The Hong Kong Electronic Health Record (EHR) market size was valued at $45 Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 5 % from 2022 to 2030 and will reach $67 Mn in 2030. The market is segmented by product, application, and end user. Hong Kong EHR market growth will grow as rising demand for cost-effective and efficient healthcare services, and growing awareness about the benefits of EHR systems among healthcare providers. The key market players are Allscripts, Cerner, Epic Systems, and others.
The Hong Kong Electronic Health Record market size was valued at $45 Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 5 % from 2022 to 2030 and will reach $67 Mn in 2030. According to the latest data available (2021), healthcare expenditure in Hong Kong is around 6% of the GDP. This is relatively low compared to other developed countries, but healthcare costs in Hong Kong have been rising in recent years. Digital health spending in Hong Kong is relatively new and is not yet a significant portion of the overall healthcare expenditure. However, the government has been investing in digital health initiatives in recent years to improve healthcare delivery and reduce costs.
The Hong Kong government has announced various initiatives in recent years to develop the digital health ecosystem and improve care service delivery. For example, the government launched the "Smart Health" initiative in 2019, which aims to promote the use of digital technology in healthcare, such as telemedicine, e-prescription, and electronic health records. Furthermore, the government is also providing subsidies to support the implementation of digital health solutions in public and private hospitals, primary care clinics, and other healthcare organizations. This will allow healthcare providers to offer more personalized, efficient, and quality services to patients. Hence, the demand for the EHR market will grow during the forecast period.
Market Growth Drivers
The growth of the electronic health record (EHR) market in Hong Kong is driven by factors such as increasing government initiatives to promote the use of EHR systems, rising demand for cost-effective and efficient healthcare services, and growing awareness about the benefits of EHR systems among healthcare providers. Additionally, the aging population in Hong Kong is also expected to drive market growth.
By automating information access, the electronic health record (EHR) streamlines the clinician's workflow. Through a number of interfaces, the EHR can directly or indirectly assist numerous care-related tasks like evidence-based decision support, quality monitoring, and outcomes reporting. It is envisaged that these benefits will spur further expansion of the EHR market. Another aspect that is anticipated to drive the EHR market is clinicians' need for quick access to patient records.
Market Restraints
There are several obstacles to overcome in the construction of an EHR system. A fundamental problem is the uniformity of laboratory test results. Over the previous thirty years, many test measurements or units have changed, even within the same institution, making their calibration for comparative analysis necessary. An additional concern is a right to privacy. Patient data must be de-identified in order to protect data confidentiality. Even after the elimination of personal information, a patient's location can be determined by combining data from numerous laboratories. I believe that the legislation has to be modified to allow unusual uses of medical records for research and the development of a truly national database by organizations other than hospitals.
Key Players
Policy changes and Reimbursement scenario
In Hong Kong, the eHRSS has been designated by law as the principal EHR system implemented in Hong Kong (Electronic Health Record Registration Office, 2021). Specific to Hong Kong’s case, the concepts of EHR adoption and adoption of eHRSS are interchangeable given the city’s own specific circumstances.
The eHRSS has a privacy protection mechanism for regulating access rights to patient data. Different healthcare professionals have different access levels to data and functions. The designated list of healthcare professionals includes pharmacists, dentists, doctors, midwives, nurses, medical laboratory technologists, occupational therapists, optometrists, radiographers, and physiotherapists. Access to the relevant parts of EHR has been limited to the relevant professional service under the “need-to-know” principle. On the other hand, patients can authorize access using a Hong Kong identity card or a one-time password sent to their mobile phones for authentication. As an additional security feature, all access to EHR will be logged and are subjected to audit and inspection (Electronic Health Record Registration Office, 2021b).
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
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
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.
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.
Methodology for Database Creation
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How Do We Get It?
Our database is created and maintained through a combination of secondary and primary research methodologies.
1. Secondary Research
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2. Primary Research
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Combining Secondary and Primary Research
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