What are Major Factors Driving Growth of Electronic Health Record Market?

1. Government Support Behind Rising Electronic Health Record Usage 1 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

2. With everything going digital, why must healthcare stay behind?! Currently, the most-common form in which digitization in the healthcare sector is visible is electronic health records (EHR). As is clear by the term, an EHR is nothing but a digital file containing a patient’s complete medical data, including prescriptions, log of doctor visits, results of hematological and radiological studies, surgery reports, diagnosis, information on follow-ups, and even billing and insurance data. EHR has several advantages, such as a lesser need to visit the doctor, as the digital file can simply be shared over the internet. Request for sample copy of this report: https://www.psmarketresearch.com/market-analysis/electronic- medical-records-market/report-sample P&S Intelligence says that due to the rising awareness on the advantages of using such a mode of doctor–patient, doctor–doctor, and doctor–pharmacist communication, the electronic health record (EHR) market will grow from $22.3 billion in 2017 to $30.4 billion in 2023, witnessing a 5.4% CAGR during 2018– 2023 (forecast period). One of the key drivers for the industry is expected to be the government support being offered around the world for the implementation of the electronic health record model in healthcare. For instance, the U.S. implemented the Health Information Technology for Economic and Clinical Health (HITECH) Act in 2009 to modernize its healthcare industry. To ensure this happens, medical practitioners who have successfully integrated the technology in their operations are incentivized. Moreover, the U.S. Food and Drug Administration (FDA) asked the federal government for $100 million in 2019 to use EHR for evaluating the safety and efficacy of drugs, by allowing researchers and doctors to share the clinical trial data more efficiently. Browse full report at: https://www.psmarketresearch.com/market- analysis/electronic-medical-records-market The EHR market is bifurcated on the basis of delivery mode into on-premises and web/cloud-based. Of these, the web-cloud-based bifurcation held the larger share in the industry in 2017, as this mode makes the data easily accessible. This is why insurance companies, as well as healthcare providers, are rapidly hosting patient data on the cloud or web. In addition to making the information readily available, the web/cloud-based approach to using electronic health records is also cost-effective, as it requires no expensive IT infrastructure component to be installed on site. EHR has several components, including patient management, practice management, referral management, e-prescription, population health management, and others. Among these, practice management has found the 2 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

3. most-widespread application in the years gone by, as the focus on improving the daily operations of clinics and large-scale medical centers is strong. In the future, the adoption of the e-prescription component is expected to increase the fastest, mainly due to the rising need to prevent prescription fraud. A doctor sends the electronic form of the prescription to the pharmacist, which makes it difficult for the prescription to be manipulated. During 2013–2017 (historical period), the EHR market was dominated by North America, because of the growing geriatric population and rising awareness on the benefits of these solutions. For instance, the United Nations says that in 2019, 59.9 million North Americans were in the age group of 65 and above, and by 2050, their number will rise to 96.3 million. During the forecast period, Asia- Pacific (APAC) will be the fastest-advancing market, owing to the investments being poured in by government and other organizations to implement EHRs. Therefore, with continued government support, the demand for EHR solutions will keep rising. The research offers market size of the global electronic health record (EHR) market for the period 2013–2023. Market Segmentation by Delivery Mode  Web-based/cloud-based server On-premise Market Segmentation by Component   Practice management Patient management E-prescribing Referral management     Population health management Others Market Segmentation by End User   Inpatient oAcute care oLong term care oPost-acute care  Ambulatory care Physician offices  3 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

4. Others Market Segmentation by Geography   North America EHR market oBy delivery mode oBy component oBy end user oBy country – U.S. and Canada  Europe EHR market oBy delivery mode oBy component oBy end user oBy country – U.K., Germany, France, Italy, Spain, and Rest of Europe  Asia-Pacific (APAC) EHR market oBy delivery mode oBy component oBy end user oBy country – Japan, China, India, Australia, and Rest of APAC  Latin America (LATAM) EHR market oBy delivery mode oBy component oBy end user oBy country – Brazil, Mexico, Colombia, Argentina and Rest of LATAM  Middle East and Africa (MEA) EHR market oBy delivery mode oBy component oBy end user oBy country – Saudi Arabia, U.A.E., South Africa, and Rest of MEA 4 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

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