The global electronic health records market size is expected to reach USD 38.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.0% from 2022 to 2030. The web-based electronic health records (EHRs) are anticipated to show the largest growth during the forecast period. These EHRs are convenient for use in pharmacies, small-scaled laboratories, and clinics, as they require limited hardware infrastructure, which reduces the cost of installation.
Electronic Health Records Market Report Highlights
- The web-based EHR segment dominated the overall revenues share as of 2021 and is projected to witness a CAGR of over 4.6% from 2022 to 2030. A high adoption rate by physicians is expected to boost the market growth
- The ambulatory use segment which includes physician clinics, laboratories, and pharmacies is expected to exhibit the fastest growth over the forecast period owing to the increasing number of ambulatory care centers globally
- The acute care segment held a considerable market share of about 46.8% in the market due to government initiatives for the adoption of EHRs
- North America held a major market share as of 2021, due to the presence of well-established healthcare infrastructure as well as favorable government initiatives regarding population health management
- The U.S. is dominating the market in North America due to the presence of established players in the country
- The industry participants are focusing on product launch, partnerships, collaborations, mergers, and acquisitions to sustain the competition
- In Asia Pacific, the market is anticipated to witness lucrative growth of around 6.9% owing to the developing healthcare infrastructure in Asian countries, such as Indonesia, China, and India
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Electronic Health Record (EHR) is a digital version of a patient’s paper chart and medical history or a population’s electronically stored health information in a digital format, which is maintained by the care provider over time, and includes all of the key administrative clinical data relevant to that person or population including demographics, progress notes, problems, medications, vital signs, past medical history, immunizations, laboratory data, and radiology reports and can be shared across different health care settings. It provides real-time, patient-centered records that make information available instantly and securely to authorized users. It provides accurate, up-to-date, and complete information about patients at the point of care and gives quick access to patient records for more coordinated, efficient care, and allows secure sharing of electronic information with patients and other clinicians. The major benefit of EHRs is that by providing a centralized, widely adopted system where multiple organizations share secure information about a patient, patients are able to access and receive care in a more efficient manner and improve patient health and quality of care through better disease management and patient education.
EHR vendors and organizations have initiated to help in curbing the pandemic by making telehealth a mainstream alternative, enhancing data access through EHRs, and collaborating to develop COVID-19 dashboards in detail. The introduction of EHRs for medical coding and billing has eased the process as data entering into computerized systems is more convenient than paper-based methods. EHRs also minimize the risk of errors in patient data as well as financial details. As per the University of Michigan, the cost of outpatient care was reduced by 3% upon shifting to EHRs from paper-based records. This reduction resulted in USD 5.14 savings per patient per month.
Additionally, M&A activities by market players are also boosting the market growth. For instance, in February 2021, Evident, LLC, a subsidiary of CPSI announced that Texas-based Curahealth Hospitals and Cobalt Rehabilitation, have selected the Evident EHR along with collection services TruBridge, for three new rehabilitation facilities located in Denver, Colorado; West Houston, Texas; and San Antonio, Texas. Key players in the EHR market are investing in the launch of new products and collaborations for sustaining in the market. For instance, in August 2020, Cerner Corporation collaborated with Amazon to integrate its EHR solutions with the latter’s wearables such as Amazon Halo. This would provide greater interoperability to its customers and strengthen its service portfolio.
Electronic Health Records Market Insights By Region
North America dominated the market for electronic health records and accounted for the largest revenue share. The major factor contributing to the growth of this region is the policies that support the adoption of electronic health records and the availability of infrastructure with high digital literacy. The Digital Single Market Strategy by the European Commission furnishes consumers and businesses with access to online services and goods across Europe, thus providing necessary conditions for the growth of the digital network and allied services, which is expected to maximize the growth potential of the European economy. In Asia Pacific, the market for electronic health records is anticipated to demonstrate lucrative growth during the forecast period. This growth can be attributed to the ever-increasing demand for quality standards and services which are boosting the digitalization of healthcare in the region.
Competitive Analysis By Major Companies
The market leaders are involved in product launches, collaborations, expansions, and acquisitions to sustain the competition. Established organizations, as well as small players, are investing in mergers and acquisitions to gain a competitive edge. Some of the prominent players in the electronic health records market include:
- Cerner Corporation (Oracle)
- GE Healthcare
- Allscripts Healthcare, LLC
- McKesson Corporation
- Epic Systems Corporation
- NextGen Healthcare, Inc.
- eClinicalWorks
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Electronic Health Records Market Segmentation
Grand View Research has segmented the global electronic health records market on the basis of product, type, end-use, business models, and region:
- EHR Product Outlook (Revenue, USD Million, 2017 – 2030)
- EHR Type Outlook (Revenue, USD Million, 2017 – 2030)
- EHR End-use Outlook (Revenue, USD Million, 2017 – 2030)
- EHR Business Models Outlook (Revenue, USD Million, 2017 – 2030)
- EHR Regional Outlook (Revenue, USD Million, 2017 – 2030)
- List of Key Players of Electronic Health Records (EHR) Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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