The electronic health record (EHR) market is poised to register appreciable gains through the ensuing years due to the increasing implementation of machine learning and artificial intelligence approaches by key industry participants. These players are also focusing on big data analytics for supporting an enterprise-wide view of patient care in both outpatient and inpatient settings. This smooth incorporation across the continuum of care offers informed data-oriented decisions to patients without any clinical interventions. —
For instance, in February 2021, a leader in the provision of progressive and quality patient care, Capital Health, started deploying a new EHR (electronic health record) across acute care centers in its two hospitals for better serving the community and its patients. The EHR supports nurses, doctors, and staff for documenting and accessing vital patient information.
Similar advancements are expected to propel the demand for EHR software over the anticipated span. Considering this, the electronic health record market size will surpass USD 46 billion by 2027, as stated by recent research conducted by Global Market Insights Inc.
Considering some prominent trends impelling electronic health record market growth:
Favorable government policies in the Asia Pacific
The Asia Pacific electronic health record market will grow at a CAGR of 9.7% between 2021 and 2027. This rise is on account of favorable regulatory policies and the roll-out of numerous government initiatives in the region.
APAC is characterized by the presence of a large patient pool and soaring population. Recognizing this, numerous countries are combining an EHR system with a telehealth platform that can enhance clinical workflow.
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Rising demand for e-prescriptions
The e-prescriptions will escalate at a remarkable CAGR of 7% over 2021-2027. The SARS-CoV-2 pandemic has drastically altered consumer behavior, making contactless service the new normal. The massive growth of teleconsulting has been instrumental in pushing the expansion of the e-prescription segment value.
To add on, several healthcare providers, comprising hospitals and e-pharmacies, have incorporated teleconsultation platforms for the provision of e-prescription to patients. Therefore, increasing healthcare spending and favorable government initiatives for the development of electronic-based ecosystem are touted to boost the demand for e-prescriptions in the near future.
Surging adoption of web/cloud based EHR solutions
Web/cloud based EHR solutions registered a substantial revenue of over USD 16 billion in 2020 and will depict considerable growth through the coming years. Driven by clinical data, the setting up of cloud-based connected supply chain from patient diagnosis will augment industry share. This is due to multiple benefits including quick access to data, increasing scalability, and the roll-out of newer cloud-based solutions.
The rise in electronic health record is compelling healthcare providers for expanding the deployment of high secure cloud solution for catering to the large patient pool.
Increasing demand for EHR solutions in hospitals
The hospitals segment accounted for over 42% of the market share in 2020. The segment is set to expand at a lucrative CAGR through the estimated period. This is because large hospital chains are extending their teleconsulting/telemedicine services at the global level.
The adoption of EHR technology in hospitals is creating a universal standard for linking all health information systems, in turn streamlining and automating the clinicians’ and doctors’ workflow in hospitals.
In a nutshell, the rising number of hospital admissions and the increasing demand for patient data for research and development will boost electronic health record market share over the estimated period.
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