The global electronic health record (EHR) market was valued at $22.3 billion in 2017, which is projected to reach $30.4 billion by 2023, at a CAGR of 5.4% during the forecast period (2018–2023).
A number of factors, such as the rising number of government initiatives to inspire the adoption of electric health record (EHR) systems, surging need for lowering the overall healthcare cost, and increasing utilization of healthcare information technologies (HCITs) across the world, are projected to boost the ambulatory EHR market at a CAGR of 5.9% in the forecast period (2017–2023). At this growth rate, the market is expected to reach $6.0 billion by 2023 from $4.0 billion in 2016.
Access Detailed Report on Ambulatory EHR Market Revenue Estimation
The primary factor improving the ambulatory EHR market growth prospects is the increasing utilization of HCITs. These technologies allow for the management of health information data across healthcare systems and secure the data exchange among providers, payers, and consumers. According to the National Center for Health Statistics (NCHS), the adoption of EHR solutions by office-based physicians rose by 6.6% in the U.S. between 2013 and 2014. The NCHS also stated that the adoption of these solutions by primary-care physicians rose from 72.1% in 2013 to 78.6% in 2014.
Furthermore, on the basis of practice size, the ambulatory EHR market is classified into solo practices, small-to-medium-sized practices, and large practices. Among these, the small-to-medium-sized practices category is expected to record the fastest growth during the forecast period owing to the rising adoption of EHR solutions in such practices. On the other hand, the large practices category held the largest market share in 2016 due to the fact that the number of trained professionals and budget for ambulatory EHR solutions are considerably higher in these practices.
Thus, the rising number of government initiatives and increasing utilization of HCITs are expected to propel the growth of the market during the forecast period.
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