Healthcare providers have been investing in electronic health record (EHR) technology over the past several years, and the trend shows no sign of letting up. That’s according to a new report from market research firm Technavio that looked at the size of the market, its expected growth, and the trends that will impact it over the next several years.
The research firm is forecasting the global EHR market to grow at a compound annual growth rate (CAGR) of more than 5%, exceeding $28 billion by 2020.
“There is greater adoption of EHR in developed economies as compared to developing economies owing to the IT budget constraints in developing countries,” lead analyst Amit Sharma, wrote in a July 4 statement. “The adoption of EHR systems in the European healthcare IT market is increasing at an exponential rate so as to increase the quality of patient care.”
Technavio identified three big trends that are impacting the market and driving the growth of EHR. The first is the increased adoption of predictive analytics.
The research firm noted that predictive analytics integrated with EHR technology has led to emerging research opportunities.