In 2016, the global ambulatory electronic health record market reached $4.0 billion and is projected
to grow at a 5.9% CAGR during the forecast period (2017–2023). The market is
registering growth due to the rising usage of EHR solutions, adoption of
healthcare intranet technologies (HCIT) and increasing government initiatives,
and need for reducing the overall healthcare cost. The electronically stored
medical records of patients, which include information about medical care and
surgeries that do not require the patient to be admitted in a hospital or
non-hospital settings, are called ambulatory EHR.
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In terms of application, the ambulatory EHR market is divided into patient management, referral management, decision support, e-prescribing, practice management, population health management, and health analytics. Among these, the practice management application occupied the largest share of the market during the historical period (2013–2016) and is projected to retain its position during the forecast period. This is due to the several advantages of EHR implementation, such as increased efficiency of day-to-day operations of healthcare practices. E-prescribing is predicted to grow at the fastest pace during the forecast period.
Another factor driving the ambulatory EHR
market is the surging need for reducing overall healthcare cost. The shift
from traditional data record systems to ambulatory EHR records decreases the
cost associated with storing the data. While before the data stored on paper required
a lot of care while handling it, now with the introduction of ambulatory EHR,
the data can be electronically stored with ease. As per the data published by
the University of New Mexico Hospital, the hospital saved over $200,000
annually due to reduced overtime and healthcare cost.
The emergence of cloud-based ambulatory EHR
solutions is opening up wide opportunities for the players operating in the ambulatory
EHR market. Because of the advent of cloud-based ambulatory EHR solutions,
it is possible to keep data secure, safe, and fully accessible regardless of
network traffic or time. In addition to this, cloud-based solutions demand
fewer IT resources, update automatically, take up less space, and require less
capital, which results in cost savings for clinics without needing extra time
and more staff members for supporting bulky hardware installations.
Hence, the market is growing due to the rising
need for decreasing overall healthcare cost and increasing adoption of HCIT.
