The global Electronic Health Records market size 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 | Industry Share By Product, Type, End Use, Business Models, And Region.
Electronic Health Records Market
The global Electronic Health Records market size 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.
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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 the 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.
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.
Growing initiatives to enhance foothold in digital health to drive global market growth
Electronic health records are an 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 of 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.
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 in Electronic Health Records because they must keep up with the latest technologies in order to maintain a competitive advantage.
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 programs 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 market growth. They also help large-scale hospitals save time, which boosts the industry even more. Furthermore, the market is likely to be grown with the increased adoption of electronic health records in small and midsized hospitals, owing to factors such as ease of deployment.
|Report Attributes||Report Details|
|Report Name||Electronic Health Records Market Research Report|
|Market Size in 2021||USD 29,417.2 Million|
|Market Forecast in 2028||USD 42,203.5 Million|
|Compound Annual Growth Rate||CAGR of 6.2%|
|Number of Pages||170|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Key Companies Covered||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.|
|Segments Covered||By Product, By Type, By End-use, By Business Models, And By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Countries Covered||North America: U.S and Canada
Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe
APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific
Latin America: Brazil, Argentina, Chile
The Middle East And Africa: South Africa, GCC, Rest of MEA
|Historical Year||2016 to 2020|
|Forecast Year||2022 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
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.
Some of the main competitors dominating the global Electronic Health Records market include -
The Global Electronic Health Records market is segmented as follows:
By Business Models
The growing demand for electronic health records from emerging economies as well as increased demand for expanding patient data accessibility to drive the market growth in the coming years.
According to the Market Research report, the global Electronic Health Records market was worth about 29,417.2 (USD Million) in 2021 and is predicted to grow to around 42,203.5 (USD billion) by 2029, with a compound annual growth rate (CAGR) of around 6.2 percent.
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.
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.
Electronic Health Records, often known as EHRs, are digital representations of a patient's medical history. These digital representations contain information about a patient's medical problems, medications, allergies, immunizations, lab test results, and other relevant data. Electronic health records, or EHRs, are intended to improve both the quality and the safety of patient treatment by facilitating the sharing of patient information across healthcare practitioners.
Electronic health records are able to be viewed in real-time by authorized medical practitioners, which can help to enhance the coordination of care across a variety of providers and lower the likelihood of medical errors occurring. Moreover, electronic health records have the potential to lessen the administrative loads placed on medical professionals, hence contributing to an increase in the effectiveness of healthcare delivery.