The global electronic health records market is foreseen to witness a laudable growth in the coming years of forecast period from 2017 to 2025, owing to rise in digitalization all across the globe. Athenahealth, Inc., Allscripts Healthcare Solutions, Inc., Cerner Corporation, eClinicalWorks, CPSI, Epic Systems, GE Healthcare, Medical Information Technology, Inc., Greenway Health, LLC, McKesson Corporation, 4medica, and NextGen Healthcare are among the leading organizations dominating the global market. The global electronic health records market is highly focused due to emergence of well-known players in the market. In this market, the key players are reliably putting resources into research to create advanced healthcare IT solutions. The established vendors are continuously dealing with solid competition from the new firms that are able to provide cloud-based electronic health records systems. The competition between the players is anticipated to heighten with increase in mergers and acquisitions and the consolidation of the market.
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According to Transparency Market Research (TMR), global electronic health records market is expected to flourish decently with a CAGR of 5.7% within the period from 2017 to 2025. In year 2016, the market was evaluated to be around worth US$23.22 bn. This figure is expected to reach somewhere around US$38.29 bn by the end of 2025. Based on installation, the global electronic health records market is dominated by SaaS (software as a service) segment among the medical practitioners, due to its ability to reduce technical faults and low front-end expenses. However, web-based electronic health records segment is preferred owing to its low deployment cost. Geographically, Asia Pacific and Europe are the key regions in terms of revenue contributors in the global market. Due to Rise in old age people, rise in pressure of restriction on healthcare expenses, requirement of remote monitoring, and increased need of patients care are propelling factor in the growth of these regions.
Reduced Healthcare Cost to Support Market Growth around World
Noteworthy benefits related with electronic health records system and monetary incentives by governments of different nations are among the major driving factor for the development of electronic health records market, around the world. Advantages of electronic health records frameworks incorporate updated patient data, decreased healthcare cost in the long term cases, easy access to data related with the patient – may it be their medical history or their family details, diminished medicinal mistakes, expanded patient support and better effectiveness of healthcare providers. These points of interest urge healthcare suppliers to train themselves with technologically upgraded electronic health records solutions, which drive the market demand.
Global Digitization to Affect Positively on Overall Market of Electronic Health Records
The rising prominence of e-medicine is one of the key reason driving the development of this market. Electronic remedy or eRX encourages the transformation of medicinal prescription into a digital format, which can be saved in EHR systems, without any inconvenience. E- Prescription lessens the pharmaceutical blunders and guarantee the wellbeing of the patients. Moreover, as e-solutions can be accessed to through cell phones utilizing mobile apps. Additionally, they help patients in looking for drug stores to buy the recommended medicines. The comfort related with e-medicines will prompt the growth of electronic health records market in coming years, real soon.