March 15, 2018
WELLESLEY, Mass., March 15, 2018– 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.
“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.
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Global Markets and Technologies for Electronic Health Records( HLC205A )
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