North America Electronic Medical Records (EMR) Market on a Steady Growth Track as Supporting Government Initiatives & Adoption in Healthcare Witness an Increase
EMR (Electronic Medical Records) technology witnesses maximum usage in North America owing to supporting government initiatives by means of HITECH (The Health Information Technology for Economic and Clinical Health) Act of 2009. This in turn directed ONC (Office of the National Coordinator) for the Health Information Technology for promoting meaningful usage and adoption of electronic medical records across the region. Apart from this, incentive plans for clinics and hospitals in the U.S. has been taken up for further usage of electronic medical records technology.
North America is likely to retain its dominance in electronic medical records (EMR) market by expanding at 5.5% CAGR over the course of period from 2015 to 2025. U.S. is anticipated to dominate North America electronic medical records (EMR) market over the forecast period on the back of supporting government dogmas imposed as per ARRA (American Reinvestment & Recovery Act). Emerging players in electronic medical records (EMR) market are eyeing on North America for elevating their position in the global market as well as to expand their product portfolio. Patient engagement has entrenched across the healthcare lexicon in worldwide, especially in North America. Healthcare payers and networks in North America have been taking immense efforts in striving to attain Institute for improvement of healthcare system.
Furthermore, substantial growth rate of U.S. healthcare IT expenditure coupled with supporting government initiatives towards development of countrywide healthcare information network is anticipated to push growth of North America electronic medical records (EMR) market. Rapidly increasing demand for healthcare cost containment as well as need for improving quality of the healthcare service has been significantly driving the growth of U.S. electronic medical records (EMR) market. Stringent regulatory norms will continue to retain United States and Canada at the forefront in implementing electronic medical records systems, which in turn is expected to significantly support the expansion of North America electronic medical records (EMR) market. in the forthcoming years.
Though large-sized healthcare procedures need client-server or on-site based electronic medical records systems, web-based electronic medical records solutions or the Active Server Pages (ASP) models are gaining significant traction within small-sized healthcare procedures and in private physician workplaces. Wave of the digital technology coupled with rising demand from the patient fraternity for the digital services is expected to create lucrative growth opportunities for North America electronic medical records (EMR) market. However, high-cost related to start-ups, extensive learning curve, security and confidentiality concerns and dearth of standardized system architecture and terminology are likely to restrain the growth of North America electronic medical records (EMR) market in the forthcoming years.
Constant regulatory requirement for capturing patient health records, in order to attain drug product approval is foreseen to drive the revenue growth of electronic medical records (EMR) market on a global basis. North America electronic medical records (EMR) market is foreseen to be followed by Western Europe electronic medical records (EMR) market in the forthcoming years. Key players and manufacturers in North America electronic medical records (EMR) market are aiming on:
Ø Improving patient experience with regards to satisfaction and quality
Ø Improving health of the population