The governments across the world are investing and funding in the US electronic healthcare record market due to the rising need for the improvement in the healthcare industry.
According to the latest Arizton’s market research report, the U.S. electronic health records market size to cross USD 10 billion by 2025, growing at a CAGR of 6% during the forecast period.
U.S. Electronic Health Record (EHR) Market Growth
The benefits offered by the in-house EHR systems, such as cost and time saving to the large-scaled hospitals are responsible for the revenue growth in the US electronic health records market. The factors driving the industry’s growth include patient demand, convenience, and costs in the US electronic health records market. Technological advancements in interventional procedures, increasing demand for less invasive surgeries, and high growth in the development of out-patient services are contributing to increased adoption of electronic health record in the US.
Increasing Government Funding & Expenditure
The governments across the world are investing and funding in the US electronic healthcare record market due to the rising need for the improvement in the healthcare industry. In 2009, the US government granted USD 1.2 billion to help hospitals and healthcare providers to establish the use of electronic health records. These funds are basically aimed at helping physicians and hospitals to adopt electronic medical records and at building a mode of exchange to move health information across various healthcare agencies. The US government is consistently focusing on improving patient engagement. The financial incentives by the government are driving the US electronic health record market during the forecast period.
- Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by end-users, deployment, and application
- Competitive Landscape – 5 Key Company Profiles and 45 Other Prominent Vendors
Increasing Patient Engagement
The US electronic health records market is helping patient engagement to grow in the healthcare industry. It has established the path to assist patients in achieving their optimal state of health as patients must be engaged and activated to participate in their own care for clinical services. The use of electronic health record helps in saving time on insurance claims and other administrative tasks that enables physicians to spend more time in providing truly individualized patient care. Several EHR systems have launched an online portal, which has enabled the patient with easy accessibility to their medical records. Patient engagement is also increasing via EHRs because their accompanying portals allow patients to securely send and receive confidential emails. This in turn is helping the electronic healthcare record market to grow in the US.
Hospitals have been the largest consumers of electronic health record in the US market. Epic, Cerner, and Allscripts are the three biggest players in the US electronic health records market. The factors such as the presence of major companies, continuous progress in healthcare settings, and expansion of healthcare IT infrastructure are driving the electronic health record market in the US. The US electronic health record market is growing significantly, to serve as hubs of longitudinally organized person and population level data which in turn, will inform operational processes and clinical decisions to streamline the clinical workflow. Vendors are primarily competing to offer a single integrated platform across acute and ambulatory sites to eliminate the need for ancillary clinical products and enhance the patient experience. The competitive environment in this market is expected to strengthen further with an increase in services provided, technological upgradation, and M&As.
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