The increase in the use of the Electronic Medical Records system has led to a decrease in the traditional pattern of physician’s dictation and medical record making. However, many physicians and healthcare facilities still rely on medical transcription outsourcing to maintain accurate and error-free medical records. The general trend is to adopt a blended approach of medical transcription and EHR – because the latter has become mandatory and physicians still find they need medical transcription service to save the time and effort spent on documentation. A look at the EHR market growth is significant in the present scenario.
According to a market report published by Transparency Market Research, “Electronic Health Record Market – Global Industry Analysis, Size, Share Growth, Trends and Forecast 2014 – 2020,” the global EHR market is expected to grow at a CAGR of 6.4% to reach an estimated value of USD 23.98 billion in 2020.
Based on implementation, the global EHR market is segmented into:
- Web-based EHR System
- Client Server-based EHR System
Based on end user, the market is divided into:
- Ambulatory Centers
Geographically, the global EHR market is divided into:
- North America
- Asia Pacific
- Other countries
North America holds the largest regional market for EHR and is expected to expand at a CAGR of 5.8 percent, and retain its top position in 2020. The two factors that drive the growth of EHR are:
- Government funding that encourages the use of certified EHR technology across all healthcare units
- Increasing pressure for healthcare cost containment
- Increasing demand for improved quality of healthcare service.
India, China, Brazil, Mexico and South Africa are some of the developing nations that have been experiencing impressive growth in the economy over the past few years. From 2014 to 2020 these countries are expected to offer immense potential for EHR market as the economies encourage healthcare providers to adopt EHR systems.
Electronic Health Records are digital versions of medical records that contain all important information like patient details, medication, laboratory test results, and diagnostic images among other details. The new EHR system provides access to patient related data only to authorized users and thus ensures confidentiality. Earlier, EHR systems were used only in medium to large-size hospitals due to budget crunches but now they are widely used in most hospitals and healthcare units. EHR ensures accurate and up-to-date data, quick access to patient data, and increased patient participation.
The US government allocated USD 27 billion to encourage EHR adoption across the nation in 2009. As a result of this incentive, many healthcare units have implemented EHR systems. During the forecast period 2014 – 2020, market for EHR in small-sized practices is also expected to grow significantly.
The report highlights the major players in the global EHR market – Allscripts Healthcare Solutions, Inc., Cerner Corporation, Epic Systems, Medical Information Technology, Inc. (MEDITECH), McKesson Corporation, NextGen Healthcare (Quality Systems, Inc.), Computer Programs and Systems, Inc. (CPSI), GE Healthcare and eClinicalWorks.