ALBANY, New York, June 8, 2017 /PRNewswire/ --
The global market for electronic health record (EHR) features a largelyfragmented vendor landscape, with the presence of a large number of small and large players and the top five companies cumulatively accounting for a nearly 44% of the overall market in 2016. Leading vendors in the global EHR market are adopting inorganic
Quality Systems, Inc. acquired HealthFusion, a developer of cloud-based EHRs for physician practices, towards the end of 2015. The acquisition is anticipated to enhance the market share of Quality Systems' in SaaS-based healthcare products in ambulatory market segment. In addition, this acquisition will add over 3,000 physician practices, ambulatory centers and medical billing services who employ HealthFusion's EHR to Quality Systems' client base.
According to Transparency Market Research, the global EHR market was valued at US$23.22 bn in 2016 and is expected to exhibit a CAGR of 5.7% from 2017 to 2025, to reach an estimated value of US$38.29 bn by 2025.
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Hospitals to Remain Leading Users of Electronic Health Records
In the end user segment, hospitals are among the most prominent buyers as 65% of the hospitals across the globe have installed some form of EHR in 2015 compared to 54% in 2014. The segment is expected to remain the top end-use sector of the global EHR market over the forecast period, exhibiting a promising 5.1% CAGR over the report's forecast period.
Geographically, North America, which is the cumulative market for the U.S. and Canada, accounted for a massive 46.2% of the global market in 2016, primarily due to favorable government policies such as pay for value and rapid inclination towards installation of EHR platforms across care providers segment. Europe and Asia Pacific are also among the leading contributors of revenue to the global market and are expected to remain high-growth regions over the forecast period as well. The Asia Pacific market, especially, is expected to offer the most promising opportunities for growth in the EHR market with a thriving and rapidly digitizing healthcare industry in emerging economies such as India and China.
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Vast Benefits of EHR Systems and Government Backing to Encourage Increased Adoption Globally
Significant advantages associated with EHR systems and financial incentives by government of various countries are among the major factors driving the growth of EHR market worldwide. Benefits of EHR systems include up-to-date patient information, reduced healthcare cost in the long-term scenario, quick access to patient-related data, reduced medical errors, increased patient participation and improved efficiency of healthcare providers. These advantages encourage healthcare providers to equip themselves with technically advanced EHR systems, and thereby drive the market growth.
During the forecast period from 2017 to 2025, financial incentives by governments in developed countries will also emerge as a key driving force for the global EHR market. Factors such as rapid technological advancement with data access through smartphones, need for improved efficiency and quality of service delivery to sustain in the intensively competitive healthcare industry, and increasing disposable income are also expected to fuel the growth of the market.
This review of the global EHR market is based on a recent market research report published by Transparency Market Research, titled "Electronic Health Records Market (Installation Type - Web-based, Client Server-based, and Software as Services; End Users - Hospitals, Physicians Office, Ambulatory Surgery Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
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For the study, the market has been segmented as follows:
Global Electronic Health Records Market, by Installation
Global Electronic Health Records Market, by End User
Global Electronic Health Records Market, by Geography
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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