Ambulatory EHR Market Size, Key Players, Segments Analysis and Forecast to 2023

The growing use of electronic health records and need for reducing the overall healthcare cost are two of the key factors behind the prosperity of the ambulatory EHR market. In the year 2016, the market generated a revenue of $4.0 billion, and it is predicted to attain a value of $6.0 billion by 2023, progressing at a CAGR of 5.9% during the forecast period (2017–2023).

Ambulatory EHR is a record of a patient’s medical history, which is stored in an electronic database that is accessible by doctors and other medical professionals anytime from anywhere. Based on delivery mode, the ambulatory EHR market is bifurcated into cloud-based and on-premises solutions. Of these, during the historical period (2013–2016), the cloud-based solutions bifurcation led the market in terms of revenue, and it is predicted to continue leading it during the 2017–2023 period. This is attributed to the cost-effectiveness of cloud-based solutions as compared to on-premises solutions.

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As per the data reported by the Office of the National Coordinator for Health IT, a company that implements the usage of electronic exchange of health data and upgraded health information technology, nearly 94.0% of regional extension centers (REC) registered as Priority Primary Care Providers (134,978 providers) had an EHR and were continuously deploying the technology. Further, more than 77.0% of the total REC-enrolled PPCPs (110,107 providers) had showed meaningful use of certified EHR technology (CEHRT) in e-prescribing, clinical quality reporting, and medical reconciliation.

The lack of communication between healthcare professionals and patients adversely impacts the cost and quality of healthcare, leading to the fragmentation of healthcare information, such as medical and diagnosis history, billing and administrative data, patient demographics, and medication schedule. The increasing demand for the availability of a patient’s entire healthcare data in one place is predicted to accelerate the adoption of advanced, integrated healthcare systems during the forecast period, which will continue to aid the ambulatory EHR market progress.

Hence, the reducing overall healthcare cost and rising deployment of EHR solutions are projected to boost the growth of the market.

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Healthcare Insurance Market Overview, Share, Growth Drivers and Forecast to 2024

The global healthcare insurance market is projected to contribute a revenue of $2.2 trillion by 2024. Increasing prevalence of chronic diseases, rising geriatric population, growing GDP and healthcare expenditure, and high medical costs are driving the progress of the sector. Healthcare insurance is a kind of insurance that covers surgical and medical expenses, which is directly paid to healthcare providers for the treatment of an insured individual. The policy holder can pay the premium monthly or annually on their discretion.

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Based on coverage type, the healthcare insurance market is categorized into lifetime and term coverages. Out of these, in 2018, the term coverage category contributed a revenue of $1.3 trillion and is expected to be the faster-growing category, advancing at a CAGR of 4.7% in the analysis period. Term coverage is a fixed-term policy, which provides benefit upon the death of an insured individual. Due to the benefits associated with term coverage, such as low-cost premium and receipt of a lump sum amount when the term ends, the category is predicted to progress.

Now, when segmented by insurer type, minors, adults, and senior citizens are the divisions of the healthcare insurance market. Out of these, insurance plans for adults are anticipated to dominate the market across the globe. In 2018, adults generated a revenue of nearly $0.9 trillion for the market, which is projected to reach $1.2 trillion by 2024. On the other side, the minors category is expected to witness slower growth, advancing at a CAGR of 2.9% in coming years, owing to the fact that minors are dependent on adults and mostly covered in the insurance plans for grown-ups.  

Currently, the world is experiencing a significant rise in the geriatric population. In 2017, according to the World Population Prospects report published by the United Nations, geriatric population is predicted to grow faster as compared to the that of other age groups. The report states that there were 962 million people aged 60 years and above in 2017, globally, and this number is estimated to reach 1.4 billion by 2030, 2.1 billion by 2050, and 3.1 billion by 2100. This is further expected to result in the growth of the healthcare insurance market, as more aged people will lead to more plans being sold.

Hence, with the increase in the geriatric population across the globe, the demand for healthcare insurance plans is expected to rise.

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