Electronic Health Records (EHR) Market to Garner $33.3 Billion Through 2023, Says Allied Market Research
PORTLAND, Oregon, September 6, 2018 /PRNewswire/ --
Increase in adoption of cloud-based EHR software, surge in number of chronic diseases, and growth in geriatric population are expected to drive the global electronic health records market
Allied Market Research published a report, titled, Electronic Health Records (EHR) Market by Product (Cloud-Based Software and Server-Based/On-Premise Software), Type (Inpatient EHR and Ambulatory EHR), Application (Clinical Application, Administrative Application, Reporting in Healthcare System, Healthcare Financing, and Clinical Research Application), and End User (Hospitals, Clinics, Specialty Centers, and Others) - Global Opportunity Analysis and Industry Forecast, 2017-2023. The report offers an extensive analysis of the market share, forecasts based on key segments, market trends, opportunities, and key strategic moves by market players. As per the report, the global electronic health records (EHR) market garnered a revenue of $24.90 billion in 2017 and is estimated to reach $33.3 billion by 2023, registering a CAGR of 5.0% from 2017 to 2023.
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Upsurge in adoption of cloud-based EHR software, rise in incidence of chronic diseases, and increase in geriatric population are attributed to the growth of the global EHR market. However, high cost of EHR software and increase in concerns related to safety & security of data have hampered the growth of the industry. On the other hand, lucrative potential to cater the untapped markets would create new opportunities in future.
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On-premise software segment to dominate in terms of revenue
The on-premise software segment contributed more than half of the total market share in 2017 owing to the availability of a wide range of customizations and interoperability options. However, the cloud-based software segment would grow at the fastest CAGR of 5.3% during the forecast period on account of low upfront costs and less time required for implementation.
Inpatient EHR segment to lead throughout forecast period
Inpatient EHR segment contributed more than half of the total market share in 2017 and would continue to maintain its lead position throughout the forecast period. On the other hand, the ambulatory EHR segment would grow at the highest CAGR of 5.6% from 2017 to 2023, owing to the ease of operating such systems.
Reporting in healthcare segment to register the fastest growth
The reporting in healthcare segment would grow at the fastest CAGR of 6.5% during the forecast period, owing to substantial reduction in burden associated with data collection and ability to represent data & information in standardized format. However, the clinical application segment accounted for nearly one-third of the total market share in 2017 and would continue to be dominant throughout 2023. The other applications included in the study are administrative application, healthcare financing, and clinical research application.
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Specialty centers to grow the fastest
The specialty centers segment is expected to register the fastest growth during the forecast period owing to the availability of solutions with point-and-click selection, ability to customize, and constant development of automation tools for supporting practice style, preferences, and workflow. However, the hospital segment contributed nearly 43% of total market share in 2017 and would maintain its lion's share by 2023. The other end users taken considered in the study are clinics and others.
North America to dominate in terms of revenue
The North American region contributed nearly half of the total market share in 2017, owing to increased focus of government bodies to reduce operational costs of healthcare facilities. The region is expected to maintain its lead position throughout 2023 in terms of revenue. However, Asia-Pacific region would register the fastest CAGR of 6.5% from 2017 to 2023, owing to rise in demand for better healthcare services. The other regions analyzed in the study are Europe and Latin America, Middle East and Africa (LAMEA).
Leading players active in the industry
The key market players analyzed in the report are AdvancedMD, Inc., Cerner Corporation, Allscripts Healthcare Solutions, Inc., CureMD Corporation, Computer Programs and Systems, Inc., Epic Systems Corporation, eClinicalWorks, Greenway Health, LLC, General Electric Company, and Quality Systems, Inc. The study presents various strategies, including new product launches, partnerships, collaborations, and mergers & acquisitions adopted by these players to gain a strong foothold in the industry.
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