Electronic Health Records (EHR) Market Research Report - Analysis and Forecast to 2024
The global electronic health records (EHR) market was estimated at USD 23.2 billion in 2017, and is expected to reach USD 37.7 billion by 2024. The primary driving force for the growth of the market includes the rise in adoption rate of EHR, incorporation of Healthcare information technology (HCIT), and the growing geriatric population with the subsequent rise in number of chronic diseases. The government initiatives to go paperless for documentation of healthcare data, and the growing trend of cloud-based EHR software in the industry is expected to grant opportunities to key players of the market.
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The web based led the global EHR market by mode of delivery, in 2017. This leap over client server based mode of delivery options is due to the large scale adoption of web based EHR systems among healthcare providers, since it reduces the overall cost of installation and requirement of hardware and software systems. Additionally, the cloud based mode of delivery is witnessing a steep growth in the global EHR market attributing to its increasing rate of adoption, which is expected to observe a high demand even in the future.
The industry on the basis of end user is categorized into hospitals and ambulatory care. The large number of patient pool in hospitals results in generation of large volume of data. This has led the inclination of hospitals to adopt EHR systems to manage their patient’s clinical data, leading to the larger contribution of hospitals in the global EHR market. The hospitals constitute 82.7% share of the global market in 2017 and is expected to lead the market in size during the forecast period.
North America is the largest contributor to the global EHR industry, whereas Asia-Pacific is expected to witness a significant growth at a high CAGR of 9.1% during the forecast period. The growth is driven by the increased healthcare expenditure as a percentage of GDP, for the development of better healthcare infrastructure and facility. Moreover, the rise in adoption of HCIT services in healthcare is another factor driving the region growth in the global market by 2024.
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The key players of the EHR industry are maintaining their competency through launching of new products. For example, in March 2018, Allscripts Healthcare Solutions, Inc. unveiled Avenel, the company’s new electronic health record (EHR). Mobile-first and cloud-based, Avenel creates a community-wide shared patient record, uses machine learning to reduce time for clinical documentation and is designed to work like an app instead of traditional software.
Some of the leading players of the global EHR market include McKesson Corporation, Cerner Corporation, Epic Systems Corporation, NextGen Healthcare Information Systems, LLC, GE Healthcare, Greenway Health, LLC, eClinicalWorks, and athenahealth Inc.Contact
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