Highest EHR Growth Projections Predicted Among Small Healthcare Practices
A March report from Transparency Market Research takes a look at the EHR (electronic health records) market across the globe. Announced via Global Newswire, the report will be of significance to any solutions provider interested in the growth of the overall market, regional specifics, as well as differentiators between Web-based and client-server based segments of the market.
Where The Growth Is
While EHRs have grown (and are predicted to grow) across all sizes of organizations, the report expects to see the highest growth rates in small-sized practices during the period from 2014 to 2020.
Major Drivers
Regardless of size, the growth of the use of EHR systems is being fed by a combination of financial incentives offered by governments around the world, as well as the inherent benefits of the systems themselves. Those benefits include:
- an increase in patient participation
- more provider efficiency
- convenient access to patient data
- reduced costs (over the long term)
- up-to-date patient information
The U.S. Government alone allocated $27 billion to push the adoption of EHR across the national healthcare system under the HITECH (Health Information Technology for Economic and Clinical Health) Act of 2009.
Market Segmentation
As mentioned before, the report breaks down the EHR market into web-based and client server-based systems. It also breaks the global market down into hospitals and ambulatory centers, with hospitals making up the larger segment of the overall EHR market revenue for 2013.
The report also looks at growth by geographic region; the largest portion of the regional market is represented by North America, which is expected to expand at a CAGR of 5.8 percent during the period from 2014 to 2020. Transparency expects it to maintain that position through the entire period, largely due to Meaningful Use programs and their endorsement of certified EHR technology.
Beyond North America, some developing countries (specifically China, India, Mexico, Brazil, and South Africa) are expecting to see expanding EHR markets as a result of their growing economies.
The report states, “During the forecast period from 2014 to 2020, these countries are expected to offer immense potential for EHR market as the continuously growing economy of these nations will encourage healthcare providers to adopt technically advanced EHR systems.”
Going Deeper
To access more about details of the U.S. EHR market, read “Changes In EHR Market Affect Hospital Buying.”