Electronic Health Records (EHR) Market to Garner $33.3 Bn, Globally, by 2023 at 5.0% CAGR

Allied Market Research

PORTLAND, Oregon, Aug. 30, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Electronic Health Records (EHR) Market by Product (Cloud-Based Software and Server-Based/On-Premise Software), Type (Inpatient EHR and Ambulatory EHR), Application (Clinical Application, Administrative Application, Reporting in Healthcare System, Healthcare Financing, and Clinical Research Application), and End User (Hospitals, Clinics, Specialty Centers, and Others) - Global Opportunity Analysis and Industry Forecast, 2017–2023." According to the report, the global electronic health records (EHR) industry generated $24.90 billion in 2017, and is expected to generate $33.29 billion by 2023, registering a CAGR of 5.0% from 2017 to 2023.

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Increase in acceptance of cloud-based EHR software worldwide, surge in incidence of chronic diseases, and rise in ageing population drive the growth of the global EHR market. However, expensive EHR software and rise in concerns regarding data security & safety hinder the growth of the industry. On the other hand, untapped potential in emerging countries create lucrative opportunities in the future.

Cloud-based software segment to grow the fastest

Based on product, the cloud-based software segment is expected to register the highest CAGR of 5.3% from 2017 to 2023, owing to the less upfront costs and low incurred time for implementation. On the other hand, the on-premise software segment accounted for more than half of the total market share of the global electronic health records market in 2017, and is estimated to maintain its leadership status during the forecast period, owing to availability of huge options of customizations along with interoperability.

Inpatient EHR segment to maintain its dominance during the forecast period

Based on type, the inpatient EHR segment held the major market share in the global EHR market, accounting for more than half of the total share in terms of revenue in 2017, and will maintain its dominance throughout the forecast period. This is due to ability to integrate data of pharmacy, lab, billing systems, x-ray, and other hospital departments for maintaining data consistency. On the other hand, the ambulatory EHR segment is expected to register the highest CAGR of 5.6% from 2017 to 2023, owing to ease in operation of such systems.