- Technological advances in electronic health records market to increase patient's access to medical data for healthcare professionals, boosting their ability to offer better outcomes
- Healthcare providers in developed regions receive huge incentives for transition to electronic health record systems, software as services segment proving to be cost-effective
ALBANY, N.Y., Aug. 12, 2020 /PRNewswire/ -- Electronic health records (EHRs) comprise digital forms of patient records that include wide range of information related to patient's medical history, test results, and treatment plans. Clinicians in private clinics, hospitals, and ambulatory surgery centers are leveraging electronic health records to drive better patient engagement and outcomes, manage chronic diseases, and potential health threats to various populations. These gains are based on high productivity and efficiency of EHRs, high accuracy, less chances of error, and automated access to patients' data for managing population health issues.
Analysts at TMR largely concur that growing awareness of the aforementioned benefits, coupled with substantial governments' incentives in the developing world, will help the electronic health records market to garner CAGR of 4.8% from 2019 to 2027. The projected valuation will be US$ 42,330.2 Mn by the end of 2027.
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Key Findings of Electronic Health Records Market Report
- The global valuation of EHRs market was pegged at US$ 26,126.3 Mn in 2018
- Of the various installation types, client server based segment led the market in 2018
- Another segment software-as-services is anticipated to expand at remarkable pace
- Geographically, North America contributed the major share of the market in 2018
- Asia Pacific electronic health records market is expected to rise at rapid CAGR during 2019–2027
- The EHRs market has a highly consolidate landscape
Explore 109 pages of top-notch research, incisive insights, and detailed country-level projections on Electronic Health Records Market (Installation Type - Web-based, Client Server-based, and Software as Services; End Users - Hospitals, Physicians Office, Ambulatory Surgery Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 – 2027 at https://www.transparencymarketresearch.com/report-toc/4153
Electronic Health Records Market: Key Driving Factors and Promising Avenues
Healthcare facilities in developed as well as developing nations have been increasingly transitioning to electronic health records system. Big ones have been early adopters, and the benefits and incentives to deploy such systems have hastened the adoption in small-sized healthcare providers. The following shape the key growth dynamics of the electronic health records market.
- Growing burden of chronic diseases, such as due to prevalence of cardiovascular diseases and strokes, is a key driver for adoption of EHR.
- Prevalence of infectious diseases in recent decades is also rising, according to several reports by the WHO.
- Stroke has been considered as the second leading cause of death worldwide. It has a yearly mortality rate of ~5.5 million and substantial morbidity for survivor population. This places strokes at the top of concern of public health issues, driving the deployment of EHR systems.
- One of the most common chronic diseases is CAD. EHRs have been proven to be very effective in managing such chronic diseases. Another area where both patient population and healthcare providers have reaped the benefist is the diabetic care.
- Focus on patient-centered care is another robust aspect of the expansion of the electronic health records market.
- Advances in platforms such as integration of EHR systems with artificial intelligence technologies and use of advanced predictive analytics methods are spurring new prospects in the market.
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Electronic Health Records Market: Competitive Assessment
The electronic health records market features a high degree of consolidation of market shares among few players. Most companies are either looking to expand their EHR portfolio, or consolidating their presence in various geographies. Some industry players are keen on getting into collaborations with academia to improve the performance of these systems, and further unveiling innovative products.
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Several players in the electronic health records market are striving to increase the interoperability of these with the existing digital health systems.
Some of the well-entrenched players in the electronic health records market are Advanced MD, Greenway Health, LLC, eClinical Works, DXC Technology Company, Cerner Corporation, and All Scripts Healthcare, LLC.
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The Electronic Health Records Market can be segmented as follows:
- Installation Type
- Web based
- Client Server Based
- Physician Offices
- Ambulatory Surgical Centers
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Explore Transparency Market Research's award-winning coverage of the global Healthcare Industry:
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