The high growth is expected due to the increasing government initiatives for the adoption of EHR systems, rising adoption of healthcare intranet technologies (HCIT), rising usage of EHR solutions, and need to reduce the overall healthcare cost.
Due to the development of cloud-based ambulatory EHR solutions, it is possible to keep data safe, secure and fully accessible regardless of time or network traffic. Cloud based solutions require less capital investment, demand fewer IT resources, take up less space, and update automatically, resulting in significant cost savings for clinics without requiring extra time and staff to support bulky hardware installations. The implementation of EHR systems is simpler as it runs on the web instead of computer that means there is no requirement of any software or hardware. Also, cloud-based solutions do not require any hardware installation or software licenses, therefore the implementation cost is very less. Cloud-based EHR solutions require HIPAA compliance through data centers with bank-level security and high-level encryption methods that render data unreadable. Due to several advantages offered by cloud based ambulatory EHR, demand of cloud based ambulatory EHR is increasing. The increasing demand of cloud-based solution is likely to create opportunities for the players in the ambulatory EHR market to develop more advanced solutions.
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The European market for ambulatory EHR was valued at $1.2 billion in 2016 and is expected to grow at a CAGR of 5.7% between 2017-2023, to reach $1.8 billion by 2023. The market for ambulatory EHR in Europe is witnessing growth due to the increasing adoption of EHR in various countries in this region, introduction of regulations related to EHR, increasing aging population, and rising incidences of cardiovascular diseases, chronic pain, and neurological disorders. Among the countries of the European region, the U.K is the most promising market for ambulatory EHR and held the largest share of the European ambulatory EHR market in 2016. This growth in the country is mainly due to increasing government funded initiatives in the country as a result of which the NHS is expected to go paperless by 2018 to improve health services and reduce overall cost associated with healthcare services. Germany is expected to project the fastest growth during the forecast period owing to increasing adoption of EHR in large to medium sized practices.
Some of the key players operating in the ambulatory EHR market include General Electric Company, Cerner Corporation, Epic Systems Corporation, Mckesson Corporation, Quality Systems, Inc., eMDs Inc., Allscripts Healthcare Solutions, Inc., Greenway Health, LLC.
Source: P&S Intelligence