Market Research Report
Electronic Health Record Market Size By Product, By Application, By End-use, COVID19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 - 2027
|Electronic Health Record Market Size By Product, By Application, By End-use, COVID19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 - 2027|
Published: May 25, 2021
Global Market Insights Inc.
Content info: 160 Pages
Delivery time: 2-3 business days
The electronic health record (EHR) market is expected to witness significant growth by 2027 due to the widespread adoption of EHR software for storing patient information across various healthcare settings and the proliferating amount of patient data.
The market is set to expand at a notable pace in the following years due to rising awareness of benefits of electronic health records (EHR), such as easy and secure accessibility to patient data and enhanced patient care.
Electronic health records (EHR) refer to real-time patient-centric records that make data available to authorized users instantly and safely.
While these records do not contain the medical and treatment histories of patients, an EHR is intended to go beyond standard clinical data collection in a healthcare provider's office and offer a broader view of patients' care.
Following the COVID-19 outbreak, several applications, websites, and tools were launched to store records. Personal health records also needed to be shared with different parties to aid early detection, monitoring, and contact tracing, and to draw predictions based on reliable and accurate data.
Electronic health record (EHR) systems are prone to issues with data security and management. Thus, blockchain technology has now arisen as a powerful tool that offers confidentiality, immutability, and secure storage of electronic records.
Growing significance of electronic health records (EHR), particularly during the ongoing pandemic, is projected to have a positive impact on market adoption through the assessment period.
For extensive analysis, the electronic health record (EHR) market has been segmented based on product, application, end-use, and region.
In terms of product, the market has been divided into web/ cloud based EHR software and on-premise EHR software.
The on-premise EHR software sub-segment was valued at over USD 13.5 billion in 2020 and is expected to see stable growth by 2027.
Benefits of storing sensitive data on on-premise or in-house EHR and greater convenience offered by the EHR software are projected to fuel market expansion through the coming years.
From the application perspective, the market has been categorized into e-prescription, practice management, patient management, referral management, population health management, and others.
In 2020, patient management application held over 15% share in the electronic health record (EHR) market and is estimated to grow steadily through the forthcoming years.
Advantages of patient management include ease of hospital staff workloads, enhancement of patient workflow, and elimination of treatment errors, which are likely to contribute to segmental growth over the study timeframe.
On the basis of end-use, the market has been bifurcated into hospitals, clinics, specialty centers, ambulatory surgical centers, and others.
The clinics sub-segment is expected to grow at a notable CAGR through the forecast period. This is primarily driven by the increasing need for management of large data volume with the growing frequency of patient visits.
In terms of regional landscape, the North America market is expected to amass substantial gains by the end of the forecast period owing to high adoption rate of EHR in hospitals and outpatient facilities owing to digitization norms and health reforms.
Moreover, increased spending on eHealth and better availability of funding are expected to further fuel regional market growth through the forecast timeframe.