The global electronic health records (EHR) market is expected to reach $33.4 billion by 2025, according to new analysis from Research and Markets.
The government initiatives undertaken in support of EHR adoption are most likely to accentuate the market growth, the researchers said. Indeed, the federal government introduced the Health Information Technology for Economic and Clinical Health (HITECH) Act in 2009 for promoting usage of EHR amongst healthcare providers. The program included provisions of training and assistance for health IT workers in order to set up EHRs in the hospitals.
And, due to financial incentives under the government’s meaningful use program, any average physician with at least 30 percent of his or her patients covered with Medicare is eligible for incentives worth up to $44,000, Research and Markets reported.
Now, in the U.S., the latest statistics from the federal government attest that nearly 90 percent of office-physicians have at least a basic EHR in their practice, with nearly all U.S. hospitals having one. Meanwhile, the National Health Services (NHS), U.K., is planning to convert the documentation process into digitized form completely by the year 2018.
What’s more, according to the findings, the EHR industry in Asia Pacific is projected to display substantial growth over the forecast period owing to various developments across major economies along with increased expenditure on healthcare IT. This regional market is expected to grow at a compound annual growth rate of 7 percent from 2017 to 2025.
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