Global Electronic Health Records Market Growing Trade Among Emerging Economies Opening New Opportunities

The Global 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 Global Electronic Health Records market. This report explores all the key factors affecting the growth of the global Global 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 Global Electronic Health Records Market

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 Global Electronic Health Records Market
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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 Global Electronic Health Records Market
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

Global Electronic Health Records Market Executive Summary

An electronic health record is a computerized replica of a patient's paper chart (EHR). It incorporates medical data collected for treatment and diagnosis by and for physicians in clinics, physician offices, and hospitals. EHR systems aid in expanding patient data accessibility, hence improving the overall productivity and efficiency of patient care. Electronic health records also allow for real-time communication between healthcare professionals such as labs and experts.

Market Size and Key Findings

The Global Electronic Health Records Market size stood at around USD 26.8 billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of 3.7% during the forecast period.

The global electronic health records market size was valued at USD 26.8 billion in 2020 and it is expected to witness a compound annual growth rate (CAGR) of 3.7% from 2021 to 2028.

Market Dynamics

Market Growth Drivers Analysis

Government initiatives to encouragehealthcare ITusage is the key driver of this market. For instance, My Health Record is a national digital health record platform in Australia. Every Australian citizen has a My Health Record unless they have chosen that they dont want it. The agency claims that by the end of 2022, all healthcare providers in the country will be able to contribute to and use healthcare information available on the platform. Moreover, the introduction of technologically advanced healthcare services is also expected to drive market growth.

Market Restraints

In 2020, key market players reported a decline in revenue due to delays in software and services implementation. Moreover, client attrition and low patient volume during pandemics affected the EHR market significantly.

COVID-19 impact on "Global Electronic Health Records Market

The Covid-19 pandemic has put a lot of pressure on healthcare organizations since the beginning of 2020. The pandemic has adversely affected the revenues of major market players due to the decline in new business bookings as certain client purchasing decisions and projects are delayed to focus on treating patients, procuring necessary medical supplies, and managing their organizations through this crisis. Moreover, companies, such as Allscripts, experienced delays in deals with upfront software revenue and professional services implementations across their outpatient and inpatient base.

Competitive Landscape

Key Players

The market leaders are involved in new product launches, collaborations, expansions, and acquisitions to sustain the competition. Established organizations, as well as small players, are investing in mergers & acquisitions to gain a competitive edge. For instance, in April 2021, Cerner Corp. acquired Kantar Health, for approximately USD 375 million. This acquisition combined Cerners collection of real-world data & technology and Kantars life sciences expertise and accelerated innovation in life sciences research and improved worldwide patient outcomes. In March 2020, CureMD Healthcare launched a practice continuity plan for providers, to treat their patients remotely during the pandemic. This would strengthen the companys market position while helping businesses tackle Covid-19 through virtual care plans.

Products in Pipeline

New expansion activities, product approvals, product launches, partnerships, and acquisitions have positively impacted the market in recent years. Furthermore, there has been a significant increase in the demand for electronic health records due to the growing digitalization, which, in turn, is fueling the market growth. Rising demand for centralization and streamlining of healthcare administration is also anticipated to drive market growth. Centralization of health information management is driven by a value-based model, which aims at streamlining operations, standardizing processes, reducing costs, and improving the quality of care that results in patient satisfaction.

Notable Recent Deals

The increasing number of mergers & acquisitions by market players is also boosting the market growth. For instance, in January 2021, Allscripts Healthcare Solutions announced a strategic partnership with the U.S Orthopedic Alliance (USOA). This partnership was aimed at introducing an efficient infrastructure designed to assist orthopedic practices scale with agility, improve electronic health records (EHR) implementation timelines, provide evidence-based guidelines to support evolving clinical protocols, and create community-wide connectivity with value-based care analytics.

