Report Description of the APAC Electronic Health Record Market Analysis
Research Scope and Assumption
- The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)
- The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis
- We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses
- All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis
- Inflation has not been accounted for in order to estimate and forecast the market
- Numbers may not add up due to rounding off
Reason to buy the report:
- Facilitate decision-making based on strong current and forecast data for APAC Electronic Health Record Market Analysis
- Develop strategies based on the latest regulatory framework
- Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
- Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the APAC Electronic Health Record Market Analysis
- Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- We have technically sound team which do a deep dive research and also provide strategy based consulting analysis
APAC Electronic Health Record Market Analysis Executive Summary
Electronic health record (EHR) is a digital version of patient’s medical records. EHRs are patient-centred and real-time records that make patient data available instantly and securely to authorized healthcare professionals. It contains patient’s medical history, medications, allergies, treatment plans, diagnoses, immunization dates, radiology images, and laboratory test results.
Thus, an increasing adoption of Electronic Health Records (EHRs) is expected to create a significant demand for electronic health record (EHR) in the coming years, which is further anticipated to drive the electronic health record (EHR) market.
Market Size and Key Findings
The APAC Electronic Health Record Market Analysis size stood at around USD 2.25 billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of 6.2% during the forecast period.
According to a new market research study on “Asia Pacific Electronic Health Record (EHR) Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Installation Type, Type, and End-user,” is expected to reach US$ 1.477.3 million by 2028 from US$ 2,245.1 million in 2021. The market is estimated to grow at a CAGR of 6.2% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific Electronic health record (EHR) market along with the drivers and restraints pertaining to the market growth.
Market Growth Drivers Analysis
A medical error is a nightmare scenario that no physician or medical practice wants to face. While most healthcare professionals and many consumers/clients/patients realize that doctors are human beings and sometimes make mistakes, most take measures to ensure accuracy in all aspects of a patient care scenario. Yet, unfortunately, thousands of people do experience some form of medical errors and even preventable deaths on an annual basis. Today’s EHR systems support automated artificial intelligence, sometimes sifting through massive patient care files. For example, not long ago, a patient with a chronic condition might have a paper record composed of hundreds of pages. Today, an EHR system can quickly sift through data to analyze current and past prescriptions, laboratory tests, treatment plans, diagnoses, medical procedures, and even foods that a patient should stay away from when taking certain medications before or following medical treatment or procedure.
The report provides trends prevailing in the Asia Pacific Electronic health record (EHR) market along with the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as the increasing adoption of Electronic Health Records (EHRs), rising incentives by federal government and growing incidences of medication errors are the key factors driving the market growth.
Medical errors are not implied to be caused by the lack of concern, inattentiveness, or outright misconduct on the part of physicians, but rather the often-confusing lack of communication and access to complete medical records and histories. The development of electronic health record/electronic medical record technologies can serve to reduce medical errors through more coordinated care enhanced by data sharing and immediate accessibility by any member of a patient’s health care team. However, the market is expected experiencing slow growth during the forecast period owing to the concerns regarding data privacy.
COVID-19 impact on “APAC Electronic Health Record Market Analysis”
The origin of the COVID-19 pandemic is confirmed from China, and the outbreak has affected several countries across the world. Second medical opinion becomes a must as the Coronavirus outbreak grows and most countries face a complete lockdown. The outbreak of COVID-19 has caused a continuing global pandemic. Hospitals are integral to the control and prevention of COVID-19; however, they face numerous challenges during the epidemic. The ongoing healthcare crisis is rapidly is being witnessed in smaller towns and villages where people are dying due to lack of oxygen, hospital beds and lifesaving drugs, similar to urban areas. As per the ministry health data hundreds of thousands of children have missed vital immunizations, and thousands of adults may have missed life-saving medical treatments due to the novel coronavirus epidemic spread and the lockdown. This is likely to have negative impact in the Asia Pacific countries.
Cerner Corporation, COMPUTER PROGRAMS AND SYSTEMS, INC. Allscripts Healthcare Solutions, Inc. McKesson Corporation, Epic Systems Corporation. and NextGen Healthcare are among the leading companies in the Europe Electronic health record (EHR) market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in March 2019, iKnowMed, McKesson’s oncology practice electronic health record (EHR) system, has been named the top ranked EHR platform for oncologists and hematologists for the eighth year in a row by Black Book Research.
Products in Pipeline
England-based start-up “Babylon”, which has designed a primary care diagnostic app powered by machine learning and AI, entered into China and Rwanda markets. Also, COVID-19 has accelerated the use of digital health technologies globally. The pandemic has prioritized remote monitoring solutions. Governments in the region are promoting telemedicine, offering lucrative opportunities for the patient portal market in coming years.
Notable Recent Deals
- In July 2020, Cerner launched a cloud-based EHR platform, Community Works Foundations, which aims at reducing the costs of traditional EHR systems in rural and Critical Access Hospitals.
Healthcare Policies and Regulatory Landscape
Policy changes and Reimbursement scenario
Governments in the region are promoting telemedicine, offering lucrative opportunities for the patient portal market in coming years. For instance, in March 2020, the Indian government issued the Telemedicine Practice Guidelines to enable registered medical practitioners to provide healthcare services using telecommunication and digital technologies.