Electronic Health Records Market Grows in Importance in Healthcare Industry
As physicians’ around the world adopt information technology to streamline their routine work, it is expected to give a major boost to the global electronic health records solution market. In a report, titled “Electronic Health Records Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023,” Transparency Market Research, provides a holistic overview of the various factors influencing the market. The report has pegged the value of the global electronic health records solution market at US$18.93 bn in 2014. Rising at a CAGR of 5.4%, the market is expected to reach US$30.28 bn by the end of 2023.
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Electronic health records (EHR) provide a summary of medical records generated electronically during a clinical encounter. An EHR is designed to provide an electronic record of medical history of any patient. These records are maintained by third-party service providers over time. The service providers help clinicians in maintaining key administrative clinical data such as progress notes, demographics, medications, side-effects, vital signs, laboratory data, past medical history, and other information relevant to patient care.
Apart from knowledge about the significant advantages of EHR, financial incentives by governments worldwide are among the prime factors boosting the global EHR solution market. An EHR system provides up-to-date information regarding patients, helps in reducing healthcare cost in the long-term, reduces the chances of medical errors, ensures quick access to data related to patients, increases patient participation, and contributes in improving the overall efficiency of healthcare providers. These advantages are turning healthcare providers in favor of adopting technically advanced EHR systems. Furthermore, favorable policies and financial incentives offered by governments will stimulate the adoption of EHR systems in developing regions.
Based on installation type, the global electronic health records solution market is segmented into client-based servers, web-based services, and software as a service. The rising installation of EHR systems across the healthcare industry can be attributed to the increasing need for enhancing efficiency in patient care, technological advancements prompting data access through smartphones, and the rising disposable income of potential consumers.
Web-based EHR systems have emerged as the most popular solution among medical professionals since they help in reducing the deployment cost. Client-server based EHR system on the other hand require upfront installation fees, which restraints their deployment in small and mid-size practices. Besides this, the software-as-a-service (SaaS) segment is expected to rise at a robust pace during the forecast period. Higher preference for SaaS is noted among physicians since it helps in eliminating technical glitches and has lower upfront costs.
To study the market’s competitive landscape, the report also profiles companies such as CPSI, Cerner Corporation, Allscripts Healthcare Solutions, Inc., GE Healthcare, Medical Information Technology, Inc., Medical Information Technology, Inc., and others.
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