Global Electronic Health Records Market is expected to grow at a CAGR of 5% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Electronic Health Records Market by Product (Web-Based, Client Server-Based), End-Use (Ambulatory Care, Hospitals), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.
The global electronic health records market is expected to grow from USD 27.30 billion in 2019 to USD 40.34 billion by 2027, at a CAGR of 5% during the forecast period 2020-2027. Asia Pacific is expected to show a significant share over the forecast period. Increased demand in healthcare services, a rise in the investments by the government and the spread of awareness in emerging economies are contributing to the growth of the market. Also, production of low-cost electronic chips in the region are driving the growth of the market.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Key players in the electronic health records market are Allscripts, MEDITECH, NextGen Healthcare, eClinicalWorks, Healthland, Cerner, Epic Systems Corporation, Healthcare Management Systems, CureMD Healthcare and McKesson Corporation. Cerner acquired information system of Siemens Corporation. Company emphasizes on administrative hospital IT and patient electronic records which provides several facilities. Also, the company is focusing on customized EHR systems in order to cater to the personalized needs.
The product segment includes web-based and client server-based. Web-based electronic health records segment has the highest growth in the market. Web-based systems are widely used among care providers and physicians which are operating on a smaller scale. It is installed without in-house servers and provides improvement and customization according to the requirements. The web-based system is convenient for small-scaled laboratories, pharmacies and clinics. The end-user segment includes ambulatory care and hospitals. Ambulatory care is expected to show significant growth over the forecast period. Ambulatory care is highly beneficial as it is convenient to both patients and care providers. The segment is reliable for effective data management. A rise in preference to electronic health records by the medium-scaled healthcare providers are contributing to the growth of the market.
Increased demand for technologically advanced data management systems by the medical professionals is driving the demand for the market which optimizes resources and time. Improved healthcare facilities, rise in the requirement of remote monitoring, and technologically advanced software are contributing to the growth of the market. Further, an increase in the number of chronic diseases, a surge in ageing population, increased use of cloud-based software and change in the preferences towards electronic health records system are driving the growth of the market. It also enables patients satisfaction and system productivity. A rise in the adoption of clinical trial management system, clinical decision support system and data mining are expected to boost the market.
About the report:
The global electronic health records market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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