ELECTRONIC HEALTH RECORDS (EHR) MARKET

Electronic health record (EHR) is the systematic collection of patient and population electronically-stored health data in a digitized format. These records help in sharing of data that makes physician easier to diagnose, monitor, and treatment of patient within short interval of time. Furthermore, it contains all the data related to a patient’s medical history including medications, diagnoses, immunization dates, treatment plans, radiology images, allergies, and test results from laboratories. Additionally, Rise in quality management of data, elimination of   need to track down a patient’s previous paper medical records, increases in efficiency of data, and reduction in the time consumption for storing and collection of data which helps in quick service to patients leading in patient satisfaction are some of the major factors influencing market growth in near future. Moreover, introduction of EHR in healthcare IT is emerging as a change in healthcare management by positively impacting the market growth. According to research studies, clinical EHRmarket was valued at USD 25.4 billion in 2018 and is expected to reach USD 36.0 billion by 2024, growing at a CAGR of 6.2% during the forecast period. 

The clinical electronic health records market is segmented on the basis of product, type, application, end user, and region. Based on product, the market is bifurcated into cloud-based software, server-based, and on-premise software. Based on type the market is categorized into inpatient EHR and ambulatory EHR. Based on application, the market is segmented into clinical application, administrative application, reporting in healthcare system, healthcare financing, and clinical research application. Based on end users the market is classified into hospitals, clinics, specialty centers, and other medical settings. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.

Some of the key driving factors of the hospital information system are government, private and public initiatives such as primary, secondary and territory healthcare centers, Central government healthcare schemes and among others are contributing the market growth in forecast period. Additionally, rapidly evolving healthcare facilities, increased patient care, quality management and medication errors are driving healthcare towards safe and efficient healthcare delivery. Furthermore, growing demand in healthcare IT such as introduction of big data, data science, and statistical data analytics in healthcare IT have given rise to potential opportunities for market growth.  However, increase in privacy and data security concerns, cost of the software installations, insufficient availability of trained manpower are hindering the market growth.

Geographically, North America is dominating the market due to rise in technological development, supportive infrastructure and government initiatives such as primary healthcare, public healthcare, and among others. Europe is second largest in market due to owing of digitization of healthcare process. Adaption of new technology and government initiatives in Asia Pacific, Middle East and Africa are setting up new standards for market growth during forecast period.

Key players of hospital information system are Allscripts healthcare solutions Inc, Cerner Corporation, GE healthcare, Siemens healthcare, Philips healthcare, integrated medical systems Pvt. Ltd, McKesson Corporation, Agfa-Gevaert N.V sysmex Sdn, Practice fusion.

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