The growing trend of automation &
digitalization in healthcare drives the global electronic health records
market. This industry is anticipated to surpass USD 30 billion by the end of
the forecast period (2015 to 2022). Need for greater efficiency, improvements
in service quality, and patient safety are factors that may augment growth in
the forthcoming years. Implementation of favorable government initiatives, such
as the ARRA (America Recovery and Reinvestment Pack) helps foster widespread
adoption of health record systems.
Technological improvements in EHR have led to
greater access to critical information with the help of handheld devices, such
as tablets and iPhones. EHR systems are equipped with technologies that
facilitate monitoring, evaluation, management, sharing, and modifications of
treatment plans. They can even track the exact patient location in times of
medical emergencies.
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The global electronic health records Market
is segmented as per applications, end users, and geographies. Based on
applications, the Market is bifurcated into web based and client server based.
The web based EHR segment is projected to expand considerably over the forecast
period. Organizations can reduce initial costs by adopting web based EHR. They
can also have access to their systems at anytime and from anywhere because of
the SaaS model. Client server based models are generally expensive because of
high hardware installation costs. However, their efficiency and speed are
higher than those of web based EHR.
On the basis of end users, the worldwide
industry is divided into ambulatory centers, clinics, and hospitals. Owing to
lesser medical errors and efficient patient handling, hospitals may witness
significant growth in the years to come. This segment can register the highest
growth rate till 2022. EHR devices are employed extensively by ambulatory
centers. Physicians have reported that the adoption of EHR has led to quality
healthcare services and greater patient satisfaction.
Geographically, the global electronic health
records market is segmented into Asia Pacific, Europe, North America, and Rest
of the World. In revenue terms, North America was the largest regional market
in 2013. The region may continue dominating the worldwide market because of
high investments in novel technologies and widespread adoption of the EHR
technology. Surging demand for quality healthcare also plays a key role in
stimulating regional growth.
Ongoing industry trends suggest that Asia
Pacific could be the fastest growing regional segment from 2015 to 2022. This
owes to growing importance of EHR, high R&D investments, rising disposable
incomes, and popularity of sophisticated healthcare devices. Price sensitivity
among consumers is also key driver of the Asia Pacific market.
Main industry competitors are NextGen
Healthcare; Allscripts Healthcare Solutions, Inc.; Medical Information
Technology Inc.; GE Healthcare; and Epic System. Besides being highly
competitive, the global market is a consolidated one and monopolistic too. Most
companies engage in the development of innovative & novel devices. Business
ventures and geographical expansions are common strategies adopted by companies
for gaining higher market shares.
In December 2016, the IBRI (Indiana
Biosciences Research Institute) declared its efforts towards understanding how
Type II diabetes varies from one patient to another. This research institute
has access to data on more than 800000 diabetics in Indiana. This may lead to
the development of better diagnostics solutions & newer treatments. The
institute may facilitate tie-ups between industry players and academic
collaborators. Such collaborations aim at investigating problems from data
sources & multiple perspectives
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