(MENAFN- EIN Presswire)
Anticipated Growth in Europe electronic medical records market Due to Research, Development, and Tech Advancements
ROCKVILLE, MD, UNITED STATES, October 6, 2023 /EINPresswire / -- The electronic
health records markets in Germany and France collectively account for 19.9% and 17.4% of the European market share, respectively. Projections indicate that these markets are expected to grow at Compound Annual Growth Rates (CAGRs) of 4.9% and 4.5% during the assessment period.
The European electronic health records market size is projected to grow from a value of $6.7 billion in 2022 to reach $10.5 billion by the conclusion of 2032, demonstrating a consistent compound annual growth rate (CAGR) of 4.5% throughout the forecast period spanning from 2022 to 2032. Consequently, this market is positioned to create an absolute dollar opportunity of $3.8 billion over the course of the decade.
For more insights into the Market, Request a Sample of this Report:
The European market is poised for growth as electronic health record (EHR) solutions are increasingly applied to enhance the interoperability of health records, in accordance with the European Commission's recommendations.
Advancing Cross-Border Access to Electronic Health Records in the EU
Electronic health records (EHRs) refer to the digital collection of patient medical records. European Union (EU) citizens have been granted the right to access their personal health data across borders, aiming to enhance data accessibility, exchange, and electronic health record interoperability.
Additionally, recommendations from the European Commission are supporting the technical development and expanded sharing of electronic health data.
- In the short term (from Q2 2022 to 2025), efforts are being made to streamline regulations and reduce administrative burdens, thus encouraging the adoption of electronic health records.
- Looking at the medium term (from 2025 to 2028), we can expect a growing utilization of EHRs in various healthcare settings, including ambulatory surgical centers, hospitals, specialty clinics, and more.
- In the long term (from 2028 to 2032), we anticipate that market leaders will incorporate advanced technologies, contributing to sustained market growth.
Key Companies Profiled
- Epic Systems Corporation
- Cerner Corporation
- Allscripts Healthcare, LLC
- InterSystems Corporation
- ChipSoft B.V.
- DXC Technology Company
- Medasys
- Agfa-Gevaert Group
- Cambio
European EHR Exchange Format Recommendations and the X-eHealth Project
The European Commission has officially endorsed recommendations concerning the exchange format of Electronic Health Records (EHR) in order to foster seamless cross-border interoperability throughout the European Union (EU). This initiative aims to ensure that European citizens can securely access and share their health data regardless of their location within the EU. It also encourages the sharing of health data with healthcare professionals when necessary. This collaborative effort will involve various stakeholders, including national competence centers, healthcare professional organizations, national authorities, and patient advocacy groups.
Furthermore, the X-eHealth project has been introduced to establish a robust foundation for a functional, interoperable, and cross-border exchange format, thereby propelling the advancement of the e-health sector in Europe. This project is set to create a standardized framework for the exchange of laboratory results and medical imaging data among healthcare entities in neighboring countries and EU member states.
Growing Imperative for Workflow Optimization and Centralization in the Healthcare Industry
The increasing need for efficiency and centralization in healthcare administration is expected to drive the adoption of electronic health records in the near future. A value-based approach seeks to standardize procedures, streamline operations, cut costs, and enhance patient care by centralizing health information management.
Factors such as product approvals, launches, expansion efforts, acquisitions, partnerships, and the growing trend of digitalization are likely to have a substantial impact on the demand for electronic health records, ultimately fueling the growth of the market.
The Challenges of Implementing and Sustaining EHRs in Europe
While there are numerous factors driving the expansion of the European electronic health records (EHR) market across various applications, there are also significant obstacles hindering EHR adoption. One notable challenge is the substantial financial burden associated with both the initial implementation and ongoing maintenance of EHR systems.
Furthermore, the limited availability of IT support within healthcare services is expected to pose a hurdle to the growth of the EHR market in Europe in the foreseeable future.
Country-Specific Insights
Digital Healthcare Initiatives Transforming Patient Engagement in Germany and France
In Germany, the Advent of ePA Sparks a Digital Healthcare Revolution
The introduction of ePA (Electronic Patient Records) in Germany has ignited a transformative wave of digital projects. These initiatives aim to provide all individuals with convenient online access to their personal electronic health records, fostering a new era of comprehensive connectivity between patients and healthcare service providers. This groundbreaking ePA system is seamlessly integrated into Germany's digital backbone for health data sharing, known as the telematics infrastructure. As a result, patients are empowered with unprecedented access to their health information, enabling them to take a more active role in managing their well-being.
France Takes a Bold Step towards Healthcare Interoperability
In France, a visionary move has been made in the healthcare sector with the implementation of a national, fully-interoperable electronic medical record system. This ambitious initiative, mandated by the National Health Insurance Fund, has ushered in a new era of healthcare data management. By creating a standardized electronic medical record system that can seamlessly exchange information across the healthcare landscape, France is positioning itself at the forefront of digital healthcare innovation, ultimately benefiting both patients and healthcare providers.
Insights by Category
European Electronic Health Record Market: Hospital Segment Leading Growth
In the European market for electronic health record services and solutions, the end-user segment is diversified, encompassing hospitals, ambulatory surgical centers, specialty clinics, diagnostic labs, and others.
Hospitals, in particular, dominate this market, holding a substantial 29.1% share in Europe. This segment is poised for impressive growth, projected to outpace other segments with a notable 4.9% Compound Annual Growth Rate (CAGR) during the forecast period from 2022 to 2032.
Furthermore, the adoption of electronic health and medical records is surging within the realm of multi-specialty and super-specialty hospitals. This rapid uptake is attributed to the increasing number of EHR solution providers catering specifically to the hospital sector, which is expected to further accelerate the growth of this segment.
Ambulatory surgical centers and specialty clinics are also set to witness significant growth in EHR usage, with projected CAGRs of 4.6% and 4.2%, respectively, during the forecast years.
Get Customization on this Report for Specific Research Solutions:
Competitive Landscape
Leading providers of electronic health record solutions in the European market are embracing cutting-edge software technologies by integrating artificial intelligence into their electronic health record software offerings.
Furthermore, the ongoing surge in research and development efforts, coupled with a constant stream of technological innovations, is expected to bolster the growth of the European electronic medical records market in the coming years.
- In 2022, InterSystems Corporation introduced a groundbreaking platform-as-a-service (PaaS) solution, known as InterSystems HealthShare Health Connect Cloud, aimed at streamlining interoperability and data integration among various applications and clinical systems.
- In 2020, Cerner Corporation made a significant stride by launching a cloud-based electronic health record platform designed specifically for rural hospitals and critical access facilities (CAHs), with the aim of cost reduction.
In a recently published report, Fact has provided comprehensive insights into the pricing strategies of key electronic health record solution providers operating across European countries, including data on sales growth, production capacity, and their forward-looking technological expansion efforts.
Check out more related studies published by Fact Research:
Electronic Health Records Market Growth : The electronic health records market size is expected to garner a market value of US$ 26.78 Billion in 2022, anticipated to register a positive CAGR of 4.5% in the forecast period 2022-2032 and reach a value of US$ 41.8 Billion.
U.S. Electronic Health Records Market : The U.S. electronic health records industry stands at a current valuation of US$ 8.1 billion and is estimated to surpass US$ 12.4 billion by the end of 2032. The market is projected to expand at a CAGR of 4.3% during the forecast years of 2022-2032. As such, the market is poised to generate an absolute dollar opportunity worth US$ 4.3 Billion by the end of 2032.
About Us:
We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client's satisfaction.
Contact:
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
Sales Team :
Follow Us: LinkedIn | Twitter | Blog
S. N. Jha
Fact
+ +1 628-251-1583
email us here
Visit us on social media:
Twitter
LinkedIn
Other
MENAFN06102023003118003196ID1107201334