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Rising Government Initiatives Driving Electronic Health Record Market

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Rising Government Initiatives Driving Electronic Health Record Market

January 20
06:58 2020
Rising Government Initiatives Driving Electronic Health Record Market
The global electronic health record (EHR) market is predicted to advance at a 5.4% CAGR during the forecast period.

The global electronic health record market attained $22.3 billion in 2017 and is predicted to advance at a 5.4% CAGR during 2018-2023. The market is growing due to the benefits of EHR in epidemiology studies and tracking adverse drug events, increasing government initiatives, surging demand for centralization and streamlining of healthcare administration, rising need for advanced healthcare information systems, and increasing investments by IT players in healthcare. The systematized collection of a patient’s health records stored in a digital format is referred to as EHR.

In terms of component, the EHR market is divided into patient management, referral management, practice management, e-prescription, population health management, and others (which include health analytics and decision support). Among these, the practice management division dominated the market during the historical period (2013–2017). The e-prescription division is projected to witness the highest CAGR of 5.9% during the forecast period because of the rising adoption of e-prescriptions by the healthcare providers. Various surgical and medical specialty organizations have made the utilization of these prescriptions mandatory.

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A key driving factor of the EHR market is the growing demand for centralization and streamlining of healthcare administration. Because of the availability of vast patient healthcare data, it has become important to collate this data in one software, thereby making it available for the healthcare providers easily, irrespective of their location. Moreover, streamlining the medical data has become necessary in order to reduce errors in medical documentation and decrease the time for generating medical claims. In addition, centralizing the healthcare data helps patient residing remote locations connect with the healthcare providers.

Another factor resulting in the growth of the EHR market is the increasing need for advanced healthcare information systems. An integrated healthcare information system aids in enhancing healthcare quality by digitizing patient records, enabling coordinated patient care, and supporting clinical decision making. EHR offers all this by systematizing services related to rehabilitation, diagnosis, care, and treatment and enhancing coordination between patients and healthcare providers. As fragmented healthcare information negatively impacts the quality of healthcare facilities and adds to the overall cost of treatment, the demand for EHR is increasing.

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The increasing government initiatives are also contributing significantly to the growth of the EHR market. The governments around the world are introducing several reforms in the healthcare sector for reducing healthcare costs and enhancing patient care. They are further encouraging clinics and hospitals to convert traditional health record into an electronic format as it helps in maintaining the quality of healthcare services. For example, the Health Information Technology for Economic and Clinical Health ACT was Passed in the U.S. in 2009 for modernizing and enhancing the healthcare system in the country.

Hence, the market is growing due to the rising need for advanced healthcare information systems, increasing healthcare initiatives, and surging demand for centralization and streamlining of healthcare information.

Browse Other Related Report by P&S Intelligence

Ambulatory EHR Market

The emergence of cloud-based ambulatory EHR solutions is providing wide opportunities to the players operating in the ambulatory EHR market. It is feasible to keep the data safe and fully accessible regardless of network traffic and time because of the development of cloud-based ambulatory EHR solutions. Moreover, cloud-based solutions need fewer resources, update automatically, require less capital investment, and take up less space, which results in cost savings for the clinics as they do not require extra resources in order to support heavy hardware installations.

https://www.psmarketresearch.com/market-analysis/ehr-market

Digital Health Market

Globally, North America led the market during the historical period, owing to its advanced healthcare and IT infrastructure, surging medical spending, and growing usage of digital healthcare solutions. Asia-Pacific is predicted to observe the highest CAGR, of 26.6%, in the digital health market during the forecast period, due to the increasing geriatric population, prevalence of chronic diseases, adoption of smart phones, government investments, and grants, and improving healthcare infrastructure.

https://www.psmarketresearch.com/market-analysis/digital-health-market

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