Market Trends of Ambulatory EHR Industry
Cloud-based Solutions Segment Is Expected to Witness Significant Growth Over the Forecast Period
The cloud-based solution is the delivery of computing services, such as software, databases, analytics, and others, over the Internet, which does not require the physical deployment of computing instruments or devices, such as servers and storage units, by the healthcare providers on their premises. Some of the factors driving the cloud-based solutions segment are cost-effective services and the advantages of user-friendly software models. For instance, in January 2023, Ospitek Inc., a provider of IoT and AI-enhanced surgical care coordination, launched live patient charting for ambulatory surgery centers (ASCs) as part of the company's latest update of its proprietary surgical coordination platform, VIEW. This latest feature is fully integrated into Ospitek's existing suite of cloud-based, IoT, and AI-enhanced surgical coordination features. Thus, the enumerated factors are expected to drive the segmental market over the forecast period.
Furthermore, the market leaders are involved in product launches, collaborations, expansions, and acquisitions to sustain the competition. For instance, in June 2022, St. Peter's Health partnered with Innovaccer to integrate the company's healthcare cloud platform into care sites to improve care management. St. Peter's Health comprises over 100 providers, a 99-bed acute care hospital, and other ambulatory service lines.
Additionally, in March 2023, U.S.-based Northwell Health signed an agreement with healthcare software provider Epic to adopt the next-generation electronic health record (EHR) as part of its continuous digital transformation to provide a flawless patient and team member experience. With Epic, Northwell focuses on areas such as delivering a single patient record across ambulatory and emergency settings to promote clinical continuity and care coordination.
Thus, all the above factors, such as cost-effective services and the advantages of user-friendly software models, are expected to contribute to the growth of this segment over the forecast period.
North America is Expected to Show a Significant Growth in Market Share During the Forecast Period
North America is expected to see a surge in the overall ambulatory EHR market throughout the forecast period due to the rise in the technological advancement in the EHR systems, a high awareness rate among patients, and rising investments in healthcare IT solutions in the country. For instance, according to a study published by Cureus in October 2022, ambulatory care physician office visits were stratified by EHR use in the United States. According to the survey, 75% of ambulatory care visits involved using all EHRs, whereas 25% involved just partial or no use of EHRs. Additionally, according to the study published by the National Library of Medicine in August 2021, the Commonwealth Fund International Health Policy Survey found that 86 percent of Canadian physicians use electronic medical records. Thus, the increase in the adoption of EHR in ambulatory care is expected to drive the market.
Several companies are starting strategies like collaborations, new product launches, and mergers and acquisitions to maintain and increase their market shares. For instance, in June 2021, CarePort launched CarePort Ambulatory, a solution that enables ambulatory providers to improve collaboration with home and community-based organizations and track patients across these settings. Therefore, continuous product launches in the region are anticipated to drive market growth over the forecast period.
Thus, considering the above-mentioned factors, such as the increase in the adoption of EHR in ambulatory care, the increase in the adoption of digitation in healthcare, and company initiatives in the market, it is expected to witness considerable growth in North America over the forecast period.
