The healthcare IT sector continues to receive a major boost as the usage of electronic and connected devices soars to newer heights. The benefits of electronic health or medical records (EHR) are many and patient care has improved tremendously owing to their widespread acceptance across clinics, hospitals, dispensaries, and pharmacies. The delivery of personalized and high-quality healthcare services is owing to the adoption of digital patient records.
In contrast, the main factors that are likely to create hurdles in the market’s path of success are high installation costs and dearth of skilled healthcare IT professionals. Moreover, concerns regarding the privacy and security of patient information are likely to hold the market back to a certain extent.
The market is estimated to exhibit steady growth over the course of the forecast period, reaching a value of nearly US$24 bn by 2020. The nature of the vendor landscape is immensely competitive thanks to the strong presence of well-established and leading players, who have been investing in the development of advanced healthcare IT solutions. These increased R&D activities have rendered them a top spot in the field of cloud-based electronic health records and as consolidations, mergers, and acquisitions become more common in the EHR solutions market, these companies will stand to gain the most.
The primary EHR solutions offered on the basis of installation platform are client server-based solutions and web-based offerings. Client server-based EHR solutions have been in demand primarily for the storage of in-house data and part of their limitations include their need for the installation of software, hardware, as well as a server. Web-based electronic health record solutions account for a significant share in the global market and will continue to progress at a rapid pace throughout the forecast period. This can be attributed to their ease of interoperability, their low requirement for investments in terms of infrastructure, and absolutely no cost of licensing or maintenance.
The introduction of cloud-based electronic health record solutions has been revolutionary and have been gaining much prominence in recent times thanks to the widespread adoption of cloud technology. The benefit that these solutions offer over the others is that data can be accessed from anywhere via the web since it is stored on external servers.
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Based on geography, the global market for electronic health record solutions includes Europe, North America, Asia Pacific, North America, Latin America, and Rest of the World. North America dominates the worldwide market and accounted for the leading share at the start of the forecast period. Growth in this region can be attributed to greater funding on the part of the government and private bodies for the large-scale implementation of EHR solutions. Favorable incentivizing policies and stringent norms pertaining to data security also contribute toward the increased uptake of electronic health record solutions. Healthcare IT is one of the most prolific markets in the U.S. and Canada and most clinics and hospitals have been widely implementing these solutions.
Asia Pacific and the Rest of the World segments hold immense promise for future growth, with the most lucrative EHR markets identified in Mexico, Brazil, India, China, and South Africa. The acceptance and adoption of advanced technologies has been growing in these countries and this is reflected in the increasing installation of electronic health records across major hospitals. Rising penetration of multinational players in the RoW also bodes well for this market.
Medical Information Technology, Inc., 4medica, Epic Systems, Greenway Health, LLC, Cerner Corporation, McKesson Corporation, NextGen Healthcare, Allscripts Healthcare Solutions, Inc., eClinicalWorks, CPSI, Athenahealth, Inc., and GE Healthcare are some of the most promising providers of electronic health record solutions around the world.
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