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Why will Demand for Electronic Health Record (EHR) Swell in North America in Future?

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Pramod Kumar
Why will Demand for Electronic Health Record (EHR) Swell in North America in Future?

The increasing requirement of streamlining and centralization of healthcare administration is a major factor responsible for the growing adoption of electronic health records (EHRs) in various healthcare settings such as clinics and hospitals. The governments of several countries around the world are increasingly implementing policies and regulations for promoting the usage of electronic health records in medical facilities. For example, the Health Information Technology for Economic and Clinical Health (HITECH) Act was enacted in the U.S. in 2009 for promoting the utilization of EHR machines in medical facilities all over the country.

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The main goal of the HITECH Act was to improve and modernize the healthcare system in the country. The EHRs not only significantly reduce the costs of healthcare but they also help tremendously in maintaining the quality standards of medical services. In addition to this, the usage of EHRs makes the evaluation of epidemiology studies smoother and more efficient. As a result, many regulatory bodies are increasingly preferring the use of these devices for assessing the data collected from the epidemiology studies.

Thus, with the mushrooming usage of EHRs in healthcare settings and by regulatory organizations for evaluating epidemiology studies, the global electronic health record (EHR) market will grow, in valuation, from $22.3 billion to $30.4 billion from 2017 to 2023. The market is also expected to progress at a CAGR of 5.4% during 2018—2023. Physician offices, ambulatory care centers, and inpatient facilities are the major end users of EHRs. Amongst these, the adoption of EHRs will increase at the fastest rate in ambulatory care centers during the coming years, due to the ballooning number of these facilities across the globe.

Geographically, the North American electronic health record (EHR) market was observed to be the most lucrative during the last few years and this trend is likely to continue in the forthcoming years as well, as per the forecast of the market research firm, P&S Intelligence. This is ascribed to the increasing awareness amongst the public about the importance of EHRs in medical facilities and the presence of a growing geriatric population in the region. In this region, the U.S. is predicted to observe the highest demand for EHRs in the future years.

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