Electronic health records refer to the system which records the paperwork of the patients in digital form and reduce the chance of medical errors. Electronic health records include a combination of coded healthcare data and financial, demographic, and clinical data to improve the overall quality of medical care.
The global electronic health records market expected to increase market value by USD 35.82 billion with exponential CAGR in the forecast period from 2020-2027. The market demand for electronic health records is growing due to the increasing demand for electronic health records (EHR) products from medical institutions and health administrative agencies at all levels; the industry has entered a rapid development track.
Medical and information technology manufacturers mainly occupy the domestic three-tier electronic health record (EMR) markets with relatively muscular comprehensive strength. The main target of small and medium-sized manufacturers is a large number of low-level primary hospitals. The competition in the electronic medical record (EMR) industry is becoming fiercer.
The adoption of electronic health records technology provides various benefits. Each department can use the unified, integrated information and knowledge base of the hospital to give a combined knowledge base of clinical diagnosis and treatment specifications, reasonable medication, clinical path, etc. Also, provide integrated display and decision support functions for the department. The system data of the whole hospital can be integrated according to a unified medical data management mechanism and provide cross-department integrated display tools.
Moreover, based on the integrated patient information, the knowledge base is used to implement decision support services. It can also provide data mining functions for medical management and clinical scientific research. Also, each medical business project has the features of process data collection, recording, and sharing. Able to show the whole process status. It can provide real-time data verification, prompting, and management functions for this link based on the knowledge base.
With the development of new technologies such as blockchain and big data, the confidentiality, reliability, and query ability of electronic files will improve. Also, with the advent of the information and intelligent era, electronic archives will eventually replace paper archives and become mainstream information storage. Identification means in the new age and new stage. Therefore, the adoption of automated health record technology will reduce the paperwork and saves the data on the cloud. Thus, patients can query their examination and test results through the internet to obtain information such as medication instructions.
With the rapid development of information technology, emerging hospital infrastructure is accelerating the overall construction of hospital information systems (HIS), telemedicine, clinical management information system (CIS), electronic medical records, etc. Wireless technology and handheld devices are also gradually applied to the HIS system. Thus, it will help improve the hospital’s overall infrastructure, reduce medical errors, and save the lives of the patient.
Based on the product, the global electronic health records market bifurcated into Cloud-Based Software and Server-Based/On-Premise Software. The on-premise/server-based segment estimated to dominate the maximum share of the global electronic health records market. On-premise electronic health records offer users a secure option due to in-house data storage that prevents data theft. It can customize according to the user needs and is a favorable option for multi-physician facilities. Besides, on-premise EHR software does not require an internet connection. Such benefits, coupled with expanding healthcare facilities, will gradually accelerate the adoption of on-premise electronic health record software over the future years.
Based on type, the global electronic health records market classified into Inpatient EHR and Ambulatory EHR. The Inpatient EHR segment dominated the largest market share in the global electronic health records market. The primary process for inpatient EHR is to discharge the patient as soon as they are stable and deemed. It is mainly due to the advantage of the adoption of EHR in the hospital as it reduces the medical errors, provides efficient diagnosis and thus, improves treatment and recovery of the patient. Besides the reduction in paperwork, the organization works well, reducing the medical treatment cost as well.
Based on application, the global electronic health records market segmented into Clinical Application, Administrative Application, Reporting in Healthcare System, Healthcare Financing, and Clinical Research Application. The clinical application segment holds the largest share in the global electronic health records market. It mainly refers to the function of clinical application, which records the order entry, manages results, maintains patient medical records, and provides functional aid in organizing the patient’s clinical information. Moreover, the installation of EHR provides secure sharing of patient medical diagnosis and other medical reports to medical professionals, helping to provide better treatment to the patients.
Based on end-use, the global electronic health records market categorized into Hospitals, Clinics, Specialty Centers, and Others. Hospitals dominate the largest end-use segment in the global electronic health records market in the forecast period from 2020-2027. The hospital generates a large amount of medical data of patients daily. Therefore, the adoption of electronic health records facility will provide secure data management and provide convenience to the patient and increase productivity.
Based on geography, the global electronic health records market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific is the world’s fastest-growing electronic health records market, accounting for the largest share. The changing healthcare facilities, improving healthcare structure, and rising disposable income of the consumer are propelling the market share for electronic health records in the Asia Pacific.
Companies such as AdvancedMD, Inc., Allscripts Healthcare Solutions, Inc., Cerner Corporation, Computer Programs and Systems, Inc., CureMD Corporation, eClinicalWorks, Epic Systems Corporation, General Electric Company, Greenway Health, LLC, Quality Systems, Inc and others are key players in the global electronic health records market.