The global market for electronic health records (EHRs) will reach $24 billion by the end of 2020, with a compound annual growth rate of 6.4% per year, according to a new report by Transparency Market Research.
Government initiatives to encourage the adoption of EHR systems for healthcare facilities have driven the growth of this market, which was worth $16 billion in 2014. However, a lack of skilled healthcare IT professionals and high installation costs of EHR systems could still hinder market growth, the company said.
The market has been divided into client server-based systems and Web-based systems, according to Transparency Market Research. In 2013, client server-based EHR systems held the largest share in the global market, but Web-based EHR system market growth is expected to be significant throughout the forecast period.
