The Australia Electronic Health Records Market, valued at USD 750.1 million in 2022, is expected to reach USD 1451.3 million in 2030, growing at a CAGR of 8.6% for the forecasted period between 2023 and 2030F. The Australia Electronic Health Records Market is driven by the increasing adoption of electronic health records, enhanced patient engagement, interoperability, and data sharing, growing emphasis on health data analytics, increasing engagement with telehealth, and developing focus on data security and government initiatives. The Australian Institute of Health and Welfare (AIHW) reported that in 2019-20, the total expenditure on healthcare amounted to $194.6 billion, equivalent to 9.5% of the country’s GDP. The government-funded most of this spending (68%), while the remaining 32% came from private sources. Australia has been at the forefront of digital health advancements, with various initiatives and programs implemented to promote technology integration in healthcare. Government initiatives like My Health Record, which focus on maintaining the health records of all Australian citizens, are also contributing to the expansion of diverse digital health systems platforms in the country.
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Growing Focus on Health Data Analytics
In Australia electronic health records market, there has been a growing emphasis on health data analytics to unlock the full potential of digital healthcare systems. Healthcare providers and organizations recognize the immense value of analyzing the vast amounts of patient data captured through electronic health records. By leveraging advanced data analytics techniques like artificial intelligence and machine learning, healthcare professionals can gain valuable insights into patient populations, identify trends, predict health risks, and optimize treatment strategies. Health data analytics not only enhances clinical decision-making but also aids in improving population health management, resource allocation, and overall healthcare outcomes. As the adoption of EHRs continues to rise, the integration of health data analytics is becoming a critical component in shaping the future of healthcare delivery in Australia.
Professional Services Account for the Highest Market Share in EHRs
In the Australia Electronic Health Records Market, professional services hold the highest market share, signifying their critical role in supporting the successful implementation and integration of EHR systems for healthcare providers. These professional services encompass a range of offerings, including consulting, customization, training, and technical support, ensuring that healthcare organizations can effectively adopt and utilize EHR solutions tailored to their unique needs. While professional services lead the market, other segments, such as software licenses, monthly/annual subscriptions, and technology resale, also play significant roles. Software licenses give healthcare providers the ownership and rights to use EHR software on their premises. Monthly/annual subscription models offer a more flexible and cost-effective approach, allowing healthcare facilities to pay for EHR services continuously. Additionally, technology resale involves distributing and selling EHR solutions through third-party vendors, expanding the accessibility and reach of these digital healthcare platforms across the Australian market.
Government Initiatives
Government initiatives and policies have played a pivotal role in promoting the adoption and advancement of digital healthcare systems. One of the key initiatives is the My Health Record program, which aims to maintain the health records of all Australian citizens in a secure and accessible digital format. This opt-out program allows individuals and healthcare providers to participate in a national electronic health records system, fostering seamless information sharing and improved patient care coordination. The government also emphasizes data interoperability and health information technology integration, encouraging healthcare facilities to invest in EHR platforms that promote seamless data exchange and collaboration among healthcare settings. These initiatives ensure that the country’s healthcare ecosystem remains at the forefront of technological advancements, enhancing the overall efficiency, quality, and accessibility of healthcare services across Australia.
The Australia Digital Health Agency has prolonged Accenture’s support for My Health Record with a contract extension valued at USD 100 million. The federal government has committed to pay this amount to Accenture for continued assistance for another three years. The focus of this extension is to gradually decommission the legacy infrastructure that currently supports the My Health Record system.
Cloud-based EHRs will Dominate the Market in the Future
In the forecast period, cloud-based EHRs will emerge as the dominant choice over on-premises and remotely-based EHR systems. Their enhanced flexibility, scalability, and cost-effectiveness drive the growing preference for cloud-based solutions. Healthcare providers are drawn to the convenience of secure and seamless access to patient data from anywhere, enabling efficient care coordination and supporting telemedicine services. Additionally, cloud-based EHR platforms often come with regular automatic updates and maintenance, reducing the need for on-site IT support and other operational burdens. As the healthcare industry continues to prioritize digital transformation, the advantages offered by cloud-based EHRs make them the leading solution for driving innovation, improving patient care, and streamlining healthcare operations in Australia.
Impact of COVID-19
The COVID-19 pandemic significantly impacted the Australia Electronic Health Records Market. With the rapid spread of the virus and the necessity to minimize physical contact, the adoption of digital health technologies, including EHR systems, witnessed a notable acceleration. Healthcare providers turned to EHRs to enable telehealth services, facilitate remote patient monitoring, and ensure seamless access to patient data during heightened demand. The pandemic highlighted the importance of interoperability in healthcare systems, prompting healthcare facilities to prioritize integrated EHR solutions that can efficiently share patient information across various settings. Moreover, the pandemic underscored the significance of data analytics and artificial intelligence in predicting disease patterns, managing resources, and optimizing healthcare delivery. As a result, the Australia electronic health records market experienced a boost in technological advancements, emphasizing the role of digital health in ensuring efficient and effective patient care during challenging times.
Australia Electronic Health Records Market: Report Scope
Australia Electronic Health Records Market Assessment, Opportunities and Forecast 2016-2030F is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative & and quantitative assessment of the current state of Australia electronic health records market, industry dynamics and challenges. The report includes market size, segmental shares, growth, trends, COVID-19 impact, opportunities and forecast between 2023 and 2030F. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business model, competitive intelligence, etc.