The advantages stitched to the electronic health records such as improved precision and extraordinary efficiency may bring transformational growth for the electronic health records market during the forecast period of 2017-2025. Furthermore, the growing threat of SARS-CoV-2 is anticipated to add extra stars of growth to the electronic health records market. The growing number of COVID-19 infected patients has resulted in increased stress on the healthcare sector. Managing the records of the patients is proving to be tedious for many healthcare organizations.
In this situation, electronic health records are of utmost importance to the healthcare sector.
The dangerous pandemic has shed light on the need for a strong technological healthcare ecosystem across the world and has also urged healthcare systems to improvise the interoperability of electronic health records. Thus, the new coronavirus pandemic has led to the development of the electronic health records market greatly. According to the analysts at Transparency Market Research (TMR), the electronic health records market will record a steady 5.7% CAGR across the forecast period of 2017-2025 and will reach a valuation of US$ 38.29 bn by 2025. These figures highlight the growing influence of the electronic health records market on the healthcare sector.
Open-Source Code Platforms Enhancing Growth Rate of Electronic Health Records Market
The seamless integration of video-conferencing with electronic health record platforms is proving to be a boon for the healthcare sector. For instance, Google has recently introduced an open-source code that enables Google Meet, the video conferencing application, to launch within the electronic health record systems. These electronic health records platforms have inbuilt security protection mechanisms that result in the smooth transfer of healthcare data. The doctor receives a digital knock when a patient signs in. The knock further escalates the electronic health records system and provides access to the doctor for modifying and identifying vital patient records in real-time.
This exchange of healthcare data results in greater accessibility and is a great relief for the doctors. Such developments help in triggering the growth of the electronic health records market.
New Technologies Seeping Deep in Electronic Health Records Market
By using technologies like artificial intelligence (AI), wearable devices, and remote patient monitoring (RPM), the electronic health records market is creating waves of growth across the healthcare sector. The global COVID-19 pandemic has urged individuals to maintain physical distancing and avoid frequent clinical visits for consultations. This is because individuals with co-morbidities like diabetes have a high risk of fatality after the virus transmission as compared to individuals with no co-morbidities.
Connected health devices are playing a key role in avoiding clinical visits of patients with accurate data access to the doctor regarding the patients’ health. This data smoothly reaches the doctors and at the same time, and enables them to keep a tap on the patients with the help of electronic health records. For instance, Biovitals provide personalized care by electronic health records collection from clinical-grade patient wearables that continuously analyze patient-captured data from a mobile app. Such technologies attached to electronic health records have the potential of bringing a paradigm shift in the growth rate of the electronic health records market.
North America may emerge as Largest Regional Contributor to Electronic Health Records Market
Based on geographical parameters, the electronic health records market may record massive growth in North America. The use of electronic health records on a large scale by numerous healthcare professionals and the emergence of the region as a breeding ground for growth for many key players are some vital factors that can bring exponential growth for the electronic health records market in North America.