Electronic Health Records (EHR) Market Outlook 2031
- The global electronic health records (EHR) market was valued at US$ 30.7 Bn in 2021
- The global market is projected to grow at a CAGR of 5.0% from 2022 to 2031
- The global electronic health records (EHR) market is anticipated to reach more than US$ 50.3 Bn by the end of 2031
Electronic Health Records (EHR) Market Introduction
Electronic health record (EHR) is a digital version of a patient’s medical history, which is maintained by a healthcare provider. It could include a patient’s clinical data relevant to the individual care under a particular provider, including demographics, problems, progress notes, vital signs, medications, past medical history, immunizations, radiology reports, and laboratory data.
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In the last two decades, information technology has revolutionized every facet of mankind. Awareness about diseases and treatments is helping save lives, while lack of effectively managed data could place this information at risk. Several pilot and cohort studies have been undertaken by government organizations and institutions pertaining to effectiveness of a computerized patient healthcare information system.
Government Incentives Propelling Adoption of EHR Systems Across Health Care Facilities
Governments of various countries are providing incentives to encourage health care providers to adopt EHR systems. Financial incentives by governments is expected to drive the EHR global market from 2022 to 2031. The U.S. Federal Government pledged to support EHR adoption across the country through the Health Information Technology for Economic and Clinical Health (HITECH) Act, 2009. The Centers for Medicare & Medicaid Services (CMS) established the Medicare and Medicaid EHR Incentive Programs in 2011 in order to encourage EPs, eligible hospitals, and CAHs to adopt, implement, upgrade, and demonstrate meaningful use of certified electronic health record technology (CEHRT). These programs are now referred to as the Medicare Promoting Interoperability Program.
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As part of the NHS Digitization initiative, the U.K.’s Department of Health (DoH) allocated over GBP 2 Bn of funding to support electronic patient records in all NHS trusts, and help over 500,000 people to use digital tools, such as ehealth records, to manage their long-term health conditions in their own homes in 2022.
Streamlining of Routine Work to Drive Global EHR Market
EHRs reduce paperwork, while boosting efficiency and productivity. There are fewer forms for patients and employees to fill, giving professionals more time to attend to patients. Fast referral and medication delivery helps reduce appointment and pickup wait times. Patients can be reminded automatically when it is time for yearly exams or when important milestones that call for routine testing are approaching. Billing and insurance claims can be submitted on time with integrated patient tracking. Telehealth updates help health care professionals provide improved health care to patients. Key advantages of EHR systems are:
Accurate and up-to-date information about a patient at the point of care
- Health care cost reduction
- Quick access to patient-related data
- Securely sharing patient data with health care professionals from different departments
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These advantages have induced healthcare providers to adopt EHR systems to equip themselves with technically-advanced IT systems such as electronic health record software. This is propelling the global electronic health records (EHR) market.
Rapid Technological Advancements to Augment Remotely-hosted Segment
In terms of deployment type, the remotely-hosted segment held major share of around 55% of the global market in 2021. It is likely to dominate the global market during the forecast period. Rapid technological advancements in data access through smartphones, government initiatives, need for improved efficiency and quality of service delivery; and increase in disposable income are the major factors driving the remotely-hosted segment.
Post the passage of the HITECH Act in 2009, the healthcare industry has undergone rapid changes in technology. Adoption of electronic health record (EHR) systems among healthcare providers has been one of the most transformative changes to occur.
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Larger Revenue Budgets Fueling Hospitals Segment
Based on end-user, the hospitals segment is anticipated to account for significant share of the global electronic health records market during the forecast period. Adoption of EHR has traditionally been higher in hospitals than in ambulatory centers and clinics or specialty centers, primarily because hospitals have larger revenue budgets. According to ‘Adoption of Electronic Health Record Systems among the U.S. Non-Federal Acute Care Hospitals’, 75.5% of hospitals have adopted basic EHR in the U.S.
Regional Outlook of Electronic Health Records (EHR) Market
North America accounted for dominant share of the global EHR market in 2021. Government funding encouraging meaningful use of certified electronic health and medical record (EHR) technology across health care facilities, increase in pressure to contain health care costs, and rise in demand for improved quality of health care services are augmenting the EHR market in the region. According to sources from the U.S. Department of Health and Human Services, more than 50% of all eligible health care providers in the country have received incentive payments from the Federal Government for meaningful usage of EHR systems.
The U.K. and Germany are important markets for electronic health records (EHR) in Europe. Rapid increase in geriatric population, rise in need for remote monitoring, increase in pressure to contain health care costs, and surge in demand for improved patient care are propelling the market in these countries.
Asia Pacific is witnessing an increase in adoption of EHR across hospitals, clinics, and ambulatory surgical centers. The region held the third largest share of the global EHR market in 2021. Presence of a large patient pool makes Asia Pacific a high potential market for EHR, as health care providers need a large number of EHRs for effective patient care and services. Lack of skilled personnel required to operate EHR systems and less penetration of broadband connectivity are the key restraints of the market.
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Analysis of Key Players in Global Electronic Health Records (EHR) Market
The global electronic health records (EHR) market is consolidated, with the presence of small number of key players. Expansion of product portfolio and mergers & acquisitions are the major strategies adopted by the leading players. Prominent players operating in the global electronic health records (EHR) market include Almirall, Archetype Innovations, LLC, Allscripts Healthcare Solutions, Inc., Cerner Ambulatory (Oracle), CPSI, CureMD Healthcare, eClinicalWorks, Epic Systems Corporation, GE Healthcare, Greenway Health, LLC, Medical Information Technology, Inc., Praxis EMR (Infor-Med, Inc.), NXGN Management, LLC, AdvancedMD, Inc., and athenahealth, Inc.
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