Why is Electronic Health Record (EHR) Market Predicted to Surge in Asia-Pacific?
The soaring number of government initiatives in many countries, aimed at promoting the adoption of electronic health records (EHR) in hospitals and clinics, is one of the biggest factors fuelling the adoption of this technology across the world. For instance, the Health Information Technology for Economic and Clinical Health (HITECH) Act was enacted by the U.S. government in 2009 in order to promote the incorporation of EHR systems in the healthcare settings, such as hospitals and clinics, and consequently enhance and modernize the country’s healthcare system.
The numerous benefits provided by EHRs in epidemiology studies play a major role in propelling their demand across the globe. For instance, the U.S. Food and Drug Administration (USFDA) had asked the government for $100.0 million for the fiscal year (FY) 2019 for an EHR regulatory measure, which would aid the organization in evaluating the drugs regulated by it. In addition to this, the adoption of this system allows the healthcare providers and patients to get an idea about the present stage of drug development and clinical trials.
Driven by the above-mentioned factors, the valuation of the global electronic health record market is expected to increase from $22.3 billion in 2017 to $30.4 billion by 2023. The market is predicted to progress at a CAGR of 5.4% during the forecast period (2018–2023). EHR systems are widely adopted in ambulatory care centers, inpatient facilities, and physician offices. Amongst these, ambulatory care centers are expected to observe the fastest growth in the adoption of EHR systems during the forecast period, mainly due to the rising number of such medical establishments across the globe.
Therefore, it can be undoubtedly said that due to the rising need for advanced medical devices and systems in healthcare settings, soaring geriatric population, and surging government initiatives for the modernization of the healthcare infrastructure, the demand for EHR will boom in the coming years.
Read more: https://www.psmarketresearch.com/market-analysis/electronic-medical-records-market
