Published Date : Jun 23, 2016
The global electronic health records market is expected to gain significant impetus as physicians around the world increasingly adopt information technology to streamline their daily activities. According to a report published by Transparency Market Research, the global electronic health record market, which stood at US$18.93 bn in 2014 is expected to reachUS$30.28 bn by the end of 2023. The market is therefore expected to exhibit a CAGR of 5.4% between 2015 and 2023.
Need for Accuracy in Maintaining Health Records of Patients to Boost Global EHR Market
Electronic health record (EHR) provides accurate summary of medical and health records of a patient generated electronically during a clinical encounter. An EHR system is designed to maintain electronic health records of a patient’s medical history. EHR services are mainly provided by third party service providers over a certain period of time. These providers also assist clinicians in maintaining crucial clinical data such as past medical history of patients, progress notes, demographics, medications, laboratory data, vital signs, side-effects, and other information considered relevant to patient care.
Government Incentives on EHR Deployment to Drive Global EHR Market
As the healthcare industry becomes more aware of the benefits of deploying EHR systems, the market for electronic health records will witness robust growth in response. Furthermore, governments around the world are also extending financial incentives to healthcare institutions and clinicians for deploying EHR set-ups. An EHR system provides efficiently maintains information regarding patients, thereby helping to reduce cost healthcare cost incurred for the same in the long-run. Electronically maintaining health records will also help clinicians by reducing the chances of medical errors. It ensures access to relevant patient data, increases patient participation, and contributes significantly in improving the efficiency of healthcare service providers. The growing awareness about aforementioned advantages is encouraging healthcare professionals to invest on advanced EHR systems.
Based on type of installation, the global electronic health records market can be segmented into web-based services, software as a service, and client-based servers. The rising installation of EHR systems in healthcare industries around the world is also aided by the rising need for improving patient care. Adoption of such technological advancements also enables data access through smartphones.