The global market for electronic health records has been expanding alongside the rising adoption of better technologies across the healthcare industry.
Description:
The global market for electronic health records has been expanding alongside the rising adoption of better technologies across the healthcare industry. Not only have medical practitioners become wary of the various means of easing the treatment procedures but governments have also begun investing in facilitating better treatments for patients. This has elevated the overall standards of the healthcare industry and has led to the deployment several new medical technologies. Electronic health records are also amongst a multitude of nascent technologies that have helped the medical fraternity in reaching its full potential. Furthermore, hospitals and healthcare centers have been undergoing key renovations in their physical infrastructure, which has eased the installation of electronic health record systems. It is anticipated that the demand within the global market for electronic health records would reach new heights over the next decade. Besides this, the global market for electronic health records is expected to clock in revenues from the rising public and private expenditure on healthcare. Electronic health records help in storing, retaining, and retrieving the medical history of patients, and this in turn helps doctors and medical practitioners in effectuating treatments.
The global market for electronic health records is foreseen to expand at a robust CAGR of 5.70% over the period between 2017 and 2025, according to Transparency Market Research (TMR). Furthermore, the total revenues expected to be accumulated by the global market for electronic health records by 2025 is US$38.29 bn.
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- Growth of IT and Digitization
Information Technology (IT) has pervaded several areas of operation due to the ability of the former to make positive changes to the framework organizations. Similarly, IT services are also being used across hospitals and healthcare centers to store and retain patients’ data. This has given a boost to the demand within the global market for electronic health records in recent times. Furthermore, the digitization of healthcare has helped medical practitioners in staying abreast with the health of patients at all points in time while analysing their medical history. Owing to this factor, doctors and medical practitioners have also confided in the ability of electronic health records to facilitate better treatments.
- Rising Population in Asia Pacific
The market for electronic health records has been growing at a starry rate in Asia Pacific in recent times. The rising incidence of diseases coupled with the growing population in India and China has created a pressing need for maintaining electronic health records of patients. Hence, the market in Asia Pacific holds commendable potential for growth over the forthcoming years.
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- SaaS Deployment Remains the Most Promising Prospect
Web-based deployment have made their way into most many hospital, and healthcare system across the world. Their deployment promises significant advantages to players in the healthcare sector as these are often easy to deploy, and can be installed on premise without the need of exuberant costs of additional hardware. Moreover, these also promise significant improvements in productivity and cost-savings at the same time. SaaS based systems come in different varieties. Among these, the web-based systems are expected to remain most prominent across hospitals. The alternative to these systems, the client-server based EHR systems are ideal for large chains of hospitals in countries like the United States. The necessity of confidentiality, and increasing infrastructure developments like datacenters across the country are expected to drive major growth for the HER systems in United States. Moreover, rise of cloud systems like Azure, Google Cloud, and AWL are also expected to provide more choice to large players as shifting data to cloud and gain benefits like machine learning becomes viable with introduction of new systems.
- Market Players
The market players in the global market for electronic health records are concentrating on developing better products that use artificial intelligence and internet of things (IoT) for their functioning. Some of the leading players in the global electronic health records market are Epic Systems, GE Healthcare, eClinicalWorks, and Greenway Health, LLC.
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