Product advancement and launch of new products are the key strategy of the electronic health records market. These pipeline products are offering the opportunities to generate revenue and other technologies are felling growth of the global electronic health records (EHR) market. For instance, in 2018, one of the prominent players, HealthLynked Corp. announced that they are launching a mobile app for Android mobile devices which helps to connect patients with their healthcare providers. Android and iOS are the most famous operating system globally. The company also announced the launch of their app for iOS users. Thus, launch and adoption of the mobile app are increasingly contributing in the growth of the electronic health records market.
Transparency Market Research (TMR) estimates, the global electronic health records market was registered at US$ 23.22 bn in 2016 and expected to expand with a promising 5.7% CAGR over the forecast period from 2017 to 2025 to attain value of US$38.29 bn by the end of 2025.
Rising demand for electronic healthcare systems and devices along with technological advancements in the field of healthcare and information technology (IT) and emerging usage of the IT in the healthcare sectors are some of the key factors boosting growth of the market. In addition, numerous governments are talking initiatives for promotion and adoption of EHR are driving growth of the global electronic health records market.
Here are some of the other factors which are influencing on the growth opportunities:
Advantages of EHR to Boost Adoption: EHRs offer a numerous advantages to the healthcare providers and patients which increases system productivity and satisfaction to patients. These are increasing adoption of software and services for applications such as clinical decision support, data mining, and clinical trial management is expected to propel the demand of HER in upcoming years.
Availability of Technologically Advanced Data Management Systems to Drive Growth: A rising number of medical professionals which are opting for technologically advanced data management systems to save time and resources. This is increasing demand for monitoring of geriatric patients remotely is boosting need for improved healthcare facilities. Moreover, introduction of technologically advanced software is expected to boost growth of the global electronic health records market over the forecast period.
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These are the digital versions of the patient’s history which can be accessible from healthcare provider and patients as well. Availability of the EHRs which can save data of patients such as demographics, progress notes, vital signs, problems, medications, immunizations, past medical history, radiology reports, and laboratory data are boosting their adoption from past few years.
High Cost of Service to Restrain Growth: High cost of the systems and software solution is the key factor restraining growth of the global electronic health record market. With the emergence of information technology (IT) has improved every facet of the global healthcare market. However, the vast adoption of IT and digital infrastructure in the healthcare industry has made both a benefit and a challenge. Some of the factors such as lack of knowledge of disease and treatment is saving lives, lack of effectively managed data are limiting growth of the global electronic health record market.