Increasing utilization of advanced technologies and devices to enhance quality and tracking of clinical information of patients are key factors driving market revenue growth
According to the most recent report by Emergen Research, the size of the global Electronic Health Records (EHRs) market is anticipated to reach USD 91.72 billion in 2028 and exhibit a consistent CAGR throughout the projected period. The increased deployment and usage of more sophisticated technologies and devices to improve treatment quality and efficiency in tracking patient clinical information is the main factor driving market revenue growth. Reduced medical errors, enhanced patient care and safety, and lower healthcare costs are all advantages of using wireless EHRs. Remote access to medical records is made possible by connected EHRs over secure wifi or the Internet from satellite sites or even from home.
One of the markets for electronic health records that is expanding is mobile electronic health records on iOS and Android smartphones. By allowing for quicker order entry and reducing the amount of time needed for inpatient data administration, accessing an electronic health record via a mobile device, such as a smartphone or tablet, helps to increase the efficiency of inpatient medical care. A growing number of hospitals and healthcare facilities are deploying these solutions, and this trend is anticipated to continue throughout the course of the projection period.
The main driver of this industry is government measures to promote the use of healthcare IT. For instance, Australia’s My Health Record is the country’s official digital health record portal. Unless they have made the decision not to want one, all Australian citizens have access to their “My Health Records.” All national healthcare providers will reportedly be allowed to contribute to and access the platform’s healthcare data by the end of 2022, according to the agency. Additionally, the development of technologically sophisticated healthcare services is anticipated to fuel the expansion of the electronic health record (EHR) market.
In recent years, the EHR market has benefited from new expansion activities, product approvals, product launches, collaborations, and acquisitions. Additionally, the market expansion is being fueled by a considerable rise in demand for electronic health records as a result of the expanding digitalization. The market for electronic health records is also predicted to be driven by rising consumer demand for the centralization and simplification of healthcare administration. A value-based strategy, which aims to streamline operations, standardise processes, cut costs, and improve the quality of care so that patients are satisfied, is what motivates the centralization of health information management.
The market is also growing as a result of a rising number of mergers and acquisitions by market participants. For instance, the U.S. Orthopedic Alliance and Allscripts Healthcare Solutions formed a strategic alliance in January 2021. (USOA). With the help of this partnership, orthopaedic practises will be able to scale more quickly, electronic health records will be implemented more quickly, evidence-based guidelines will be provided to support changing clinical protocols, and value-based care analytics will be used to connect the entire community.
Major companies in the market report include Abbott Laboratories, Drägerwerk AG, General Electric Company, Honeywell International Inc., Medtronic plc, Oracle Corporation, Siemens AG, Allscripts Healthcare Solutions, Inc., AMD Global Telemedicine, Inc., and Carematix Inc.
Some Key Highlights from the Report:
- In 2020, the segment of electronic health record devices accounted for the biggest revenue share. Major factors driving up demand for wireless electronic health record devices include the choice for remote patient monitoring and the requirement for prompt action to avert acute exacerbations of chronic illnesses.
- Revenue growth for the clinical segment is anticipated to occur at a quick CAGR throughout the projection period. During the forecast period, EHRs’ capacity to offer clinical activities such results management, health information and data, decision supports, and order entry and support is anticipated to drive this segment’s revenue growth.
- Detailed explanation of development and its effects on business, main wireless EHR product categories, a summary of clinical studies, investment scenarios, and industry-specific strategic challenges are all provided.
Emergen Research has segmented the global electronic health records market on the basis of type, application, end-use, specialty, mobile technologies, and region:
Type Outlook (Revenue, USD Billion; 2018–2028)
- Electronic Health Records Software
- Electronic Health Records Devices
Application Outlook (Revenue, USD Billion; 2018–2028)
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Long-term Care Facilities
- Physician Offices
Specialty Outlook (Revenue, USD Billion; 2018–2028)
- General Surgery
- Obstetrics and Gynecology
Mobile Technologies Outlook (Revenue, USD Billion; 2018–2028)
- Commercial Cellular
- Wireless LANs
- Radio Frequency Identification (RFID)
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