EHR Market is Forecasted to Witness the Fastest Growth in Asia-Pacific, at a CAGR of 5.7%
The global EHR market size is projected to cross $30.4 billion by 2023, growing at a CAGR of 5.4% during the forecast period. 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.
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Currently government in many countries has been working on building up an electronic health record that can be used to track the safety of regulated drugs and any adverse reactions related to these drugs. For instance, USFDA has requested for $100 million for the fiscal year 2019, for an EHR initiative, to evaluate the safety of drugs regulated by it. The pilot study of the organization will work on the USFDA Adverse Events Reporting System (FAERS) and will utilize Center for Drug Evaluation and Research (CDER) database. Researchers will analyze data with a data mining and data visualization method, developed and evaluated by the EHR system. Using this system, patients and healthcare providers can have an idea of the current stages of drugs and their clinical trials, and what results were obtained from these trials. Owing to this, there has been an increasing demand for EHR systems.
With the growing popularity of cloud-based services and wireless connectivity in the healthcare sector, there has been a substantial increase in the usage of handheld devices among healthcare professionals and patients, globally. This, in turn, has raised concerns over the security of patient information, which is one of the key challenges faced by EHR vendors. Unauthorized access to such systems may put critical information at risk of potential destruction and manipulation. In addition, the threat posed by computer viruses is also increasing, affecting the proficiency of EHR systems. For instance, with the intrusion of such viruses, the server becomes slow, data retrieval gets affected, and, in many cases, there are chances of losing critical data. Thus, the potential risk to private information due to low security is limiting the growth of the EHR market.
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The global electronic health record market is consolidated, with top three players—Epic Systems Corporation, Cerner Corporation, and Medical Information Technology Inc. (MEDITECH)—collectively accounting for majority of the shares in the market. This can be attributed to their global reach and brand recognition among the healthcare providers, payers, and consumers. As part of business strategy, MEDITECH, in June 2017, launched a Web EHR integrated with M*Modal Fluency Direct, a speech-driven, single documentation platform, which enables physicians to dictate directly into their documentation. Cerner Corporation’s spending on R&D in 2007 was $283 million, which increased to $706 million by 2017, which is indicative of the company’s notable market share.
Source: P&S Intelligence
