Pune, India, Feb. 18, 2022 (GLOBE NEWSWIRE) -- The global electronic health records market size stood at USD 26,200.48 Million in 2018 and is projected to reach USD 39,913.16 Million by 2026, exhibiting a CAGR of 5.4% during the forecast period.
The market growth is attributed to the high acceptance of advanced technologies to cater to growing customer needs. Speech-recognition software with natural language processing improves interaction of medical professionals with EHR. It enables more patient engagement with reduced time of professionals in paperwork.
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Electronic Health Records Market Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2018 to 2026 |
| Forecast Period 2021 to 2028 CAGR | 5.4% |
| 2026 Value Projection | USD 39,913.16 Million |
| Base Year | 2018 |
| Market Size in 2018 | USD 26,200.48 Million |
| Historical Data for | 2015 to 2017 |
| No. of Pages | 135 |
| Segments covered | Product, Types, End-Users and Geography |
| Growth Drivers | Higher Adoption of EHR Solutions by Hospitals to Enable Dominance of the Segment |
| Clinically Proven Effectiveness of Integrated EHR to Aid Dominance of the Segment | |
| Web-Based electronic health records to Dominate the Global Market |
In terms of product, the market is grouped into on-premise and web-based. Out of these, the web-based segment is expected to showcase significant Electronic Health Records Market revenue and lead throughout the forecast period. It is attributable to their easy installation process where technicians don’t have to work with complex infrastructure to host data. All these works can be easily done through the Internet and hence, it doesn’t require IT support and lowers additional cost. The on-premise segment is likely to exhibit slow growth because of the requirement of in-house servers.
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Geographically, the Electronic Health Records Market is divided into Asia Pacific, the Middle East and Africa, North America, Latin America, and Europe. Amongst these, in 2018, North America procured USD 12,123.12 million EHR market revenue. This growth is attributable to the presence of flexible regulatory scenario, favourable government policies, and rising digitalization in the healthcare sector in the U.S.
Since the past few years, in many countries, the adoption of electronic medical record is upsurging at a fast pace. It is occurring because of the realization of the masses that to gain top-quality care at lower costs, implementation of a robust health information technology (HIT) is extremely vital.
EHR is used extensively in clinical applications, such as decision supports, results management, order entry and support, and health information and data. It is also used in healthcare financing, as well as administrative applications. However, deployment of EHR involves a lot of money spending. It may hinder the electronic health records market growth during the forthcoming period.
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Competitive Landscape:
Key Players Focus on Unveiling State-of-the-art Products by Joining Hands with Others
The Electronic Health Records Market comprises of countless enormous, medium, and little organizations that are endeavoring steadily to acquire share. To accomplish their business objectives, they are zeroing in on innovative work exercises to present state of the art items on the lookout. Some of them are additionally collaborating with other nearby players. The following are two or three the most recent key industry advancements:
- October 2019: Northwell Health and Allscripts announced signed an agreement to develop the next-generation EHR that would be AI-based, voice-enabled, and cloud-based.
- September 2015: Meditab Software, Inc. joined hands with CoverMyMeds to broaden its unique range of EHR solutions. It would also aid the companies in integrating electronic prior authorization (ePA) feature to the e-prescribing workflow of all the users of the intelligent medical software (IMS) platform.
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Fortune Business Insights™ presents a list of all the reputed companies operating in the electronic health records market. They are as follows:
- Medical Information Technology, Inc. (MEDITECH)
- Cerner Corporation
- MEDHOST
- Epic Systems Corporation
- eClinicalWorks
- CareCloud Corporation
- Allscripts Healthcare, LLC
- NextGen Healthcare
- Athenahealth
- Other prominent market players
Market Segmentation:
By Product
- Web-based
- On-premise
By Type
- Stand-alone
- Integrated
By End User
- Physician’s Office
- Hospitals
- Others
By Geography
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia- Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
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