Market Trends of Accountable Care Solutions Industry
This section covers the major market trends shaping the Accountable Care Solutions Market according to our research experts:
Electronic Health/Medical Records Segment is Expected to Hold a Significant Market Share Over the Forecast Period
An electronic health record (EHR) is a digital version of a patient's paper chart. EHRs are real-time, patient-centered records that make information available instantly and securely to authorized users. EHR contains patients' medical and treatment histories and is built to go beyond standard clinical data collected to deliver essential and efficient care. Due to their benefits, EHRs are readily adopted by healthcare providers, which has increased their demand and is leading to lucrative growth in the market. Factors such as initiatives by key market players are expected to increase segmental growth during the forecast period. For instance, in February 2021, Northern Inyo Healthcare District collaborated with Cerner Corporation to transform its Electronic Health Record (EHR). The collaboration involved Northern Inyo Healthcare District moving to an updated electronic system that supports physicians, nurses, and clinicians in sharing data across the district's multiple offices. Such collaborations will contribute to the rising adoption of EHRs in the United States. Similarly, in February 2021, the Medway NHS (National Health Services) Foundation Trust adopted the Allscripts Sunrise electronic patient records to boost its digital maturity quickly. The first phase of the core functionality is expected to go live six months after the project begins. With this, clinicians will have better access to a single view of patient information with the launch of clinical papers with in-context links to other IT systems in use at the trust. Furthermore, in February 2021, Swiss Re and Diameter Health formed a cooperation to organize and use complicated clinical electronic health data. This partnership between insurance companies and electronic health data providers will lead to increased adoption of electronic health records solutions and services thereby driving market growth.
Additionally, the German healthcare system's largest digitalization project, the electronic patient health record (elektronische Patientenakte - ePA) began on January 1, 2021. The ePA's goal is to provide extensive digital connectivity inside the German healthcare system, including between patients and clinicians, as well as between providers in both hospital and primary care settings.
North America Dominates the Accountable Care Solutions Market
The healthcare infrastructure in the North American region is expected to reflect positive trends in the market, owing to technological advancements and the high requirement of management of big data generated from hospitals and other healthcare facilities. Per the data published by HealthIT.gov, during the year 2019-2021, around 86% of non-Federal general acute care hospitals had adopted a certified electronic health record (EHR). High adoption of EHR is associated with the covid pandemic, resulting in virtual data maximization. The studied market is expected to grow in the region due to EHR adoption. Additionally, several companies from Canada are implementing collaborative strategies in health IT and investing in this sector to meet the increasing demand for telehealth. For instance, in June 2022, the government of Québec announced a plan to spend USD 951 million over three years to upgrade the hospital system's technological foundation. The objective is to facilitate professional communication between healthcare providers through improved electronic health records, strengthened security measures, and more efficient networks. Similarly, in May 2022, the Orléans Health Hub brought together three hospitals and six community-based service providers to enhance care and service coordination in a highly accessible, bilingual system that is reflective of the local region. For a smooth, connected experience for patients, the Hub consolidates a variety of specialized and community healthcare services under one roof. With such collaborative approaches taken by Canadian organizations, an increasing number of people can access health information online which will propel the growth of the market studied in the country. Added to that, in October 2021, The University of New Mexico Health System developed the MyHealthUNM patient portal along with a new personal health record application called mCharts, which presents patient information in an interactive easy-to-use format. This development allows patients to access their medical information online in the University of New Mexico Health System. With such developments in the country, the studied market is believed to witness significant growth over the forecast period as a result of high adoption.
