Electronic Health Record Market Size to Reach $30.4 Billion by 2023

Global electronic health record market is projected to attain a size of $30.4 billion by 2023, the market is mainly driven by the increasing need for advanced healthcare information system, growing investments by healthcare IT players, rising demand for better healthcare facilities, and increasing government initiatives.
On the basis of delivery mode, the electronic health record market has been categorized into web-based/cloud-based server, and on premise. The market for web-based/cloud-based electronic health records is expected to witness faster growth, with a CAGR of 6.6% during the forecast period, attributed to increasing adoption of these solutions by healthcare providers and insurance companies for easy accessibility of patients’ health records. Also, cloud-based solutions are much cheaper as compared to the on premise solutions.

Based on component, the electronic health record market has been segmented into practice management, patient management, e-prescribing, referral management, population health management, and others. The practice management category held the largest share in this market, with 31.5% contribution in 2017, due to various advantages of electronics health record implementation such as increased efficiency of day-to-day operations of healthcare practices.

During the forecast period, the electronic health record market is forecasted to witness the fastest growth in Asia-Pacific (APAC), at a CAGR of 5.7%. This growth is attributed to the aggressive investments by governments, non-profit entities, and the private sector in EHR systems; growing aging population; and rising incidence of chronic diseases in various countries, such as India and China.

The companies operating in the electronic health record industry are introducing new technology platforms for patient healthcare record system to improve patient care. For instance, in February 2018, eClinical works launched cloud-based platform for acute care Electronic Health Record (EHR) and revenue cycle management. The new system was introduced with no capital cost for licensing and started with a base price of $599 per bed per month.

Some of the other key players in the electronic health record industry are Cerner Corporation, General Electric Company, McKesson Corporation, All scripts Healthcare Solutions Inc., Athena health Inc., Epic Systems Corporation, Medical Information Technology Inc., Computer Programs & Systems Inc., and Quality Systems Inc.

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