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 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.
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.
|Historic Years||2016 - 2020|
|Forecast Years||2021 - 2028|
|Segments Covered||By Product Type, By Application, and By End Use|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2021 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||10 companies with scope for including additional 15 companies upon request|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
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 - 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 Business Models
Electronic health records are electronic versions of patients' healthcare records. An electronic health record (EHR) is a repository of electronically maintained information about an individual’s lifetime health care and health status. Electronic health records or “EHRs” make it possible for healthcare providers to better manage patients care through secure use and sharing of health information.
There have been a huge number of advances in information technology from the past two decades; especially in healthcare, a number of changes have been adopted considering the innovative and advanced technological approach. The electronic health records are developed and implemented in several forms. EHR systems can be used in an individual level and small organizations, as internal operating systems in affiliated healthcare units, or on a regional level. Some of the nations have implemented few forms of EHR while some are planning the introduction of a nationwide electronic health record systems.
Nowadays, electronic health records are being implemented globally by an increasing number of hospitals. Time and again initiatives have been taken such as financial stimulations or government regulations in the US, Denmark, and the UK benefiting the growth of the market. EHR implementation program is determined by the assurance of improved integration and availability of patient data, by the need of cost-effectiveness and improve efficiency, by altering relationship of doctor and patient in the direction where care is shared by a team of healthcare professionals, and by the need to deal with a more complex and rapidly changing environment
The global electronic health records market is segmented on the basis of product, type, and end-users. Based on the product, the market is segmented into web-based electronic health records and client server-based electronic health records. Increasing adoption and need for integrated healthcare system boost the growth of the market during the forecast period. On the basis of type, the global electronic health records market is segmented into ambulatory electronic health records, acute electronic health records, and post-acute electronic health records. Based on end-users, the market is segmented into hospitals, physicians, pharmacies and ambulatory centers. Hospitals segment contributed for a significant share in the global electronic health records market owing to increasing adoption of the EHR systems in hospitals and improved quality assurance.
North America held a dominant share for electronic health records market in the 2017 and region is projected to continue with its regional supremacy over the forthcoming years as well. The growth of this regional market is attributed with the favorable government policies and increasing funding coupled with new technological advancements by the prominent market players. Europe holds the second largest position in global electronic health records market owing to rapidly increasing geriatric population in the region. Asia Pacific is projected to grow at a significant CAGR due to developing healthcare infrastructure and favorable government policies in this region.
Some of the key players in the electronic health records market are Allscripts, Cerner, MEDITECH, McKesson Corporation, NextGen Healthcare, and Epic Systems Corporation, which are some of the well-founded companies in the electronic health records market. In addition, some of the companies in the electronic health records market include Healthcare Management Systems, eClinicalWorks, CureMD Healthcare, and Healthland, among others.
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.