Electronic Health Records Market will Exhibit a Promising 5.7% CAGR From 2017 to 2025
Posted: Feb 11, 2019
Transparency Market Research reports the global electronic health records market to witness a remarkable growth in the coming years because of the fast growing digitalization. The market is very competitive with many players striving to get the dominant share in the market. The rise in funds for research and development activities in order to produce better results in terms of healthcare monitoring devices and especially electronic health records.
Major players of the global electronic health record market are Athenahealth, Inc., Medical Information Technology, LLC, Greenway Health, Allscripts Healthcare Solutions, Inc., 4medica, and McKesson Corporation. Vendors are also focusing and trying to increase the number of merger and acquisition strategies in order to increase their expansion and grab a better hold of the market share in the future.
As per the records of TMR, the global electronic health record market is presumed to be valued at US$38.29 bn by 2025, with a healthy CAGR of 5.70% within the forecast period of 2017 to 2025. As per the segmentation by installation, the global market for electronic health record is expected to be dominated by the web based electronic health records segment because of the internet and software being a service segment. This is expected to increase the growth rate of the market in the years to come.
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Geographically, the market is expected to be dominated by the Europe and Asia Pacific region because of the rising age old population and their growing need for healthcare monitoring. Apart from that, North America is seen to be having a stable growth rate because of the early adoption of new techniques and also early maturity of the market.
Records Make it Easier for Doctors to Keep Check on Patient’s Medical History, thus propelling market
The main factors for boosting the electronic health record market is the rise in geriatric population and the increasing number of chronic diseases which needs electronic health record in order to keep check on their personal health and accordingly take medications. Other factors to accelerate the growth of the market is the fast developing healthcare sector and the government support it is getting in order to improve the infrastructural and medical scenario of the world. Adding to this, keeping medical records has become very important both for the patient as well as for the doctor and hospital centers in order to keep tract of his health, whether there has been any improvement in the health of the patient. Records are even helpful in cases where senior doctors or specialists are consulted or when one medical case passes on from one geographical location to another.
Electronic health monitors and records also increases the adopting techniques of clinical trial management, clinical decision support system, and data mining along with other software solutions. The increase in preference and usage of these softwares also propel the market for electronic health record market in the years to come.
The use of electronic health records not only gives a better and in-detailed description of the patient’s health but also gives him a personal level satisfaction since his medical condition is not just limited to doctors but is also present in black and white so that he can rely on the computerized reports.
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Better Healthcare Standards to Boost Market in Long Run
Reduction in medical expenditure is also propelling the market for electronic health record in the long run. With cheaper treatment and examination rates, people from different status levels are also able to afford them and hence opting for these procedures. Adding to that, there is also rise in the standard of healthcare and medical facilities and personal medical care systems as well which is further estimated to fuel the electronics heath record market at a global level.
The information presented above is based on the findings of a research report, titled, "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 2017 – 2025".
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Transparency Market Research (Tmr) is a U.S.-based provider of syndicated research, customized research, and consulting services.