available instantly and securely to authorized healthcare professionals. It contains patient's medical history, medications, allergies, treatment plans, diagnoses, immunization dates, radiology images, and laboratory test results.

Thus, an increasing adoption of Electronic Health Records (EHRs) is expected to create a significant demand for electronic health record (EHR) in the coming years, which is further anticipated to drive the electronic health record (EHR) market.

Market Size and Key Findings

The EU Electronic Health Records Market Analysis size stood at around USD 2.18 billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of 5.4% during the forecast period.

The electronic health record (EHR) market in Europe is expected to grow from US$ 2,187.4 million in 2021 to US$ 3,167.6 million by 2028; it is estimated to grow at a CAGR of 5.4% from 2021 to 2028.

Market Dynamics

Market Growth Drivers Analysis

A medical error is a nightmare scenario that no physician or medical practice wants to face. While most healthcare professionals and many consumers/clients/patients realize that doctors are human beings and sometimes make mistakes, most take measures to ensure accuracy in all aspects of a patient care scenario. Yet, unfortunately, thousands of people do experience some form of medical errors and even preventable deaths on an annual basis. Todays EHR systems support automated artificial intelligence, sometimes sifting through massive patient care files. For example, not long ago, a patient with a chronic condition might have a paper record composed of hundreds of pages. Today, an EHR system can quickly sift through data to analyze current and past prescriptions, laboratory tests, treatment plans, diagnoses, medical procedures, and even foods that a patient should stay away from when taking certain medications before or following medical treatment or procedure.

Market Restraints

Medical errors are not implied to be caused by the lack of concern, inattentiveness, or outright misconduct on the part of physicians, but rather the often-confusing lack of communication and access to complete medical records and histories. The development of electronic health record/electronic medical record technologies can serve to reduce medical errors through more coordinated care enhanced by data sharing and immediate accessibility by any member of a patients health care team.

COVID-19 impact on "EU Electronic Health Records Market Analysis

The impact of the COVID-19 pandemic in the European region has slightly affected the healthcare industry. The healthcare IT sector also experienced negative effects in particular during the first COVID-19 wave. Supply chains were disrupted, slowed down and further stopped the production. Some of the healthcare IT companies operating in EHR market have witnessed revenue loss. For instance, Finland based TietoEVRY, in Quarter 4, 2020 witnessed a decline in overall revenues by 8.5% (versus Quarter 42019) due to the impact of COVID-19.

Competitive Landscape

Key Players

Cerner Corporation, COMPUTER PROGRAMS AND SYSTEMS, INC. Allscripts Healthcare Solutions, Inc. McKesson Corporation, Epic Systems Corporation. and NextGen Healthcare are among the leading companies in the Europe Electronic health record (EHR) market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in March 2019, iKnowMed, McKessons oncology practice electronic health record (EHR) system, has been named the top ranked EHR platform for oncologists and hematologists for the eighth year in a row by Black Book Research.

Products in Pipeline

England-based start-up Babylon, which has designed a primary care diagnostic app powered by machine learning and AI, entered into China and Rwanda markets. Also, COVID-19 has accelerated the use of digital health technologies globally. The pandemic has prioritized remote monitoring solutions. Governments in the region are promoting telemedicine, offering lucrative opportunities for the patient portal market in coming years.

Notable Recent Deals

In July 2020, Cerner launched a cloud-based EHR platform, Community Works Foundations, which aims at reducing the costs of traditional EHR systems in rural and Critical Access Hospitals.

Healthcare Policies and Regulatory Landscape

Policy changes and Reimbursement scenario

The European Commission has adopted a Recommendation on a European electronic health record exchange format to unlock the flow of health data across borders. The Recommendationon a European electronic health record exchange format seeks to facilitate the cross-border interoperability of electronic health records (EHRs) in theEU. It does so by supporting EU countriesin their efforts to ensure that citizens can securely access and exchange their health data wherever they are in theEU. Enabling citizens to securely access and share their health data across borders is one of the priorities of the Communication on enabling the digital transformation of health and care.

The General Data Protection Regulation (GDPR) underlines that citizens have the right to access their personal data and provides the legal framework for the protection of personal data. It sets out directly applicable rules for the processing of the personal data of individuals, including health data. Rules for facilitating the access to safe and high-quality cross-border healthcare are covered in the GDPR on patients' rights in cross-border healthcare.

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EU Electronic Health Records market Analysis Segmentation

By Installation Type

In 2020, cloud-based segment accounted for the largest share of the market. Cloud-based solutions are cost-effective as cloud computing reduces the cost of managing and maintaining your IT systems.

Cloud-based EHR offers flexibility and allows the user to access the data from any place. Also, developments by market players in this segment are likely to enhance the growth of the segment.

By Type:

The acute type segment had the largest market share. The growth is due to government initiatives to introduce EHRs in small facilities, for example in acute hospitals in the US covered by the inpatient prospective payment system (IPPS) and has the eligibility for the Medicare Incentive Payment System. Outpatient or Ambulatory EHRs are intended for use in outpatient care facilities and small practices. Government support for the introduction of outpatient EHRs, particularly during the Covid-19 pandemic, is expected to fuel market growth.

By End-User:

The hospital segment had the largest market share and will remain dominant in the forecast period. A large amount of medical data generated in hospitals drives the growth of the market. However, the Ambulatory Care segment is estimated to have the fastest CAGR due to the growing popularity and the number of Ambulatory care centers around the world is expected to drive growth in this segment.

By Country:

European countries such as the UK, France, and Germany have also significantly started reporting COVID positive patients. In this region, the healthcare industry is also making shifts to adopt new, safer hospital practices in response to Covid-19. Since physical contact and proximity present such risks, hospitals are turning to various digital tools to meet their care priorities, such as risk reduction and better resource utilization. For instance, Companies like Germany's Klara are working to put these digital tools at the center of doctor-patient communication all across Europe. Therefore, it expected that the market for the electronic health record (EHR) would witness growth during the forecast period.

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The report covers the competitive analysis of the market. As the demand is driven by a buyer's paying capacity and the rate of item development, the report shows the important regions that will direct growth. This section exclusively shares insight into the budget reports of big-league members of the market helping key players and new entrants understand the potential of investments in the Global EU Electronic Health Records Market. It can be better employed by both traditional and new players in the industry for complete know-how of the market.

Strategic Points Covered in Table of Content of Global EU Electronic Health Records Market:

Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the EU Electronic Health Records market
Chapter 2: Exclusive Summary - the basic information of the EU Electronic Health Records Market.
Chapter 3: Displaying the Market Dynamics- Drivers, Trends and Challenges & Opportunities of the EU Electronic Health Records
Chapter 4: Presenting the EU Electronic Health Records Market Factor Analysis, Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Patent/Trademark Analysis.
Chapter 5: Displaying the by Type, End User and Region/Country
Chapter 6: Evaluating the leading manufacturers of the EU Electronic Health Records market which consists of its Competitive Landscape, Peer Group Analysis, BCG Matrix & Company Profile
Chapter 7: To evaluate the market by segments, by countries and by Manufacturers/Company with revenue share and sales by key countries in these various regions
Chapter 8 & 9: Displaying the Appendix, Methodology and Data Source

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