Electronic Health Records Solution Market to Reach US$30.28 bn by 2023; Set to Benefit from Government Initiatives to Adopt EHR Systems

A new market research report has been recently published by Transparency Market Research. The report analyzes the scope of the global electronic health records (EHR) market. The research report, titled “Electronic Health Records (EHR) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020,” provides an overview of the EHR market coupled with the market drivers, restraints, product segmentation, and the competitive landscape.According to the TMR research study, in 2013, the global market for electronic health records was worth US$15.56 bn and is anticipated to reach US$23.98 bn by the end of 2020. This market is expected to exhibit a 6.4% CAGR between 2014 and 2020.

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EHR systems have encouraged many physicians around the world to adopt information technology for their routine work. The use of EHR systems helps in maintaining updated information of patients, reduce healthcare costs, improve accuracy and efficiency, and reduce medical errors. The growing government initiatives to encourage the adoption of EHR systems for healthcare facilities has driven the growth of this market. On the other hand, the absence of skilled healthcare IT professionals and high installation costs of EHR systems are some of the major factors that are expected to hamper the growth of this market in the forecast period.

On the basis of installation type, the global EHR market has been divided into client server-based EHR systems and web-based EHR systems. In 2013, the client server-based EHR systems segment held the largest share in the global EHR market; however, the web-based EHR system segment is expected to grow significantly throughout the forecast period. The high growth of this segment can be attributed to the nominal upfront prices of these systems. By end-user, the global EHR market has been classified into ambulatory centers and hospitals. In 2013, the hospitals segment accounted for the largest share in comparison to the ambulatory centers segment.

Geographically, the global EHR market has been segmented into Europe, North America, Asia Pacific, and Rest of the World. Among all these regions, in 2013, the North America region dominated the global market in terms of revenue, accounting for 42.6% in the global EHR market. This region is anticipated to continue with its dominant position, exhibiting a 5.8% CAGR throughout the forecast period, owing to the rising government funding for the implementation of EHR systems.

Research Report: http://www.transparencymarketresearch.com/electronic-health-records-market.html

The North America EHR market is followed by Europe and Asia Pacific. The prominent players operating in the global EHR market have set their focus on developing markets such as India, Mexico, China, Brazil, and South Africa, where most of the hospitals are adopting digital technology. Apart from these, countries such as Australia and Japan are considered as the most promising markets throughout the forecast period. In Rest of the World, the EHR market is projected to exhibit healthy growth due to the growing market penetration by multinational companies.

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This release was published on openPR.