Europe will see more partnerships for integrated care from the evolution of electronic health records, finds Frost & Sullivan
LONDON, April 9, 2020 /CNW/ -- The electronic medical record (EMR) market is likely to register impressive growth across Europe as it evolves into a more comprehensive electronic health record (EHR) with the rapid transformation of the healthcare information technology (IT) landscape. Governments' and healthcare authorities' strong focus on integrated healthcare, population health management (PHM), care coordination, and patient engagement—and aim to reduce the overall economic burden on the healthcare system—is boosting the growth of the market and driving the evolution of EHR in the region.
"Integrated care delivery and focus on PHM are driving the demand for EHR across Europe. Regulatory bodies hold a critical position in this evolution," said Chandni Mathur, Industry Analyst, Transformational Health, Frost & Sullivan. "Unfortunately, health systems in Europe have been overwhelmed by fighting coronavirus currently. At this time of crisis, EHR companies are offering support by pushing out COVID-19 updates to all customers that are helping in profiling patients and screening efforts."
Frost & Sullivan's recent analysis, Growth Opportunities from the Evolution of Electronic Health Record (EHR) in Europe, Forecast to 2024, covers Mega Trends impacting the growth of EHR in Europe, including market drivers and restraints, prominent market participants, vendor ecosystem by key regions in Europe, EMR maturity and EHR readiness, and a competitive analysis. The total European EMR market is estimated to grow at a compound annual growth rate (CAGR) of 4.9% to reach US$4.26 billion from 2019 to 2024. The Scandinavian countries have more mature EMR markets as they explore innovation to support healthcare aims such as better population health and patient engagement.
For further information on this analysis, please visit: http://frost.ly/420.
"Vendors must focus ahead and strengthen their offerings to support the 'Quadruple Aim' of healthcare systems, especially care team wellbeing and reducing physician burnout," said Mathur. "Key stakeholders, from doctors to allied health professionals, will increasingly be involved in the EHR selection process."
Patient data privacy and security concerns, lack of a standardized EHR format to promote data sharing, reliance on legacy systems and a cultural mindset of not accepting change are restraining the market growth. However, the establishment of health information exchanges (HIEs), focus on improving interoperability and creating policies for traversing legal barriers to cross-border healthcare will favor EHR adoption, exposing growth opportunities for the vendors that take advantage of the following trends:
- Integrated care technology will gain momentum in the EMR market in Europe. This encourages EMR companies to partner or develop integrated care functionalities internally to succeed in the European markets.
- The success of EMR implementation depends on its ease of use and user-friendliness. This presents strong growth prospects for vendors as they can offer a value-added service that has the potential to become a mainstream application.
- Not all EMR software offers a built-in device connectivity capability; hence, EMR/EHR vendors can tap opportunities by addressing the unmet need in this space. They can partner with or acquire connectivity participants.
- A shift in healthcare systems toward population healthcare management is encouraging vendors to invest significantly in data analysis capabilities and move away from simple data repositories.
Growth Opportunities from the Evolution of Electronic Health Record (EHR) in Europe, Forecast to 2024 is the latest addition to Frost & Sullivan's Transformational Health research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Growth Opportunities from the Evolution of Electronic Health Record (EHR) in Europe, Forecast to 2024
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SOURCE Frost & Sullivan