Hong Kong Electronic Health Records Market Analysis

Hong Kong Electronic Health Records Market Analysis


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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.

ID: IN10HKDH008 CATEGORY: Digital Health GEOGRAPHY: Hong Kong AUTHOR: Chandani Patel

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Hong Kong Electronic Health Record (EHR) Market Executive Summary

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.

hong kong electronic health record market analysis

Market Dynamics

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.

Competitive Landscape

Key Players

  • 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 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

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”.

 

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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:

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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.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

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: 26 January 2023
Updated by: Shivam Zalke

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