Published: Jul, 2018
The global electronic health records market is competitive in nature and is projected to experience a significant rise in the level of competition throughout the forecast period, states a new market research study by Transparency Market Research. The rapid growth in digitalization is considered as one of the major factors expected to enhance the overall growth of the market in the next few years. Some of the key players operating in the electronic health records market across the globe are Allscripts Healthcare Solutions, Inc., Athenahealth, Inc., Cerner Corporation, eClinicalWorks, Epic Systems, CPSI, GE Healthcare, Greenway Health, LLC, 4medica, Medical Information Technology, Inc., McKesson Corporation, and NextGen Healthcare. The leading players in the market are focusing on research and development activities, which is predicted to enhance the overall growth of the market in the near future. Furthermore, the rising number of mergers and acquisitions are projected to enhance the competition level among the players in the coming years.
According to the research study by Transparency Market Research, in 2016, the global market for electronic health records was worth US$23.22 bn. The market is estimated to reach a value of US$38.29 bn by the end of 2025, exhibiting a healthy 5.70 CAGR between 2017 and 2025.
Asia Pacific and Europe to Witness High Growth in Coming Years
The global market for electronic health records has been classified on the basis of geography into the Middle East and Africa, North America, Latin America, Asia Pacific, and Europe. Among these, Asia Pacific and Europe are projected to witness high growth throughout the forecast period. The high growth of these two regions can be attributed to the rise in the geriatric population and the potential rise in the pressure of restriction on the healthcare expenses. In addition to this, the increasing requirement of remote monitoring and the growing need of patients care are some of the other factors that are predicted to encourage the growth of these two regions throughout the forecast period. Furthermore, the rapid growth of the healthcare sector is another key factor predicted to enhance the market growth in the near future.
On the basis of installation, the global market for electronic health records has been classified into client server based EHR, web based EHR, and software as services. Among these, web based electronic health records segment is projected to witness high growth in the next few years, leading the global market in the near future. Furthermore, the software as a service segment is anticipated to grow at a rapid rate in the next few years, thanks to the rising preference of physicians across the globe.
Increasing Awareness Regarding Benefits Electronic Health Records System to Drive Market
The increasing number of benefits with electronic health records system and the rising monetary incentives are some of the key factors that are anticipated to encourage the growth of the global electronic health records market throughout the forecast period. The enhancement of the patient data and the reduced healthcare cost in the long term cases are further projected to accelerate the overall growth of the market in the near future. In addition to this, the development of the healthcare sector and the maintenance of the medical history of patient data, expanded patient support, and the enhanced effectiveness of healthcare providers are some of the other key factors that are predicted to generate promising growth opportunities in the market throughout the forecast period.
This information is based on the findings of a research report published by Transparency Market Research (TMR), 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.”
- The rising prominence of e-medicine is one of the major factors anticipated to encourage the growth of the overall market in the next few years.
- The rising benefits of electronic health records to offer growth opportunities for the market players in the coming years.
The global electronic health records market has been segmented as below:
- Global Electronic Health Records Market, by Installation
- Web Based
- Client Server Based
- Software as Services
- Global Electronic Health Records Market, by End User
- Physician Office
- Ambulatory surgery centers
- Global Electronic Health Records Market, by Geography
- North America
- United States
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Rest of the World
- South Africa
- Saudi Arabia
- Rest of the World
- North America
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