The global EHR market has expanded at a prodigious rate in the last five years and is expected to continue to grow rapidly between 2014 and 2020, reaching $23.98 billion by 2020.
The current market is valued at $15.56 billion The market is expected to grow at an annual rate of 6.4 percent for the next six years. Large- and medium-sized hospitals have widely adopted EHR systems, but smaller hospitals are expected to drive the market in the future, according to a report from Transparency Market Research.
The report also said the market will likely continue to be driven by federal incentives, but considered limiting factors such as high adoption costs and lack of skilled healthcare IT professionals.
North America is currently the largest regional market in terms of revenue and is expected to continue to lead the market because of government funding and federal regulations. However, the market researchers said growth is expected in India, China, Brazil, Mexico and South Africa because of improving economic conditions and developing healthcare markets.