Electronic Health Records Market Is Expected to Grow at a Robust CAGR by 2025

A research study titled, “Electronic Health Records Market by Type, Installation, and End User - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that electronic health records market is projected to be around $33 billion by 2025.

The U.S. Centers for Medicare & Medicaid Services has defined Electronic Health Record (EHR) as an electronic version of a patient’s medical history. It is an electronic record of a patient’s health information generated through one or more encounters in any care provider’s setting. These records include information such as patient demographics, problems, progress notes, vital signs, medications, past medical history, laboratory data, immunizations and radiology reports. An EHR system streamlines and automates clinician's workflow. The EHR system can also directly or indirectly support care related activities through different interfaces including quality management, evidence based decision support and outcome reporting. EHRs assist healthcare providers in providing better care and taking better informed decisions.

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Report Overview:
The key benefits of EHR systems are improved patient care, increased patient participation, enhanced care coordination, improved diagnostic and patient outcomes, and increased practice efficiency. According to a survey conducted by the U.S. Department of Health and Human Services, in 2014, 79% healthcare providers reported increase in practice efficiency by using an EHR system whereas 70% healthcare providers reported improvement in data confidentiality. Providers can have quick access to patients’ records from remote locations which can save valuable time while dealing with emergency cases.

The key driving factors for the EHRs market are technological advancements in healthcare IT, rising need to streamline different healthcare systems, and favorable government initiatives for adoption and implementation of EHR systems. With EHRs, healthcare providers can give their patients complete and accurate information regarding their medical evaluations. Hospitals segment dominated the EHR market in terms of end users owing to the increasing adoption of EHR systems by hospitals to integrate and manage health information of their patients, thus favorably facilitating streamlining of the clinical workflow.

Regional Outlook:
U.S. dominated the North American EHR market in 2016 owing to the presence of favorable legislations related to the promotion of IT in healthcare such as the Health Information Technology for Economic and Clinical Health (HITECH) Act of 2009 and other favorable initiatives leading to large scale adoption of EHR systems by healthcare institutions in the country. Emerging economies such as China and India are expected to show significant increase in the adoption of EHR systems as a result of rising healthcare expenditure in these countries facilitated by favorable economic growth.

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Prominent Players:
Some of the Prominent players operating in the global HER market are, CompuGroup Medical, Merge Healthcare Incorporated (an IBM company), Greenway Health, LLC, athenahealth, Inc., NextGen Healthcare Information Systems, LLC (a part of Quality Systems, Inc.), General Electric Company, eClinicalWorks, LLC, Epic Systems Corporation, Cerner Corporation, Allscripts Healthcare Solutions, Inc. and McKesson Corporation.

Key Findings of the Research Study:
Web-based EHR segment dominated the global EHR market in 2016 owing to the large scale adoption of these EHR systems supported by low-cost installations favorable for small scale healthcare institutions.

Acute EHR segment accounted for nearly half of the overall EHR market in 2016 whereas post-acute EHR segment is projected to showcase fastest growth during the forecast period.

Hospitals segment accounted for a major share of the EHR market with respect to end users in 2016 due to the large scale acceptance of EHR systems in hospital settings for effectively recording health related data of the patients.

Asia-Pacific EHR is expected to witness fastest growth throughout the forecast period while growing with a high single-digit CAGR. This significant growth can be attributed to the increasing demand for improved healthcare infrastructure by the population in the region.