Electronic Health Records Electronic Health Records Market

Industry Prospective:

The global Electronic Health Records market was worth around USD 29,417.2 Million in 2021 and is estimated to grow to about USD 42,203.5 Million by 2028, with a compound annual growth rate (CAGR) of approximately 6.2 percent over the forecast period. The report analyzes the Electronic Health Records market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Electronic Health Records market.

Electronic Health Records Market: Overview

The electronic health record system is used for the structured electronic gathering and storage of patient medical data in a digital format. The system helps in expanding patient data accessibility, which improves the overall productivity and efficiency of patient care. System usage is expected to increase in the future due to its numerous features, applications, and interoperability across a variety of healthcare settings. The Medical practitioner’s interactions with EHR are improved by speech-recognition software with natural language processing. It allows for better patient engagement while reducing the amount of time experts spend on paperwork.

In addition, incorporating artificial intelligence (AI) to predict EHR-based clinical outcomes has aided in improving patient experience through better care delivery. Besides, Data breaches and a lack of appropriately qualified personnel are the causes that are restraining factor of the market. The high cost of EHR adoption and maintenance, a scarcity of experienced specialists in developing nations, and worries about security and privacy are the market's challenges.

COVID-19 Impact:

Since the beginning of 2020, the expansion of COVID-19 has put a lot of pressure on healthcare organizations. Because certain client purchasing decisions and projects are delayed to focus on treating patients, getting critical medical supplies, and managing their organizations during this crisis, the pandemic has negatively impacted the revenue of major market competitors. In addition, companies like Allscripts have seen delays in upfront software revenue and professional services implementations across their outpatient and inpatient bases.

Electronic Health Records Market: Growth Drivers

Growing initiatives to enhance foothold in digital health to drive global market growth

The electronic health records is a efficient tool for health and data management due to which the healthcare industry is expanding its digital footprint. The increased demand for electronic health records during the COVID-19 period for patient data management has also expanded the demand for electronic health records. Moreover, the increased demand for emerging economies of Asia Pacific for electronic health records systems to further expand the market growth during the forecast period. In addition, higher adoption and enhanced product expansion for electronic health records are other key factors to enhance the market demand in the coming years.

Electronic Health Records Market: Restraints

High cost of implementation and maintenance in Electronic Health Records to hamper the market growth

The charges connected with Electronic Health Records are a major factor limiting their growth. This is mostly due to high implementation and maintenance charges. Technology is always improving, which has an impact on the cost of treatment at Electronic Health Records because they must keep up with the latest technologies in order to maintain a competitive advantage.

Global Electronic Health Records Market: Segmentation

The global Electronic Health Records market is segregated based on category, hospital capacity, location, and region.

The global Electronic Health Records market is segregated based on product, type, end user, business model, and region.

The acute EHR category led the electronic health record industry in 2021, accounting for roughly 46.8% of total revenue. Government programmes encouraging small-scale clinics to use electronic health records are credited with the development. Acute care hospitals in the United States that are covered by the Inpatient Prospective Payment System, for example, can participate in the Medicare incentive payment system (IPPS). Acute care electronic health records, which can provide extensive clinical details, are used to generate patient information. These details can be used in the ICU, emergency room, inpatient unit, and operating room, among other places.

In 2021, the hospital segment dominated the electronic health records (EHR) market, accounting for more than 60.0 percent of total revenue. The huge amount of medical data created in hospitals is to blame for the increase. In addition, the cost of installing the systems in hospitals is lower than in ambulatory care clinics, boosting the market growth. They also help large-scale hospitals save time, which boosts the industry even more. Furthermore, the market is likely to be grown by the increased adoption of electronic health records in small and midsized hospitals, owing to factors such as ease of deployment.

Report Scope:

Regional Landscape

North America is the market leader. The growth factor in North America is technological developments, significant government and private sector investments in healthcare, and the presence of prominent industry players. The healthcare IT market in the United States is one of the most established industries as compared to other geographical locations. Furthermore, due to strict regulatory requirements, the majority of hospitals and clinics in the region have deployed EHR solutions. The United States and Canada are the top countries in this region that have deployed EHR systems. TELUS Health, for example, announced the next step in the digital integration of its employer-focused virtual care service, Akira by TELUS Health, with its electronic health records in March 2021.

Competitive Landscape

Some of the main competitors dominating the global Electronic Health Records market include - Cerner Corporation (Oracle); GE Healthcare; Allscripts Healthcare, LLC; McKesson Corporation; Epic Systems Corporation; NextGen Healthcare, Inc.; eClinicalWorks; Medical Information Technology, Inc.; Health Information Management Systems; CPSI; AdvancedMD, Inc.; CureMD Healthcare; and Greenway Health, LLC.

Global Electronic Health Records market is segmented as follows:

By Product

• Client Server-based EHR
• Web-based HER

By Type

• Acute
• Ambulatory
• Post-Acute

By End-use

• Hospital Use
• Ambulatory Use

By Business Models

• Licensed Software
• Technology Resale
• Subscriptions
• Professional Services
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa