By 2026, the EHR market size in the European region is expected to be worth USD 10.48 billion from the valuation of USD 8.85 billion in 2021, registering a CAGR of 3.44% between 2021 to 2026.
There has been a paradigm shift across the healthcare ecosystem with the rapid transformation and digitization of healthcare with technological integrations. Several factors, such as the increasing cost of healthcare in Europe and the growing need to integrate IT solutions, are driving the growth of the European electronic health records market. In addition, the strong demand from the healthcare and life science industries to maintain high security and rapid access to confidential patient information in countries, for example, the United Kingdom, creates new growth opportunities for this market. The local government and regional health centers adopt EHR systems to reinforce e-health policies and improve work efficiency. This case-specific health information can be exchanged across borders through unified networks. These networks allow virtual panels of physicians to diagnose and treat patients with rare, complex, and low prevalence diseases. For example, the European Commission adopted a policy wherein Europeans could exchange their electronic health records across other European nations, aiming to reduce time, paperwork, and efficient healthcare options. The implementation of EHR has potentially decreased the time required for admission into hospitals. Research from the Annals of Internal Medicine has shown the significant effect of the HER in the quick admission upon adoption of EHR, where a significant decrease in time by 66% has been recorded. The admission time got decreased from 130 to 46 hours with the integrated EHR system.
EHR is a value-based care system constantly evolving with the latest technological developments to make the system up to date and more user-friendly. However, health Informatics exchange adoption is lower than EHR adoption in most European countries. The degree of clinical, administrative, and management exchange has been developing slowly for the past several years. The failure of healthcare IT initiatives, stiff competition, and improper time management have led EHR providers to update their market strategies in Europe. As a result, the availability of routine functionalities like appointments and prescriptions has increased, as patients can view their medical records and test results online. Some countries like Denmark, Finland, and the United Kingdom drive the European EHR market during the forecast period.
Since the EHR system is not always built-in, EHR companies can tap opportunities by addressing the unmet need in this area. E-Health connectivity will increase more participants in the overall European market. These integrated healthcare systems like population health management, electronic health records, and patient engagement are incredibly focused on reducing the overall economic burden on the European healthcare system. This is boosting the growth of the European EHR market collectively.
However, certain factors such as invasion of data, patient privacy issues, system complexity, high initial investments, and shortage of skilled personnel are major restraints in the growth of the European electronic health records market.
This research report on the European EHR market has been segmented and sub-segmented into the following categories.
By Business Models:
Germany had a 30% share in the European electronic health records market in 2020, followed by the United Kingdom and then France. By 2020, the use of electronic health records among physicians will grow in Europe. This significant share is attributed to innovations in the EMR market, and the developed IT sector in the region, the growing need for digitalization in the healthcare industry, and an increasing number of hospitals. According to a recent study, more than 82% of European doctors were well versed with the electronic medical records system.
In the Netherlands and Denmark, by 2020, all most all healthcare facilities had the EHR system. On the other hand, European countries such as Norway, Italy are working towards integration according to the National Healthcare System regulations. These systems identify best practices towards EHR implementation in Europe while advocating patient information sharing and mutual learning. Based on results and recommendations, the popularity of the EHR is growing tremendously. This is expected to gather significant growth in the years to come.
KEY MARKET PLAYERS:
A few of the noteworthy companies operating in the European EHR market profiled in this report are Cerner Corp., GE Healthcare, NextGen Healthcare, Inc., eClinicalWorks, Medical Information Technology, Inc., HMS, CPSI, AdvancedMD, Inc., DXC Technology Company, CureMD Healthcare, Greenway Health, LLC, Allscripts Healthcare, LLC, McKesson Corp., and Epic Systems Corp.