Report Description of the Australia Electronic Health Records 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 Australia Electronic Health Records 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 Australia Electronic Health Records 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
Australia Electronic Health Records Market Analysis Executive Summary
On average, every year an Australian has 22 interactions with healthcare providers, including 4 visits to GPs, 12 prescriptions, 3 visits to specialists11, and most of the information of these interactions has been held in paper-based files or non-shared databases. The medical information may be inconsistent between files, inaccurate because of lack of standards, incorrect because of manual operation, and is not available in emergency situations. It is estimated that 5,000 Australians die each year due to adverse medical events; 18% of medical errors in Australia occur from inadequate information; nearly 30% unplanned hospital admissions are associated with prescribing errors; and approximately 13% of healthcare provider consultation suffers missing information
Market Size and Key Findings
The Australia Electronic Health Records Market Analysis size stood at around USD 5.26 billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of 8.5% during the forecast period.
According to a report by Global Market Insights, the EHR market size in Australia was valued at US $526.3 million in 2020 and is expected to witness over 8.5 per cent in exponential growth rate (CAGR) from 2019 to 2025. Australia’s EHR market size growth contributes significantly to global numbers expected – Global Market Insights estimates this to be US$38 billion by 2028.
Market Growth Drivers Analysis
Digitization can also provide a platform for further enhancements in care delivery, including implementation of evidence-based electronic care paths between primary and secondary (hospital) care, built on improved transfer of information between different healthcare teams. Patient engagement in his or her own care can also be improved through EHRs, potentially enhancing health literacy. Decision-support systems and artificial intelligence – which could improve safety and patient outcomes – could also be applied to an EHR in a way that would be impossible with current paper-based systems.
Many patients resent having to repeat their history to every healthcare professional they see. Money is wasted in duplicating diagnostic tests performed before hospital admission that are then repeated on admission, or where the results are not available when required. Emergency care can be compromised due to lack of accessible information.
COVID-19 impact on “Australia Electronic Health Records Market Analysis”
During the COVID-19 era, efforts being made to deliver patient care and research were accelerated. Researchers collect data for studies and physicians provide patient care through telehealth and remote-controlled engagement tools. The trend towards higher visualization is likely to continue even after pandemic and will heighten infrastructural changes to fruitfully use IT innovations for continued connected healthcare.
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
The web/cloud-based EHR software product market is expected to have large uptake. It was valued at US $12.5 billion in 2018. Web-based EHR provides improved speed and flexibility to the end users in terms of its operability. Access too many users simultaneously and wide network access further adds to the advantages of cloud-based EHR software. Moreover, web/cloud-based EHR software considerably saves cost that should escalate its adoption over the forthcoming years.
Notable Recent Deals
- Healthcare associations such as the Royal College of Australian General Practitioners, the Pharmacy Guild of Australia and the Australian Healthcare and Hospital Association (AHHA) believe that adoption of EHR systems will reduce cost and improve safety, quality and efficiency of healthcare in the country.
Healthcare Policies and Regulatory Landscape
Policy changes and Reimbursement scenarioc
Government initiatives such as My Health Record, aimed at maintaining the health records of all the Australian citizens will also drive growth of various digital health systems platforms in the country. A change in the national government led to changes to the scheme, including rebranding as My Health Record, a new sponsoring agency (the Digital Health Agency) and, most importantly, a change from user opt-in to opt-out. This is where the project started to encounter serious difficulties: the public had not been properly prepared for this shift, and was mistrustful of the EHR program, despite patient organizations and many HCPs promoting the potential benefits.
The Australian government introduced MHR under the National e-Health Strategy. In 2016, the name of PCEHR was changed to My Health Record and citizens were provided an option to opt-out, unlike the old system where they had to opt-in and the government has since invested close to US$1.4bn over a period of 6 years in the MHR program.
An enormous effort by the Australian government and support from General Practitioners, Pharmacies and Healthcare Bodies pushed a large proportion of the population to opt for MHR. The federal government has also assured individuals that the data will be secure and consumers can choose to share information with healthcare professionals connected to MHR.