Electronic Health Records Market Grows in Importance in Healthcare Industry

The healthcare industry has a Herculean task of keeping records and maintaining them for facilitating accurate medical solutions for patients by documenting their history. In recent years, with technological advances and growing adoption of electronic methods of recordkeeping, electronic health record systems have become an integral part of healthcare facilities across the world.

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Electronic health record (EHR) systems offer an electronic method of tracking medical charts and other patient-related documents. In the last 20 years, the healthcare industry has started using EHR systems across healthcare facilities for improving patient care, streamlining work processes, enhancing patient safety, and reducing the treatment time.

Companies Try to Bridge Gaps between Care and Costs with Electronic Health Records Systems

Recently, Allscripts, an ambulatory EHR provider, stated its plan to collaborate with TeleTracking Technologies for efficient utilization of clinical resources. The integration will allow healthcare systems to deliver solutions to close the widening gaps between care and costs. Increasing acceptance of electronic health record systems is expected to bring about efficiency in care and workflows in the coming years, which will drive this market to greater success. TeleTracking will mainly work towards improving the patient flow by optimizing the patient discharge process, whereas Allscripts will work towards streamlining care management.

The electronic health records market is segmented on the basis of type of installation, end use, and geography. The types of installation seen in the electronic health records market were client server-based EHR systems and web-based EHR systems. The end users in this market are ambulatory centers and hospitals. Geographically, the global electronic health records market is segmented into Asia Pacific, Europe, North America, and Rest of the World.

North America will Lead Global Electronic Health Records Market

Geographically, North America held a share of 42.6% in the global electronic health records market in 2013. This regional segment was closely followed by Asia Pacific and Europe. In the coming five years, Europe and North America are expected to lead the global electronic health records market due to growing governmental support to implementation of electronic health record systems. This market will also have ample growth opportunities in Asia Pacific due to strong performance of emerging economies such as New Zealand, Australia, India, China, and Japan. On the other hand, the electronic health records market is being propelled by the increasing presence of multinational companies. From 2014 to 2020, the global electronic health records market is expected to grow at a CAGR of 6.40%.

Important players in the market include Cerner Corporation, Allscripts Healthcare Solutions, Inc., Epic Systems, Medical Information Technology, Inc. (MEDITECH), Computer Programs and Systems, Inc. (CPSI), GE Healthcare, NextGen Healthcare (Quality Systems, Inc.), McKesson Corporation, and eClinicalWorks.

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