The study provides an in-depth analysis of the EHR market with current trends and future estimates to elucidate impending pockets of investment.
– Allied market research
NE WIN SIVERS DRIVE, PORTLAND, USA, November 3, 2021 /EINPresswire.com/ – The global electronic health records (EHR) market generated $ 24.90 billion in 2017 and is expected to generate $ 33.29 billion dollars by 2023, registering a CAGR of 5.0% from 2017 to 2023. Improved patient engagement, unified standards and accuracy of medical treatments will further promote its adoption in hospitals and other healthcare facilities . Evolving technologies, including a centralized database that allows access to physicians, government and R&D organizations helping to identify treatments and disease trends, will drive overall market growth. Additionally, the integration of cloud platforms has offered clinicians an efficient way to optimize and automate workflow. Thus, the implementation of EHR software provided data mining solutions to improve financial, operational and clinical processes that empowered industry players.
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COVID-19 has a moderate positive impact on the acceptance of the EHR by health systems. The electronic health record is also used to support clinical research activities for sharing and accessing detailed clinical data that has helped researchers when analyzing COVID-19 trends and drug development activities. In addition, it also helped manage a large patient database in hospitals with integrated EHR systems. In addition, industry suppliers are supporting government efforts to manage the pandemic.
New expansion activities, product approvals, product launches, partnerships and acquisitions have had a positive impact on the market in recent years. In addition, there has been a significant increase in the demand for electronic health records due to increasing digitization, which in turn is fueling the growth of the market. The increasing demand for centralization and streamlining of healthcare administration is also expected to drive the market growth. The centralization of healthcare information management is guided by a value-based model, which aims to streamline operations, standardize processes, reduce costs and improve the quality of care which results in patient satisfaction .
On the basis of the product, the cloud-based software segment is expected to register the highest CAGR of 5.3% from 2017 to 2023, due to lower initial costs and short lead time for implementation. On the other hand, the on-premise software segment accounted for more than half of the total market share of the global electronic health records market in 2017, and is expected to maintain its leading status during the forecast period, due to of the availability of huge options. customizations as well as interoperability.
On an end-user basis, the hospital segment accounted for more than two-fifths of the total share in 2017 and is expected to retain its lion’s share throughout the forecast period. This is due to the increased adoption with the application of the Health Information Technology for Economic and Clinical Health Act (HITECH) for the promotion of meaningful use of health technologies. health information. On the contrary, the specialized center segment would experience the fastest growth with a CAGR of 5.9% from 2017 to 2023.
On the basis of regions, North America accounted for nearly half of the total market share of the global electronic health records market in 2017, and is expected to maintain its leadership status in terms of revenue by 2023. This is attributed to the emphasis put by government agencies on turnover. reduce the operating costs of health establishments. However, the Asia-Pacific region is believed to have the highest CAGR of 6.5% from 2017 to 2023, due to a large patient population and increased demand for better healthcare services.
The main players in the industry
The major market players discussed in the report are Cerner Corporation, AdvancedMD, Inc., CureMD Corporation, Allscripts Healthcare Solutions, Inc., Epic Systems Corporation, Computer Programs and Systems, Inc., Greenway Health, LLC, eClinicalWorks, General Electric Company , and Quality Systems, Inc. They have implemented various strategies, including collaborations, mergers and acquisitions, partnerships, joint ventures and others, to consolidate their position and grow in the global market.
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