The European electronic health records (EHR) market generated 2.42 billion euros in revenues in 2014 and is expected to grow to reach 3.25 billion euros in 2020, according to a new report from market research firm Frost & Sullivan.
Demand is being fueled by the growing use of clinical and nonclinical information systems, including patient administration systems, scheduling, and billing, according to the firm. Frost & Sullivan highlighted EHR software and ePrescribing as digital health priority areas across Europe, accounting for 30% of total healthcare IT spending in the region.
The market is also being driven by an aging population, the need for remote monitoring and chronic disease management, and the establishment of health information exchanges, Frost & Sullivan said. Other positive factors include the emergence of real-time patient data management and the transition to personalized healthcare delivery, according to the firm.
Frost & Sullivan is also projecting that the ambulatory care EHR market will experience considerable growth, while the hospital EHR market will mature.
The company noted that EHR adoption rates have been more encouraging in large and medium-sized practices, thanks to their bigger budgets. Due to limited budgets, small-sized practices have favored subscription-based cloud and Web EHR offerings that don't involve initial capital expenses, Frost & Sullivan said.
