Westford USA, March 09, 2023 (GLOBE NEWSWIRE) -- The electronic health records market is experiencing significant growth, with North America as a major contributor to this expansion. The region's growth is attributed to several factors, including government initiatives, technological advancements, low maintenance costs, and increased accessibility of EHR systems. Governments worldwide are providing financial support through public budgets, which has led to the development of healthcare systems and contributed to the growth of the EHR market. In addition to government support, an increasing number of mergers and acquisitions by market players are also contributing to the growth of the EHR market. Companies are expanding their capabilities and offerings through strategic acquisitions, helping them stay ahead of their competitors.
The IoT in the healthcare industry is experiencing exponential growth, with an expected market value of USD 332.52 billion by 2028, as forecasted by SkyQuest. This tremendous growth is set to impact the electronic health records (EHR) market, significantly boosting the industry. With IoT technology, EHR systems can become even more effective by integrating real-time patient data from connected devices and sensors. This will lead to more accurate diagnoses, better treatment plans, and ultimately better patient outcomes.
Browse in-depth TOC on "Electronic Health Records Market"
- Pages - 275
- Tables - 116
- Figures - 71
Electronic health records (EHRs) have revolutionized the healthcare industry by providing a secure and efficient way to manage patient information. EHRs help healthcare providers provide better care and improve patient outcomes, making it easier for patients to manage their own health. This is because patients can now access their medical records online, making managing their healthcare more convenient and efficient.
Prominent Players in Electronic Health Records Market
- GE Healthcare
- eClinicalWorks
- Cerner Corporation
- Allscripts Healthcare, LLC
- NextGen Healthcare, Inc.
- McKesson Corporation
- CPSI
- Medical Information Technology, Inc.
- AdvancedMD, Inc.
- Epic Systems Corporation
- Greenway Health, LLC
- CureMD
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Clinical Application Segment to Attain High Growth as Clinical Applications can Help Providers Identify Potential Medication Errors or Adverse Events
The electronic health records market has been experiencing significant growth in recent years, and the clinical application segment has played a major role in this trend. According to industry analysis, this segment contributed the largest market share in 2021, and it is anticipated to continue its dominance over the next few years. Moreover, the clinical application segment is estimated to exhibit a higher CAGR from 2023 to 2030. This is primarily due to the ongoing technological advancements and innovations in electronic health records software, which are expected to enhance their functionality and usability further.
The electronic health records market is witnessing significant growth globally, with North America leading the way. As a result, the region dominated the market and contributed the largest revenue share in 2021. In 2022, SkyQuest conducted global research that showed significant progress in adopting Electronic Health Record (EHR) systems in North America and Europe. According to the research, over 85% of hospitals in these regions have embraced some form of EHR system. This is a significant improvement from previous years, indicating the healthcare industry's growing recognition of the benefits of digital record-keeping.
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Cloud-Based Software Segment to Attract Huge Sales as Cloud-Based Solutions Enable Smaller Healthcare Providers to Access Advanced EHR Systems
In 2021, the electronic health records market saw the cloud-based software segment as the leading contributor in market share. The trend is projected to continue from 2023 to 2030, by industry experts. As per SkyQuest, the cloud system management software industry is likely to witness tremendous growth in the forthcoming years, with the latest analysis suggesting that it could exceed USD 59.63 billion by 2028. This bodes well for the cloud-based software segment in the electronic health records (EHR) market, which is also expected to benefit from this positive outlook. Cloud-based software allows healthcare providers to access patient records and other important data from anywhere.
The Asia Pacific region is poised for significant electronic health records market growth by 2030. This regional progress can be attributed to the increasing demand for high-quality healthcare services, leading to the digitalization of healthcare in the region. Furthermore, the Asia Pacific region is home to some of the world's fastest-growing economies and the world's largest population, which presents a vast market opportunity for EHR vendors. Additionally, governments across the region are implementing policies and regulations to promote the adoption of EHRs, further driving the market growth.
The electronic health records market research report offers thorough insights into the market's competitive landscape. It provides in-depth insights into the operations, business segments, regional trends, and latest advancements of the top companies in the industry. This detailed analysis will aid market participants in understanding the market clearly and formulating effective strategies for achieving growth and success. The report is a valuable resource for anyone looking to gain insights into the market and stay ahead of the competition.
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Key Developments in Electronic Health Records Market
- Press Ganey, a company specializing in patient experience, has recently partnered with Epic, a leading electronic health record (EHR) provider, to integrate patient experience data into Epic's 300 million patient records. This collaboration aims to improve patient care by providing personalized experiences and a holistic understanding of patients. With this integration, healthcare providers can track patient experience metrics, such as satisfaction scores, and use this information to identify areas where they can improve patient care.
- Oracle Corp. and Accenture have joined forces to enhance the training program for clinicians who use the VA's Cerner Millennium-based electronic health record platform. The initiative aims to improve the quality of care delivered to veterans by upgrading the skills of clinicians who use the platform. The two companies are working together to create an effective and efficient training program that will enable clinicians to make the most of the VA's electronic health record platform.
- Tufton has signed a new agreement with a UK-based company to implement a digitized medical records system. This move is expected to improve the quality of care for patients while also making it easier for healthcare providers to access and share medical information. The new system will enable Tufton to store all patient records in a secure, centralized database that can be accessed from any location with an internet connection. This will streamline the information-sharing process between healthcare providers, allowing for faster and more accurate diagnoses and treatments.
Key Questions Answered in Electronic Health Records Market Report
- What specific are economical and industry-related factors expected to impact the market's valuation and growth rate in the coming years?
- What sub-segments are projected to be the most profitable within the global market and why?
- Are any emerging or underdeveloped regions expected to experience significant growth during the forecast period, and why?
- How have the leading players in the market being able to differentiate themselves from their competitors, and what strategies have they used to achieve this?
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