The report forecasts the global electronic health records market to grow at a CAGR of 5.53% during the period 2016-2020.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend impelling growth in this market is the increased adoption of predictive analytics. Healthcare organizations generate massive amount of clinical data such as patient health data and non-clinical data such as administrative and financial data. The ever increasing volume, variety, and velocity of clinical and non-clinical data have compelled healthcare organizations to implement statistical tools, data science, and mining technology.
Further, the report states that the high cost of EHR solutions will act as a significant barrier for this market's growth. The cost of implementing healthcare information system is expensive as it requires installation of software, hardware, networking infrastructure, IT support, and training fees. In addition, the integration of EHR systems with pharmacy information and laboratory information systems for information exchange requires additional hardware and software installation costs that may not be affordable for hospitals in developing countries.