Electronic health records (EHR) are the digital version of a patient’s medical history, which is maintained by the healthcare provider over time, and may include all of the key executives’ clinical data relevant to that individual care under a particular provider.
Albany, NY -- (SBWIRE) -- 09/05/2017 -- The global market for electronic health record (EHR) features a largely fragmented vendor landscape, with the presence of a large number of small and large players and the top five companies cumulatively accounting for a nearly 44% of the overall market in 2016. Leading vendors in the global EHR market are adopting inorganic growth strategies such as mergers and acquisitions to expand their reach across high-growth potential regional markets, consolidate consumer base, and strengthen their market presence.
Quality Systems, Inc. acquired HealthFusion, a developer of cloud-based EHRs for physician practices, towards the end of 2015. The acquisition is anticipated to enhance the market share of Quality Systems' in SaaS-based healthcare products in ambulatory market segment. In addition, this acquisition will add over 3,000 physician practices, ambulatory centers and medical billing services who employ HealthFusion's EHR to Quality Systems' client base.
According to Transparency Market Research, the global EHR market was valued at US$23.22 bn in 2016 and is expected to exhibit a CAGR of 5.7% from 2017 to 2025, to reach an estimated value of US$38.29 bn by 2025.
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Hospitals to Remain Leading Users of Electronic Health Records
In the end user segment, hospitals are among the most prominent buyers as 65% of the hospitals across the globe have installed some form of EHR in 2015 compared to 54% in 2014. The segment is expected to remain the top end-use sector of the global EHR market over the forecast period, exhibiting a promising 5.1% CAGR over the report's forecast period.
Geographically, North America, which is the cumulative market for the U.S. and Canada, accounted for a massive 46.2% of the global market in 2016, primarily due to favorable government policies such as pay for value and rapid inclination towards installation of EHR platforms across care providers segment. Europe and Asia Pacific are also among the leading contributors of revenue to the global market and are expected to remain high-growth regions over the forecast period as well. The Asia Pacific market, especially, is expected to offer the most promising opportunities for growth in the EHR market with a thriving and rapidly digitizing healthcare industry in emerging economies such as India and China.
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