Market Trends of Global Clinical EHR Systems Industry
This section covers the major market trends shaping the Clinical EHR Systems Market according to our research experts:
EHR Software is Expected to Dominate the Clinical EHR Systems Market
EHR software is a computer system that helps healthcare providers manage patient medical records and automate clinical workflows. EHR systems allow providers to create customizable templates for taking notes during patient encounters, generate reports on practice efficiency and compliance with government programs, communicate with patients and staff, see patients remotely with telemedicine sessions and prescribe medications electronically, sync information with practice management and billing systems, and many more functions.
Another benefit of modern EHR systems is seamless integration with practice management software. This integration eliminates time and errors caused by copying-and-pasting between software systems, reduces the amount of missed follow-up appointments, and speeds up reimbursement. Owing to these benefits, the adoption of EHR has increased, especially in developed countries like the United States. In February 2021, Northern Inyo Healthcare District collaborated with Cerner Corporation to transform its Electronic Health Record (EHR). The collaboration involves Northern Inyo Healthcare District moving to an updated electronic system that supports physicians, nurses, and clinicians to share data across the District's multiple offices. Such collaborations will contribute to the rising adoption of EHRs in the United States. Similarly, in February 2021, Medway National Health Service Foundation Trust adopted Allscripts Sunrise electronic patient records to boost its digital maturity quickly. The trust signed a deal with Allscripts in December 2020, and the first phase of the core functionality is expected to go live six months after the project begins. With this, clinicians will have better access to a single view of patient information with the launch of clinical papers with in-context links to other IT systems in use at the trust. These benefits have increased the popularity of these products, which has helped the market growth.
Growing product launches by the key market players are expected to boost the growth of the market. For instance, in May 2022, ModMed revealed it is sharing an early preview of its OBGYN-specific software suite set to launch later this year. Obstetrics and gynaecology are benefiting from practise and workflow innovation due to ModMed OBGYN, an all-in-one EHR, practise management, patient engagement, payments, image and inventory management, and analytics solution.
Thus, all aforementioned factors such as growing adoption and product launches accelerate the segment growth over the forecast period.
North America is Expected to Dominate the Clinical EHR Systems Market
North America is expected to account for the largest share of the market followed by Europe due to the factors, such as growing federal healthcare mandates to curb rising healthcare costs and provide quality care, increasing regulatory requirements, growing EHR adoption across United States hospitals, and rising government initiatives focusing on personalized medicine, and value-based reimbursements are expected to drive market growth in North America. The healthcare information technology market in the country is one of the most established markets as compared to the other geographical regions. Thus, a major proportion of the population uses electronic medical records in the United States.
The government's initiatives are also helping the market expand. For instance, as per an October 2020 update by the United States Department of Veteran Affairs, the Federal Electronic Health Record Modernization (FEHRM) program office announced the Department of Veterans Affairs (VA), Department of Defense (DOD) and Department of Homeland Security's United States Coast Guard (USCG) expanded their joint health information exchange (HIE) network. The joint HIE is a modernized health data sharing capability that enhances the ability of VA, DOD, and USCG to quickly and securely share electronic health record (EHR) data bidirectionally with participating community health care providers.
In addition, several market players are engaged in the implementation of strategic initiatives, thereby fueling market growth. For instance, in February 2021, Northern Inyo Healthcare District collaborated with Cerner Corporation to transform its Electronic Health Record (EHR). The collaboration involves Northern Inyo Healthcare District moving to an updated electronic system that supports physicians, nurses, and clinicians to share data across the District's multiple offices. The collaborations will contribute to the rising adoption of EMRs in the United States. Such initiatives will increase the usage of clinical EHRs that will in turn boost the market for electronic medical records.
Thus, the aforementioned factors are likely to drive the Clinical electronic medical records system market during the forecast period of the study in the United States.
