ELECTRONIC HEALTH RECORDS MARKET ANALYSIS

Market Challenges And Opportunities

Global Electronic Health Records Market Drivers:

Increasing adoption healthcare IT solutions to drive market growth

One of the key factors expected to augment growth of the global electronic health records market is the increasing adoption healthcare IT solutions and/or government initiatives to encourage HCIT usage. For instance, in January 2023, India\'s National Health Authority is providing incentives to healthcare providers and stakeholders of the country\'s digital health ecosystem who are promoting the creation of digital health records. Digital Health Incentive Scheme will accelerate digital health transactions in India under Ayushman Bharat Digital Mission (ABDM). The Government of India has set aside US$ 6 million to deliver the scheme over the next six months.

Growing use of electronic health records to propel market growth

Another factor which is driving the growth of the global electronic health records market during the forecast period is the growing usage of electronic health record (EHR) in healthcare settings. For instance, an electronic health record (EHR) is a systematic collection of patient and population health information stored electronically in a digital format. In September 2013, Indian Government (the Ministry of Health & Family Welfare) notified the Electronic Health Record (EHR) Standards for India. Moreover, the Indian government has begun its Digital Health Mission, which seeks to digitize all of the country\'s citizens\' medical records by 2022.  

Global Electronic Health Records Market Opportunities:

Increasing prevalence of chronic diseases around the world is expected to offer significant growth opportunities for players in the global electronic health records market. For instance, EHR systems can help improve the care of patients with multiple chronic diseases. EHRs provide an excellent way to help patients and doctors manage chronic disease. According to the Centers for Disease Control and Prevention (CDC), chronic diseases such as heart disease, cancer, and diabetes are the leading causes of death and disability in the United States. Thus, with the increasing prevalence of chronic diseases, the use of HER is also increasing worldwide.

Growing geriatric population across the globe is expected to offer significant growth opportunities for players in the electronic health records market. For instance, elderly people are highly prone to multiple diseases, and it is difficult for physicians to maintain health records. EHRs help seniors access and understand their own medical situation while doctors can follow up with their patients while tracking their continuing care. According to the World Health Organization (WHO), one in six people in the world will be aged 60 years or over by 2030, and the world”s population of people aged 60 years and older will double (2.1 billion) by 2050.

Global Electronic Health Records Market Restraints:

High cost of EHR implementation to hinder market growth

One of the key factors expected to hamper the growth of the global electronic health records market is the high cost of EHR implementation. Implementation of HER can be a costly process and some small-scale physicians are unable to afford it. They can face an inability in calculating the total cost after training, support, and maintenance costs, which also need to be considered. Moreover, EHR implementation need extensive commitment to system administration, control, maintenance, and support for effective & efficient working. These ongoing costs include long-term expenditure due to monitoring, modifying, upgrading, and maintaining EHRs.   

Reluctance to adopt EHRs to hamper market growth

Another factor which is hampering growth of the electronic health records market is the reluctance to adopt EHRs among physicians and patients. For instance, absence of computer skills can lead to reluctance of physicians from using EHRs. EHRs require a significant level of concentration, typing skills, and familiarity with the application’s user interface, which can appear as a complex process for physicians. Another major barrier to EHR adoption is the lack of technical training and support from vendors. This is because doctors believe that there will be substantial financial risk in their practice and it may take many years for them to experience ROI.