An electronic health record (EHR) is a digital form of a patient’s paper chart. Electronic health records are real-time patient-centered records that can be made available to authorized users instantly and securely. Electronic health records contain patients’ medical history, diagnoses, medications, radiology images, laboratory and test results, and immunization dates. Electronic health records allow access to the evidence-based tools that the health professionals can use to make decisions about a patient’s care. Electronic health record also ensures automation and streamline provider workflow. One of the key benefits or features of electronic health records is that the health information of a particular patient can be created and managed by authorized providers in a digital form which is even capable of being shared with other health professionals and more than one healthcare organization. Electronic health records are capable of sharing data related to the patient’s health with other healthcare providers and organizations such as laboratories, specialists, pharmacies, emergency facilities, medical imaging facilities, and school and workplace clinics.
Digital technology has transformed our world drastically. Smartphones, tablets, and web-enabled devices have transformed our daily lives. Electronic health record ensures a seamless flow of information within a digital healthcare infrastructure. Advantages of the use of electronic health records include improved patient care, increased patient participation, improved care coordination, improved diagnostics and patient outcomes, practice efficiency, and cost savings. EHR enables better decisions and more coordinated care. More complete patient information from electronic health records enables healthcare professionals to make decisions quickly, reduce safety risks
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Global Electronic Health Record Market – Competitive Insight
On Dec 19, 2023, Greenway Health, a leading health information technology provider, announced its strategic partnership with Data Dimensions, to streamline healthcare documentation with Greenway document manager.
On Aug 22, 2023, CureMD announced its partnership with Tempus, a leading AI and precision medicine company, with a vision to integrate Tempus’s advanced genomic testing capabilities into CureMD’s cutting-edge Electronic Health Record (HER) system.
Some of the Key Players in the Global Electronic Health Record Market Include –
- Allscripts Healthcare Solutions Inc.
- Cerner Corporation
- Computer programs and systems Inc.
- CureMD Corporation
- eClinicalWorks
- Epic Systems corporation
- General Electric Company
- McKesson Corporation
- Allscripts Healthcare Solutions Inc.
- Athenahealth Inc.
- Epic Systems Corporation
- Computer Programs & Systems Inc.
- Medical Information Technology Inc.
- Quality Systems Inc.
- AdvancedMD, Inc.
- Oracle Corporation (Cerner)
- CureMD Healthcare
- GE Healthcare
- Greenway Health LLC
Global Electronic Health Record Market – Growth Drivers
Electronic health record data can potentially make chronic disease surveillance more sustainable and timelier. There has been a rise in chronic diseases all over the world. According to WHO, chronic diseases like cancer, diabetes, and respiratory illness will account for 86% of the 90 million deaths each year. Thus, the use of electronic health records in the treatment of chronic disease is also increasing, thus making it an important growth driver for the electronic health record market. Again, the rise in the population above 60 years i.e. the geriatric population leads to an increase in the cases of chronic disease thus increasing the usage of electronic health records for the treatment of disease. According to data by WHO, one in every six people over the globe will be geriatric which means above the age of sixty years, therefore forming another driver for the electronic health record market. Again, Government initiatives to encourage the use of technologies in healthcare are another driver for the particular market. Ayushman Bharat Digital Mission is an example of the initiatives taken by the Indian Government to increase the usage of electronic health records in the healthcare sector. The growing incidence of medical errors could also be controlled by the electronic health records thus driving the market forward.
Global Electronic Health Record Market – Restraints
The usage of smartphones and technologies has increased drastically over the years. Electronic health record uses databases to store the health-related information of the patients and also share the data from one healthcare institution to another. But it also poses the risk of cybercrimes and fraud. The patient’s data security could be hindered; thus the privacy of the patient is concerned. This is the biggest drawback and restraints for the global electronic record market. The high cost of electronic health record devices is another restrain for the global electronic health record market. All the patients are unable to purchase the costly equipment associated with electronic health records, majorly the low and medium-income countries. Sometimes the lack of standardization poses another drawback for the particular market. Often the lack of properly trained professionals in the particular technology especially in the developing countries makes another restrains for the global electronic health market.
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Global Electronic Health Record Market – Opportunities
Electronic health records involve cloud storage technology; thus, the patient data can be stored and the data is accessible to healthcare professionals and facilities whenever necessary. Thus, the cost of healthcare could be drastically reduced and quick treatment is possible, thus creating opportunities for the growth of the electronic health market. The introduction of AI in the development of electronic health records has created huge opportunities in the particular market. The increase in the geriatric population is another factor that creates opportunities in the particular market. The rise in the geriatric population directly leads to an increase in the cases of chronic diseases which requires constant monitoring of the health of the patients thus the usage of the electronic health record is increased, therefore creating more opportunities in the particular market for growth.
Global Electronic Health Record Market – Geographical Insight
The market for electronic health records is segmented into regions such as North America, Latin America, Europe, Asia-Pacific, the Middle East & Africa. North America is the largest market for electronic health records due to the presence of advanced technologies in the region. The presence of key market players contributes to research and development in the region. Europe is another prominent market for electronic health records. The increase in the cases of chronic diseases in the Asia Pacific makes it another important market for electronic health records.
Global Electronic Health Record Market – Key Development
- On April 25, 2024, Munich Re Life US launched a new digital solution for electronic health records.
- On February 21, 2024, WHO launched a digital health platform agreed upon in India’s G20 presidency.
- On Aug 1, 2023, Medanta launches tele-ICU service along with GE Healthcare, which will provide 24/7 advance consultation, care, and near real-time monitoring of critically ill patients.