The global electronic health record (EHR) market size is proliferating, with Australia contributing to a large portion of that growth.
According to a report by Global Market Insights, the EHR market size in Australia was valued at US $526.3 million in 2018 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 2025.
Global Market Insights report authors Sumant Ugalmugale and Ajay Devgire said the healthcare system in Australia is equipped with the necessary infrastructure to launch a national EHR program as 85 per cent of Australians and over 95 per cent of general practitioners have access to the internet.
“In addition, 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,” they said.
“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.”
However, they warned that the potential threats for data breaches and privacy leaks will continue to impede the Australian EHR market growth over the coming years.
On a global scale, the report identified that numerous emerging countries are recognising the importance and benefits of EHRs and are increasingly investing in such technology.
“EHR offers enhanced patient care and management along with significant cost savings. EHR assists the practitioner in management of patient data and streamlines workflow that should positively impact EHR market size,” the authors said.
Specifically, 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,” the authors said.
“Access to 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.”
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In addition, the patient management segment of the EHR market is estimated to progress at six per cent CAGR during the forecast timeframe.
“EHR offers systematic and timely scheduling of patient data. It enables safe and reliable documentation with time-effectiveness. In addition, the flexibility of management of vast data points regarding the patient will offer momentous growth opportunity for patient management EHR application market,” they said.
The authors also identified that clinics’ EHR usage accounted for more than 17.5 per cent in revenue share in 2018.
“EHR provides seamless access and interface for clinic facilities at any location. Presence of clinic management software further enhances patient and practice management that will drive its adoption rate clinics over the forthcoming years. Furthermore, expanding healthcare infrastructure across emerging nations will increase clinics EHR end-use segmental size in the upcoming years,” they said.
However, according to the authors, along with the strong growth rate of EHR, there will also be a lack of skilled professionals to handle the sophisticated technology. As such, they urged the healthcare industry to prepare for this change.