Australia Electronic Health Records Market Analysis

Australia Electronic Health Records Market Analysis


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Australia's Electronic Health Record market size was valued at $339 Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 5.5% from 2022-30 and will reach $521 Mn in 2030. Australia's EHR market growth will grow as EHRs give doctors access to more thorough patient data, empowering them to swiftly decide on the best course of treatment, enhance patient care, and reduce safety risks. The key market players are Medical Director, Zedmed, Genie Solutions, Allscripts, Cerner, Epic Systems, and others.

ID: IN10AUDH008 CATEGORY: Digital Health GEOGRAPHY: Australia AUTHOR: Chandani Patel

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Australia Electronic Health Record Market Executive Summary

Australia's Electronic Health Record market size was valued at $339 Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 5.5% from 2022-30 and will reach $521 Mn in 2030. Australia spends a significant amount on healthcare, with healthcare expenditure as a percentage of GDP in the range of 9-11% depending on the year. According to the Australian Institute of Health and Welfare (AIHW), in 2019-20, total health spending was $194.6 Bn, which represents 9.5% of GDP. The majority of this spending (68%) comes from government sources, with the remaining 32% coming from private sources. Australia has been a leader in digital health, with a number of initiatives and programs in place to support the use of technology in healthcare.

A patient's medical records are preserved digitally in an electronic health record. Electronic tools are used to construct, produce, and store health record (EHR). EHRs are being adopted by healthcare providers as a result of the desire for state-of-the-art medical facilities. The fundamental components of an EHR are administrative activities, computerized physician order input, lab systems, radiology systems, pharmacy systems, and clinical documentation. The electronic health record contains data on age, gender, ethnicity, health history, medications, allergies, immunisation status, lab test results, hospital discharge instructions, and billing information.

The development of software technology and the healthcare industry is a primary driver of the Australia market for electronic health records. Additionally, the inclusion of artificial intelligence (AI) in software development for electronic health records (EHRs) contributes to the market's expansion. Additionally, EHRs were crucial for managing and storing patient data during the COVID-19 pandemic emergency.

australia electronic health records market

Market Dynamics

Market Growth Drivers

EHR can reduce the frequency of medical errors by improving the accuracy and clarity of medical records. EHRs give doctors access to more thorough patient data, empowering them to swiftly decide on the best course of treatment, enhance patient care, and reduce safety risks. It is projected that these factors will increase EHR adoption.

The electronic health record (EHR) streamlines the clinician's workflow by automating information access. The EHR can directly or indirectly support various care-related tasks like evidence-based decision support, quality monitoring, and outcomes reporting through a number of interfaces. It is hoped that these advantages would help the EHR sector grow even more.

The necessity for doctors to have quick access to patient records is another factor that is projected to drive the EHR market.

Market Restraints

The development of an EHR system faces a number of challenges. The uniformity of laboratory test data is a significant issue. Many test measurements or units, even within the same institution, have altered over the past thirty years, necessitating their calibration for comparison analysis. The right to personal privacy is an additional issue. To maintain the confidentiality of the data, de-identification must be applied to patient data. Even with the removal of personal information, a collection of data from many laboratories can be utilized to locate a patient. I think the law has to be changed to permit the extraordinary use of health records by entities other than hospitals for research and the creation of a truly national database.

Competitive Landscape

Key Players

  • Best Practice Software (AUS)
  • Medical Director (AUS)
  • Zedmed (AUS)
  • Genie Solutions (AUS)
  • Healthshare (AUS)
  • Medical Objects (AUS)
  • Medical Director (AUS)
  • Practitioner's Health Channel (AUS)
  • Allscripts
  • Cerner
  • Epic Systems
  • eClinicalWorks
  • Athenahealth
  • McKesson
  • Meditech
  • NextGen Healthcare
  • GE Healthcare
  • Siemens Healthineers

Healthcare Policies and Regulatory Landscape

Policy changes and Reimbursement scenario

In Australia, the use and management of electronic health records (EHRs) are governed by a number of laws and regulations, including:

  1. The Privacy Act 1988: This act sets out the national privacy principles that govern the collection, use, and disclosure of personal information, including health information. It also applies to the handling of personal information in EHRs
  2. The My Health Records Act 2012: This act established the national My Health Record system, which allows individuals to electronically access and manage their health information
  3. The Healthcare Identifiers Act 2010: This act creates a unique healthcare identifier for individuals, which is used to identify individuals in the national My Health Record system and other healthcare systems
  4. The Digital Health Act 2015: This act establishes the Australian Digital Health Agency and sets out the governance and regulatory framework for digital health in Australia, including the use of EHRs
  5. The National E-Health Transition Authority (NEHTA) and the Australian Digital Health Agency (ADHA) are responsible for maintaining and implementing the above regulations

1. Executive Summary
1.1 Digital Health Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Digital Health Policy in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Electronic Health Records Market Segmentation

By Product (Revenue, USD Billion):

Web-based and cloud-based software is more affordable since it saves on additional costs like license fees, regular upgrades, and device upkeep. Additionally, it reduces the need for IT workers because SaaS providers help with software installation, configuration, testing, operation, and upgrades. The cost-effectiveness of cloud-based EHR systems in small healthcare organizations will therefore fuel developments as well as the expansion of the category. MHealth services

  • Web/Cloud-based EHR software
  • On-premise EHR software

By Application Type (Revenue, USD Billion):

Large amounts of patient health data may be stored and processed by EHRs, which aids doctors in automating both financial and operational operations with rapid and simple access. Therefore, integrated EHR and practice management software navigates all tasks, making it easier for front-line healthcare providers to do their jobs, and will therefore drive the segment's revenue during the anticipated time period.

  • E-prescription
  • Practice management
  • Referral management
  • Patient management
  • Population health management

By End User (Revenue, USD Billion):

By 2027, the category of ambulatory surgical centres is expected to rise at a 7.1% annual rate. The acceptance of EHR in these facilities will be fueled by ambulatory surgical centres' growing preference for digital technologies to efficiently manage workflow. These are outpatient facilities offering planned surgeries and same-day surgical services.

  • Hospitals
  • Specialty centers
  • Clinics
  • Ambulatory surgical centers
  • Others

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

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Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

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Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

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The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 09 April 2024
Updated by: Ritu Baliya

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