The global healthcare IT market was estimated to be worth nearly $400 billion in 2022. Electronic health records make up a consistent portion of the global healthcare IT market and grew by a compound annual growth rate (CAGR) of approximately 6.2 percent from 2022 to 2023.
Electronic health records vary by country and regions with each having their own struggles to adopt a consistent strategy for implantation. Many countries and regions had target dates to fulfill their electronic health records; however, the pandemic changed the trajectory of those goals and left them unfulfilled.
The Black Book Market Research team researched the industry trends in the varying regions and territories throughout the globe and found that the general consensus in the majority of the countries was due to the lack of resources, interoperability, and outdated systems and technologies.
Many governments have been under an increased pressure to fulfill their promises and deadlines to meet the growing standards of a universal electronic health record system. Some are further advanced than others, as they have more resources to obtain their goals. However, although some countries have the resources to continue as scheduled to meet the increasing standards, that doesn’t come without their own barriers of access in regards to buy-in and interoperability within their current systems and infrastructure.
As the healthcare system continues to try and meet the standards set forth, they as many industries, are now faced with an increasing skilled labor shortage to help them meet the industry standards. The lack of skilled laborers and a limited budget due to costs restraints has left many organizations to face an increasing hurdle of obstacles, hindering them from achieving their goals.
The organizational impacts and benefits of healthcare information technologies (HCIT) are often intangible and their realization to the benefits of such systems may take longer to realize. The implementation cost of healthcare information technologies in the healthcare systems of emerging economies is higher than those of the smaller healthcare organizations. This is due to the capitol required to build the infrastructure that is needed for implementing the said HCIT solutions. More often than not, hospitals often prefer to invest in the core technologies that are directly linked to patient care and patient quality. The allocation of resources is utilized within these networks in the areas that are viewed as the most needed at the time and HCIT are not overlooked because of their need, but rather because of the cost and other outdated methods and technologies.
Ironically, HCIT can be used to lower the cost of care; however, the cost to implement the systems initially is expensive. The rising pressures on health systems to lower the cost of care has shifted the industry standard toward outpatient settings to reduce care costs. Hospitals and governments alike have invested millions of dollars in HCIT to support the growing demand to support and deploy solutions to support outpatient care technologies and provide care within the outpatient setting.
Throughout Black Book’s Global Health IT and EHR report, the team looked at all of the variables that the world is facing regarding healthcare technologies. Industry trends and market research was established and investigated to look deep within the status of EHR’s globally to better understand the market dynamics, constraints, and opportunities that countries and regions are faced with on a day-to-day basis.
All of Black Book’s Market Research can be
found in the 2024 Global Health IT and EHR Report.
