Global Clinical EHR Systems Market - Segmented by Component, End-user and Geography - Growth, Trends, and Forecast (2022 - 2030)
The Clinical EHR Systems Market is expected to register a CAGR of about 18.1%, during the forecast period, 2018 to 2023. North America dominates the market, due to rapid introduction of big data analytics in healthcare and government initiatives to maintain patient health records.
Government Initiatives to Maintain Electronic Patient Health Records
EHRs and decision support systems across US have showed the benefits of such tools. EHRs can slash drug-drug interaction rates, decrease mortality rates among the chronically ill, cut nurse staffing needs, and lower costs. A 2011 meta-analysis of HIT-implementation studies found that 92% of published reports to date had predominantly positive results. This, along with other factors, such as drive to curb rising costs in healthcare, introduction of big data analytics in healthcare, updating in ICD codes will act as drivers for the growth of the Clinical EHR market.
Lack of Trained IT Professionals in Healthcare
The healthcare industry lacks skilled professionals in the field of IT. EHR systems require labor with strong grasp in the IT domain as they involve complex software and hardware to operate and maintain. Lack of knowledge about applications of IT in healthcare deter people from acquire training and acquire skill in healthcare IT. This creates a problem of difficult to find labor, which in-turn, leads to expensive labor. Along with these other factors, like issues with interoperability and data privacy concerns will lead to a slowdown in the growth of the clinical EHR market.
North American Market to Witness Maximum Growth
In 2017, North America is expected to account for the largest share of the market followed by Europe. This regional segment is expected to register the highest CAGR during the forecast period. Factors, such as growing federal healthcare mandates to curb rising healthcare costs and provide quality care; increasing regulatory requirements; growing EHR adoption; and rising government initiatives focusing on personalized medicine, population health management, and value-based reimbursements are expected to drive market growth in North America.
Key Developments in the Market
• December 2017 - Chicago's Advocate Health Care announced that it would merge with Aurora Health Care of Milwaukee, Wisconsin – an $11 billion meeting of giants that would create the 10th-biggest not-for-profit health system in the US
Major players- ALLSCRIPTS, CERNER CORPORATION, CPSI, ECLINICAL WORKS LLC, EPIC SYSTEMS CORPORATION, GE HEALTHCARE, MCKESSON CORPORATION, MEDITAB SOFTWARE INC AND MEDITECH, amongst others.
Reasons to Purchase this Report
• Current and future clinical EHR systems market outlook in the developed and emerging markets
• Analysis of various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3 months analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
Government Initiatives to Maintain Electronic Patient Health Records
EHRs and decision support systems across US have showed the benefits of such tools. EHRs can slash drug-drug interaction rates, decrease mortality rates among the chronically ill, cut nurse staffing needs, and lower costs. A 2011 meta-analysis of HIT-implementation studies found that 92% of published reports to date had predominantly positive results. This, along with other factors, such as drive to curb rising costs in healthcare, introduction of big data analytics in healthcare, updating in ICD codes will act as drivers for the growth of the Clinical EHR market.
Lack of Trained IT Professionals in Healthcare
The healthcare industry lacks skilled professionals in the field of IT. EHR systems require labor with strong grasp in the IT domain as they involve complex software and hardware to operate and maintain. Lack of knowledge about applications of IT in healthcare deter people from acquire training and acquire skill in healthcare IT. This creates a problem of difficult to find labor, which in-turn, leads to expensive labor. Along with these other factors, like issues with interoperability and data privacy concerns will lead to a slowdown in the growth of the clinical EHR market.
North American Market to Witness Maximum Growth
In 2017, North America is expected to account for the largest share of the market followed by Europe. This regional segment is expected to register the highest CAGR during the forecast period. Factors, such as growing federal healthcare mandates to curb rising healthcare costs and provide quality care; increasing regulatory requirements; growing EHR adoption; and rising government initiatives focusing on personalized medicine, population health management, and value-based reimbursements are expected to drive market growth in North America.
Key Developments in the Market
• December 2017 - Chicago's Advocate Health Care announced that it would merge with Aurora Health Care of Milwaukee, Wisconsin – an $11 billion meeting of giants that would create the 10th-biggest not-for-profit health system in the US
Major players- ALLSCRIPTS, CERNER CORPORATION, CPSI, ECLINICAL WORKS LLC, EPIC SYSTEMS CORPORATION, GE HEALTHCARE, MCKESSON CORPORATION, MEDITAB SOFTWARE INC AND MEDITECH, amongst others.
Reasons to Purchase this Report
• Current and future clinical EHR systems market outlook in the developed and emerging markets
• Analysis of various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3 months analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
Frequently Asked Questions
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