A new report released this week predicted that the electronic health record market would grow at a compound annual growth rate of 6% over the next five years.
The report, from Research and Markets, noted the roles of chronic diseases, government funding and patient engagement as likely contributing factors to the increase.
“The increasing adoption of software solutions such as data mining, clinical decision support systems and clinical trial management systems will propel the demand for EHR systems,” wrote report authors.
WHY IT MATTERS
Unsurprisingly, the report named EHR heavy-hitters Allscripts, athenahealth, Cerner, eClinicalWorks and Epic Systems as the major vendors, specifically noting Epic as amassing a greater share of the U.S. hospital market in 2019.
That year, noted authors, the hospital segment was the largest end-user segment – and nearly 90% of the country’s hospitals using EHR systems in 2018.
The report pointed to clinical EHR applications as a major segment of the market, noting that using EHRs as a source of data in clinical investigations could involve additional considerations, planning and management.
“The demand for complete, up-to-date, and accurate medical records drives the adoption of EHR in the clinical segment,” researchers said.
Authors predicted that the cloud-based segment will be particularly viable, noting the lower cost when compared to on-premise products. (Cloud-based EHRs can also be remotely installed – helpful amid the COVID-19 pandemic.)
THE LARGER TREND
“Too many physicians have experienced the demoralizing effects of cumbersome EHRs that interfere with providing first-rate medical care to patients,” said the American Medical Association in 2019 with regard to a Mayo Clinic study on burnout.
ON THE RECORD
“An increase in the prevalence of acute and chronic diseases, including several heart diseases, diabetes, cancer, [pandemics] such as COVID-19, [and] high awareness regarding the benefits of electronic healthcare records are likely to fuel the growth of the market in the U.S.,” wrote report authors.