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Electronic Health Records (EHR) Market Targets $33.29 Billion Value by 2023

02-22-2019 07:37 PM CET | Health & Medicine

Press release from: Allied Market Research

Electronic Health Records (EHR) Market

Electronic Health Records (EHR) Market

An electronic health record (EHR) is a digital version of the paper chart of a patient. 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. These also allow access to evidence-based tools that are used by healthcare providers to make decisions about a patient's treatment. EHRs have also helped to streamline and automate the workflow in a healthcare setting.

The Global Electronic Health Records Market was valued at $23,592 million in 2016, and is expected to reach $33,294 million by 2023, growing at a CAGR of 5.0% from 2017 to 2023.

Rise in adoption of EHR, increased use of cloud based EHR software, rapid surge in aging population, and subsequent rise in the number of chronic diseases drive the electronic health records market growth. However, the market growth is limited by high cost of EHR and rise in concerns regarding the patient data safety & security due to increase in cyber-crime. Conversely, huge market potential in the developing regions are expected to offer further opportunities for market growth during the forecast period.

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Electronic Health Records Market Segmentation

The global electronic health records market is segmented based on product, type, application, end user, and region. Based on product, the market is bifurcated into cloud-based software and server-based/on-premise software. The type segment 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. EHRs may be used in hospitals, clinics, specialty centers, and other medical settings. Based on region, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).

Based on product, server-based EHR software is expected to maintain its dominant (more than half of the market share in 2016) position during the analysis period as it allows for a wide range of customization, is interoperable, and has a robust support from vendors.

Based on type, the inpatient EHR segment held the major market share in 2016 and is expected to dominate the market throughout the forecast period as can integrate data of lab, pharmacy, x-ray, billing systems and many other hospital departments so that data consistency is maintained while sharing patient information between each of the various hospital departments.

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Key Findings of the Electronic Health Records (EHR) Market:

• The cloud-based software segment accounted for more than two-fifths share in the global market.
• Ambulatory EHR is expected to be the fastest growing technology with a CAGR of 5.6%.
• The hospitals segment held a major share of more than two-fifths of the global market in 2016 and is expected to retain it throughout the forecast period.
• Clinical application segment occupied one-third share of the global market in 2016 and is expected to retain it throughout the forecast period.
• Asia-Pacific is expected to be the fastest growing region, registering a CAGR of 6.5% during the forecast period.

North America accounted for nearly half of the global market in 2016 and is expected to remain dominant throughout the forecast period. This is attributed to the increase in adoption of information technology in the healthcare industry, increasing baby boomer population, increasing demand for better healthcare, and increasing demand for interoperable medical devices/solutions. Moreover, government support and presence of highly sophisticated healthcare infrastructure are expected to present new growth opportunities to the players in this market.

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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.

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