BANGALORE, India, Aug. 26, 2021 /PRNewswire/ -- The Global Electronic Health Records Market is Segmented by Type (Client Server Based, Web Based, Software as Services), by Application (Ambulatory surgery centers, Hospital, Physician Office): Global Opportunity Analysis and Industry Forecast, 2021 - 2027. This report is published on Valuates Reports under Health Category.
The Global Electronic Health Records market size is projected to reach USD 47.25 Billion by 2027, from USD 29.16 Billion in 2020, at a CAGR of 7.14% during 2021-2027.
EHRs are patient-centered, real-time records that make information available to authorized users promptly and securely. While an EHR system does contain a patient's medical and treatment history, it is designed to go beyond traditional clinical data collected in a provider's office and can encompass a broader view of a patient's care.
Major factors driving the growth of the Electronic Health Records market are:
EHR can reduce the incidence of medical errors by improving the accuracy and clarity of medical records. EHRs give more full patient information, allowing doctors to make well-informed care decisions more rapidly, improving treatment, and reducing safety concerns. These factors are expected to increase EHR adoption.
The electronic health record (EHR) streamlines the clinician's workflow by automating access to information. Other care-related activities, such as evidence-based decision support, quality monitoring, and outcomes reporting, can be supported directly or indirectly by the EHR through various interfaces. Such advantages are expected to further boost the EHR market forward.
Furthermore, the need for easy accessibility to patients' records by the physicians is expected to fuel the EHR market.
TRENDS INFLUENCING THE ELECTRONIC HEALTH RECORDS MARKET:
As the number of patients seeking treatment for chronic diseases in specialist clinics grows, more effective data management systems will be required. This in turn is expected to drive the growth of the electronic health record market. The rising incidence of chronic and severe health disorders, such as cancer, diabetes, skin infections, and orthopedic conditions, has resulted in an increase in the number of patients visiting specialized facilities. Healthcare professionals are increasingly relying on digital technologies to provide ongoing care and improve the treatment process. EHR software's acceptability in specialty centers will continue to grow in the future since it provides an efficient means of managing patient health data.
EHR can enable improved efficiencies and lower health care costs by promoting preventive medicine and improved coordination of health care services, as well as by reducing waste and redundant tests. Furthermore, they can provide better clinical decision-making by integrating patient information from multiple sources. These advantages are expected to fuel the electronic health record market.
COVID-19 IMPACT ON ELECTRONIC HEALTH RECORDS MARKET
COVID-19 has a moderately beneficial impact on healthcare systems' acceptance of EHR. The electronic health record is also utilized to help clinical research activities by allowing researchers to share and access precise clinical data that has aided them in COVID-19 trend analysis and drug development. This has also aided in the management of large patient databases in hospitals with integrated EHR systems. Furthermore, industry sources are assisting the government with pandemic preparedness.
Government support for integration of EHR software in the healthcare ecosystem to develop sustainable infrastructure especially in the European region will influence the EHR market.
The web-based segment is expected to be the most lucrative. The popularity of web-based EHRs among physicians and healthcare providers who operate on a smaller scale can be ascribed to the fact that these systems can be set up without the need for in-house servers and can also enable considerable changes and improvements, as needed.
Europe and North America are expected to be the most lucrative regions during the forecast period. Both Europe and North America are technologically more advanced and the acceptance of EHR is much easier than in developing countries. Furthermore, favorable government policies and rising digitalization in the healthcare sector are propelling the EHR market in these regions.
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