WELLESLEY, Mass., March 15, 2018 (GLOBE NEWSWIRE) -- Driven by automation and efficiency measures being adopted by healthcare providers, payers and IT organizations, the global market for electronic health records is experiencing explosive growth, according to a report by BCC Research. The technology is leveraging the latest IT capabilities, such as cloud storage, mobile technologies, open systems, virtualization and advanced data management, although many challenges could impact growth.
The global market for electronic health records and technologies was valued at $22.0 billion in 2017 and is forecast to grow by a compound annual growth rate (CAGR) of 12.2% through 2022, when it will be worth an estimated $39.1 billion, according to the report Global Markets and Technologies for Electronic Health Records.
Major players in the market include Allscripts Healthcare Systems, Athenahealth, Cerner, EPIC, eClinicWorks, GE Healthcare, McKesson, Meditech, Nextgen Healthcare, Philips Healthcare, Practice Fusion, among others.
Research Highlights
- While the North American market in 2022 is expected to lead the world in size, with an estimated value of $18.4 billion, the Asia-Pacific region is anticipating the quickest growth, with a forecast CAGR of 16.3%. In the Asia-Pacific region, the adoption of new technology will be the strongest driver of the market.
- Expansion of the market is being driven by a push for quality of care and cost management efficiency, both of which are promoted by adoption of electronic health records.
- Although there are lingering concerns over privacy and compliance, the cloud is a growing presence in healthcare as the industry finds ways to secure data and shift the burden of that safeguarding to the cloud provider, which reduces some of the stress on healthcare providers.
“The positive value of migrating the massive amounts of patient data to the cloud is that big data analytics will be applied more readily to investigate public health metrics,” said BCC Research Senior Editor and report author Michael Sullivan. “Cloud researchers will be able to more accurately assess health issues and treatments being applied across the ecosystem. The more opportunities to understand the nature of ailments and potential responses, the more opportunities there are to improve the healthcare system.”
Market Challenges Include Interoperability and Cost
Despite the apparent advantages of adopting electronic health records, many healthcare providers are not using them. Reasons for this vary, but the cost of purchasing and implementing the systems is the main barrier. The price tag to implement an electronic health records system for a small- to medium-sized practice is around $35,000 per physician. Meanwhile, a system for a full hospital can cost anywhere between $20 million and $100 million. Interoperability is another chief concern, which is motivating manufacturers, providers and regulators to work together to provide objective interoperability measures and effective implementation solutions.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.