Electronic Health Records Market is Estimated to Witness High Growth Owing to Increased Adoption of Healthcare IT Solutions
The adoption of electronic health records (EHR) is growing significantly owing to the various advantages they offer such as improved healthcare quality, reduced healthcare costs, convenient access to patient health information, reduced medical errors, and improved administrative workflow. EHRs help digitize patient health records and make them available online to healthcare providers and professionals. They enable easy sharing of patient information among different healthcare entities securely and efficiently. The growing need to reduce escalating healthcare costs and improve patient outcomes is a key factor driving the demand for EHR systems globally.
The Global Electronic Health Records Market is estimated to be valued at US$ 30.72 Bn in 2024 and is expected to exhibit a CAGR of 2.8% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the electronic health records market are eClinicalWorks, Cerner Corporation, GE Healthcare, Allscripts Healthcare, LLC, and Epic Systems Corporation.
The increasing investments by hospitals and government organizations in EHR adoption present significant growth opportunities in the market. Moreover, the rising focus on population health management and need to optimize healthcare costs is expected to propel the demand for EHR solutions.
Technological advancements including cloud-based EHR systems, mobile health applications, big data analytics, and artificial intelligence are aiding the Electronic Health Records Market Size by enabling improved patient engagement and superior clinical outcomes.
Market drivers
The growing need to reduce medical errors and enhance treatment efficacy is a major driver for the adoption of electronic health records. EHRs help consolidate patient health data from various sources onto a single online platform, thereby aiding healthcare providers in delivering higher quality and safer care. Moreover, government support through financial incentives and regulatory mandates pertaining to EHRMeaningful Use is boosting the electronic health records market growth.
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