The global market for electronic health records has been expanding alongside the rising adoption of better technologies across the healthcare industry. Not only have medical practitioners become wary of the various means of easing the treatment procedures but governments have also begun investing in facilitating better treatments for patients. This has elevated the overall standards of the healthcare industry and has led to the deployment several new medical technologies. Electronic health records are also amongst a multitude of nascent technologies that have helped the medical fraternity in reaching its full potential. Furthermore, hospitals and healthcare centers have been undergoing key renovations in their physical infrastructure, which has eased the installation of electronic health record systems. It is anticipated that the demand within the global market for electronic health records would reach new heights over the next decade. Besides this, the global market for electronic health records is expected to clock in revenues from the rising public and private expenditure on healthcare. Electronic health records help in storing, retaining, and retrieving the medical history of patients, and this in turn helps doctors and medical practitioners in effectuating treatments.
The global electronic health records market is foreseen to expand at a robust CAGR of 5.70% over the period between 2017 and 2025, according to Transparency Market Research (TMR). Furthermore, the total revenues expected to be accumulated by the global market for electronic health records by 2025 is US$38.29 bn.
Growth of IT and Digitization
Information Technology (IT) has pervaded several areas of operation due to the ability of the former to make positive changes to the framework organizations. Similarly, IT services are also being used across hospitals and healthcare centers to store and retain patients’ data. This has given a boost to the demand within the global market for electronic health records in recent times. Furthermore, the digitization of healthcare has helped medical practitioners in staying abreast with the health of patients at all points in time while analysing their medical history. Owing to this factor, doctors and medical practitioners have also confided in the ability of electronic health records to facilitate better treatments.
Rising Population in Asia Pacific
The market for electronic health records has been growing at a starry rate in Asia Pacific in recent times. The rising incidence of diseases coupled with the growing population in India and China has created a pressing need for maintaining electronic health records of patients. Hence, the market in Asia Pacific holds commendable potential for growth over the forthcoming years.
The market players in the global market for electronic health records are concentrating on developing better products that use artificial intelligence and internet of things (IoT) for their functioning. Some of the leading players in the global electronic health records market are Epic Systems, GE Healthcare, eClinicalWorks, and Greenway Health, LLC.