Increasing Healthcare Expenditure is expected to Boost Growth of the Global Electronic Medical Records Market

 

Electronic Medical Records Market
Electronic Medical Records Market

Since the start of 2020, the expansion of COVID-19 has put a lot of pressure on healthcare organisations. Major market players have experienced a decline in new business bookings as a result of the pandemic, and certain client projects and purchasing decisions have been postponed so that clients can concentrate on treating patients, acquiring essential medical supplies, and managing their organisations through this crisis. Delays in professional services deployments and deals with upfront software revenue also affected businesses like Allscripts on both their inpatient and outpatient bases.

Over the course of the projected period, rising healthcare costs are anticipated to spur electronic medical records market expansion worldwide. For instance, the National Center for Biotechnology Information reported in December 2019 that the market for electronic health records in the United States increased by an average of 5.4% each year from 2015 to 2019, reaching US$14.5 billion in that year.

In recent years, the EHR market has benefited from new expansion activities, product approvals, product launches, collaborations, and acquisitions. Additionally, the market expansion is being fueled by a considerable rise in demand for electronic health records as a result of the expanding digitalization. The market for electronic health records is also predicted to be driven by rising consumer demand for the centralization and simplification of healthcare administration. A value-based strategy, which aims to streamline operations, standardise processes, cut costs, and improve the quality of care so that patients are satisfied, is what motivates the centralization of health information management.

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