Electronic health records (EHR) are a systematic collection of patient data and related health information stored electronically in a digital format. These records comprise a wide range of information including medical history, personal statistics, demographical data, immunization status, radiology images, allergies and medication, and billing information. The implementation of electronic health record solutions helps in reducing the occurrence of medical errors by enhancing the clarity and accuracy of medical records. Thus, several hospitals and clinics across the globe are adopting electronic health record solutions, driving the overall market.
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In 2014, the global market for electronic health record solutions was worth US$18.93 bn and is estimated to reach a value of US$30.28 bn by the end of 2023. The market is anticipated to register a 5.40% CAGR between 2015 and 2023.
High Installation Cost to Dampen Growth Prospects of Global EHR Solution Market
In recent years, physicians across the globe have widely adopted electronic health records systems in order to streamline their routine work and cut down on management expenses. This trend is anticipated to fuel the growth of the global electronic health records solution market in the next few years. Moreover, government incentive programs are projected to boost the demand for EHR systems in the near future. On the flip side, the high installation cost of electronic health records solutions and absence of skilled IT experts in the healthcare domain are curtailing the growth of the overall market.
The electronic health records solution market worldwide can be classified on the basis of installation into software as a service, client server-based, and web-based services. Electronic health records solutions find applications in ambulatory services, hospitals, and physician offices. Installations of electronic health records solutions are projected to rise substantially in the coming few years, owing to the technological developments stimulating data access using smartphones, increasing disposable income among the population, and growing need for improving efficiency in patient care.
North America to Lead Global EHR Solution Market
Among the key geographical segments, in 2014, North America accounted for a massive share in the global electronic health records solution market, thanks to the significant contribution from Canada and the U.S. In addition, the growing awareness among healthcare facilities regarding the advantages of implementing electronic health records and government initiatives to implement EHR are projected to accelerate the growth of the electronic health records solution market in North America in the coming few years.
On the other hand, Europe is projected to witness substantial growth in the next few years, owing to the rising need for remote monitoring, growing geriatric population, and rising demand for improved healthcare facilities.
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Some of the key players engaged in the global EHR solution market are Medical Information Technology, Inc., GE Healthcare, Cerner Corporation, CPSI, and Allscripts Healthcare Solutions, Inc. These players are making efforts to develop innovative products in order to expand their consumer base and gain a competitive advantage in the global electronic health records solution market.