According to a new market report published by Transparency Market Research “Electronic Health Records Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023” the global EHR market was valued at US$18.93 bn in 2014 and is expected to grow at a CAGR of 5.4% from 2015 to 2023, to reach an estimated value of US$30.28 bn by 2023.
An electronic health record, or EHR, is a systemized collection of a patient’s health data stored in a digital format. The health information thus stored is much easier to search, share, access and analyze. Health records are shared through network connected information systems across different health care settings so that different doctors can give their expert opinion. EHR includes a series of data, namely demographics, allergies, medical history, immunization status, medication, lab test results, age, weight and billing status. An EHR records accurate data and eliminates the need to track down previous medical history or papers, reducing tedious paperwork, data replication, and rework. Moreover, EHR is highly effective in extracting mass medical data for population studies. These significant advantages of EHR systems have led to drastic growth of the global electronic health records market.
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While in the past, the use of EHR systems has been limited to medium-sized and large hospitals, it is expected that the use of these systems will increase significantly in the period from 2015 to 2023, fueling the global electronic health records market. The several advantages of using EHR systems, coupled with the financial incentives offered by the governments of various countries, are the major drivers for the EHR market worldwide. The global electronic health records market is estimated to grow at a CAGR of 5.4% from 2015 to 2023, and could reach US$30.28 bn by the year 2023.
Benefits of adopting EHR Systems Propel Growth of Electronic Health Records Market
The benefits of using an EHR system such as its accuracy, efficiency, and reduced medical errors are hugely responsible for the rapidly growing global electronic health records market. More and more healthcare providers are opting for the technically advanced electronic health records systems so as to save time and resources, thus impacting the global electronic health records market positively. The rapidly increasing geriatric population and the consequently growing need for remote monitoring of this demographic, coupled with an increased pressure for containment of health care costs, and the demand for improved patient care have led to an increase in the electronic health records market in the U.K. and Germany.
The global electronic health records market is segmented by installation type into web-based, client server-based, and software as a service. By end use, the market is categorized into hospitals, ambulatory services, and physicians’ offices. Lastly, the geographical segmentation includes the segments of Europe, North America, Latin America, and Asia Pacific.
High Installation Costs of EHR systems Restrain Global Market
The global market for electronic health records features a large number of key players. Some of the key vendors operating in the global electronic health records market are Epic Systems, Allscripts Healthcare Solutions, Inc., eClinicalWorks, Athenahealth, Inc., GE Healthcare, Cerner Corporation, Greenway Health, LLC, Medical Information Technology, Inc., 4medica, McKesson Corporation, and NextGen Healthcare.
Factors such as the high cost for installation of EHR systems and lack of skilled IT professionals working in health care facilities are restraining the global electronic health records market. Apart from these restraints, which can be readily overcome with the growing usage of these systems in the coming years, the future of the global electronic health records market seems to be very bright.
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