Global Electronic Health Records Market Report, published by Variant Market Research, forecast that the global market is expected to reach $40 Billion by 2024 from $23.5 Billion in 2016, growing at a CAGR of 6.9% from 2016 to 2024. By geography, Asia-Pacific and North America are expected to grow at a CAGR of 7.8% and 6.8%, respectively, during the forecast period.
"Electronic Health Records Market (By Delivery Mode: Client Server Based, and Web Based/ Cloud Based Server; By End User: Hospital and Ambulatory; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
Some of the factors boosting the growth of the global electronic health records market includes government and insurance companies encouraging the adoption of EHR, growing need to maximize patient’s safety, need for digitalization and centralization in healthcare sector, and rising adoption of big data. Though, factors such as high initial cost, interoperability concerns, and lack of technical knowledge could restrain the market growth. Besides, market expansion, and growing public and private investments could offer numerous market prospects in forecasted period.
The electronic health records market is segmented on the basis of delivery mode, end user, and geography. Delivery mode is segmented into client server based, and web based/ cloud based server. Among which, web based/cloud based server will dominate with largest market share and fastest CAGR during the forecast period. Furthermore, end user is bifurcated as hospital, and ambulatory. Hospital held the largest market share, while, ambulatory will attain fastest CAGR.
By geography, the market has been bifurcated into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Among Which, North America and Europe accounted the majority of the market share with 45.7% and 26.1%, respectively, in 2016. In terms of growth, Asia-Pacific will attain fastest CAGR during the forecast period, driven by, improving healthcare infrastructure, high adoption of advanced technologies, and governments initiatives to encourage adoption of EHR.
Major players competing in this market include Athenahealth, Inc., Medical Information Technology, Inc., GE Healthcare, Epic Systems Corporation, Allscripts Healthcare Solutions, Inc., NextGen Healthcare, AdvancedMD, Inc., Greenway Health, LLC, Cerner Corporation, and McKesson Corporation, among others.