Healthcare Policies and Regulatory Landscape

Policy changes and Reimbursement scenario

Easing lockdowns and greater adoption of EHR in ambulatory departments will boost the market growth. India, with its large population base and government regulations favouring digitization, is expected to register a growth of over 6.0% in the coming years.
Supportive government regulations focused on public health will help the established and emerging players to gain market share in the developing economies.
Biden administration is looking to support the U.S. Department of Veterans Affairs and Cerner project with higher funding, for continued VA EHR modernization

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Global Electronic Health Records Market Segmentation

By Products:

Client Server-Based EHR
Web-Based HER

The web-based EHR segment led the market in 2020 and accounted for more than 54% share of the global revenue. This large market share is attributed to the popularity of web-based EHRs among the physicians and healthcare providers, which operate on a smaller scale as these systems can be installed without the requirement of in-house servers and can also offer extensive customizations & improvements, as per need.

The client server-based product segment is anticipated to show significant growth over the forecast period. Client-server-based EHRs provide a safer alternative for users as it offers in-house data storage, hence preventing data theft. These can also be customized as per customer requirements and also are a favorable option in the case of multi-physician facilities. Furthermore, they do not require a stable internet connection unlike the web-based systems, which further drives the segment growth.

By Type:

Acute
Ambulatory
Post-Acute

The acute type segment held the largest market share of over 47% in 2020. The growth can be attributed to the government initiatives for the adoption of EHRs in small-scale facilities. For instance, acute care hospitals in the U.S., which are covered under the Inpatient Prospective Payment System (IPPS) are eligible for the Medicare incentive payment system.

Ambulatory EHRs are meant for use in outpatient care facilities and small practices. Government support for the adoption of ambulatory EHRs, especially during the Covid-19 pandemic, is expected to boost the market growth. Easy usage as compared to the inpatient systems is expected to drive the segment growth. These EHRs deal with a single practice and its patient, instead of a complex web of hospital departments.

Post-acute EHRs are mainly used for providing rehabilitation services, which patients receive after a stay in an acute care hospital. Post-acute care facilities consist of inpatient rehabilitation centres & hospitals, home health agencies, and long-term care hospitals. Rising spending on post-acute care facilities is anticipated to boost the segment growth.

By End-Use:

The hospital segment held the largest market share of more than 61% in 2020 and will retain the dominance during the forecast period. The growth can be attributed to the large amount of medical data generated in hospitals. Furthermore, the cost of installation is less in hospitals as compared to ambulatory care centers, which also boosts the market growth.

By Business Model:

The professional services segment dominated the market with over 30.0% share in 2020. The rising demand for professional services in the form of project management, clinical process optimization, technical & application expertise, regulatory consulting, and training & education of the workforce of clients for assisting the design & implementation of systems will drive the segment.

This segment was amongst the most affected business models during the Covid-19 pandemic, due to decreased utilization of third-party resources associated with professional services. The licensed software segment is majorly involved in the development and licensing of intellectual property. The intellectual property consists of architectures, executable & referential knowledge, application software, and data & algorithms. This segment was also largely impacted by the pandemic.

By Regional:

North America accounted for the highest revenue share of over 45% in 2020. The region will remain dominant even during the forecast years due to the policies that support HER adoption and the availability of well-established infrastructure with high digital literacy. In May 2020, the federal government proposed the Federal Health IT Strategic Plan 2020-2025 that mandates the meaningful usage of EHR by healthcare providers.

Asia Pacific is anticipated to be the fastest-growing regional market during the forecast period. This growth can be attributed to the ever-increasing demand for quality standards & services, which is boosting the digitalization of healthcare in the region.

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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 Global 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 Global Electronic Health Records Market:

Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the Global Electronic Health Records market
Chapter 2: Exclusive Summary - the basic information of the Global Electronic Health Records Market.
Chapter 3: Displaying the Market Dynamics- Drivers, Trends and Challenges & Opportunities of the Global Electronic Health Records
Chapter 4: Presenting the Global 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 Global 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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