New York, NY -- (SBWIRE) -- 04/25/2019 -- The global EHR market was valued at $22.3 billion in 2017 and is estimated to progress at a CAGR of 5.4% during the forecast period 2018–2023. Rising need for an advanced healthcare information system, increasing investments by healthcare IT players, growing demand for better healthcare facilities, and surging government initiatives are the key factors driving the growth of the market.

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Electronic health record (EHR) is a systematized collection of a patient's health data in the digital format. The data includes all the details, such as the patient's medical history, medication, treatment plans, diagnoses, immunization dates, radiology images, allergy information, and pathology test results. This data helps healthcare providers take an informed decision about the patient's care while sitting in any corner of the world.

An integrated healthcare information system offers better healthcare quality by supporting clinical decision making, digitizing patient records, and enabling coordinated patient care. It has been noted that dispersed healthcare information (associated with diagnosis, billing, and administrative data, medical history, patient demography, and medication) and the coordination gap between healthcare professionals and patients often degrade the quality of healthcare and increases the overall treatment cost. Thus, there is a requirement for integrated healthcare information systems to minimize medical errors and provide better patient care, which is boosting the electronic health record market.

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Furthermore, replacing traditional data recording systems with EHR minimizes the cost of data storing. Conventionally, the data has been stored in the paper form, and hence required a lot of care to handle it properly, irked by which healthcare providers began switching to EHR. According to the data published by the Office of the National Coordinator for Health Information Technology within the U.S. Department of Health and Human Services, in 2016, nearly 95.0% of all priority primary care providers (PPCPs) registered with regional extension centers (REC) were continuously using the EHR technology.

The report further stated that over 78.0% of all REC-enrolled PPCPs or 112,804 providers had exhibited meaningful use (MU) of certified EHR technology (CEHRT) in areas, including e-prescribing, clinical quality reporting, and medication reconciliation, thereby improving the overall patient care. A key driver of EHR implementation here has been the Health Information Technology for Economic and Clinical Health (HITECH) Act of 2009. Via the EHR Incentives Programs, it offers incentives to healthcare professionals who adopt and display the meaningful use of the technology, thus aiding in the EHR market growth.

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Hence, advancements in technology, such as integrated healthcare information system, and increasing replacement rate of traditional data storage system with digital variants are predicted to propel the growth of the electronic health record market.