Industry Insights
Electronic health record market is expected to witness lucrative growth over the forecast period owing to the increasing demand of digitalization and automation in healthcare sector. An electronic health recorder can store a wide range of data relating to laboratory test results, medical history of the patients, diagnostic images, patients medication and demographics. Adoption of EHR in healthcare can build a strong communication relation between clinicians and patients by sharing electronic information about patient’s health. It also provides aid by efficiently diagnosing patients, deliver safer care and reduce medical error. Introduction of novel technologies has increased the usage of electronic heath record devices in daily life due to rising convenience level, improved efficiency and reliability. Medium to large sized hospitals had shown significance adoption of EHR in the past while small size hospitals practiced it at a quite low rate, possibly due to large size hospitals has more budget than small size hospitals.
Application Insights
On the basis of application, market is divided into web based EHR and client server based EHR. Owing to increasing rates of productivity, better quality of care and higher efficiency, web based EHR is expected to show significant growth rate over the forecast period. By adoption of web based EHR, organization can minimize cost in the beginning and ability to access their system anytime or anywhere increases due to use of SaaS model. Client server based model involves high cost involvement in the beginning due to hardware installation cost, license purchasing costs, etc. are paid by customer only but speed and efficiency is also higher comparative to web based EHR.
End use Insights
Hospitals, clinics and ambulatory centers are sub segments of end use. Hospitals are anticipated to witness lucrative growth over the next decade and show highest growth rate due to the efficient handling of patients and minimized medical error rate by digitalizing. Ambulatory centers also use EHR devices extensively, physicians witnessed that EHR has reported positive effect in several dimensions such as quality care and high level of satisfaction for patients.
Regional Insights
Regionally, the entire electronic health record market is divided into North America, Europe, Asia Pacific and Row. In 2013, North America accounted for the largest share by revenue, in electronic health record market. Owing to the increase in government funding for usage of certified EHR technology and rising demand of better quality healthcare devices and huge investment in novel technologies, it is anticipated that it will continue its leading position over the next six years. Asia Pacific region is the emerging sector of electronic health record market and it is expected to show highest growth rate by 2020 owing to increase in personal disposable income, presence of price sensitive customers, rising demand to advanced healthcare devices, huge investment in R&D, and growing awareness about EHR. Countries like India, Brazil, China, Mexico and South Africa are anticipated to offer huge potential market for electronic health record which is lying idle and need to be covered in order to maximize market share.
Competitors Insights
Some of the key players of electronic health record market are Allscripts Healthcare Solutions, Inc., Epic System, Cerner Corporation, Medical Information Technology, Inc., McKesson Corporation, Computer Programs and systems, Inc., NextGen Healthcare, GE Healthcare and eClinicalWorks. The global electronic health record market is highly consolidated, competitive and monopolistic in nature. Firms are engaged in developing new technologically advanced devices and adopting many strategies for the development of their business. To gain more market shares firms are entering in to joint ventures, mergers, geographical expansion, so that firms can sustain in this competitive market in long run.
