Electronic Health Record Market Size is Expanding at USD 30.84 BN by 2030

Los Angeles, Dec. 21, 2022 (GLOBE NEWSWIRE) -- The global electronic health records market size was valued at USD 23.74 billion in 2022. An electronic health record (EHR) helps in keeping the patient's medical history electronically. It is an electronic version of a patient's medical data. The provider maintains it over time. It includes administrative and clinical data vital to that patient's care under a particular healthcare provider. It is a real-time, patient-centered record. It makes information available instantly and securely to authorized users. It contains the medical and treatment histories of patients. It is designed to go beyond clinical data gathered in a provider’s office.

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An electronic health record can include a comprehensive view of a patient’s care. It is an integral part of IT healthcare. It offers diagnoses, medications, and treatment plans. It allows access to evidence-based tools that doctors can use to make decisions about a person's care. It automates and streamlines provider workflow. In this, authorized providers create and manage health information in a digital format. It can be shared with other providers across more than one hospital. It offers various benefits, such as achieving practice efficiencies and cost savings, improving care coordination, enhanced patient care, enhanced diagnostic and patient outcomes, and increased patient participation.

Growth Factors

The government's efforts to promote healthcare IT usage significantly contribute to global market growth. In line with this, introducing technologically advanced services creates a positive outlook for the market. Furthermore, the spread of COVID-19 has put pressure on hospitals across the globe. The pandemic has negatively impacted the market. Factors such as the emergence of new players, expansion activities, product launches, mergers, and acquisitions positively influence market growth. The rising demand for electronic health records catalyzes market growth. The growing trend of digitalization creates a positive outlook for the market. The escalating demand for the centralization of hospitals propels market growth. It also involves streamlining operations, reducing costs, standardizing processes, and enhancing the quality of care. 

Moreover, a growing number of mergers and acquisitions by market players strengthen the market growth. Rapid advancements in software technology in the healthcare industry favor global market growth. The integration of artificial intelligence and the development of EHRs software drive market growth. The increasing geriatric population and rising prevalence of chronic conditions positively influence market growth. Electronic Health Records are becoming popular nowadays. Electronic health records for medical coding and billing strengthen the market growth. The market players' focus on integrating voice recognition with electronic health records boosts market growth. The rapid adoption of electronic health records in several countries creates a positive outlook for the market.  

Report Highlights: 

• Based on product, web-based EHR dominated the market and accounted for the largest revenue share. This is due to the increasing popularity of web-based EHR among physicians and healthcare providers. It can be installed without the support of in-house servers. It offers vast customization and improvements as per need. On the other hand, the client server-based EHR is expected to witness a promising CAGR in the coming years. It offers in-house data storage. It can be customized as per customer requirements. It doesn't require a stable internet connection. 
• Based on end-use, the hospital dominated the market and held the largest revenue share. This is due to the massive amount of medical data generated in hospitals. The installation cost is less in hospitals, significantly contributing to segment growth. Due to the ease of deployment, electronic health records are widely adopted in small and midsized hospitals. It provides convenience to the patients. On the other hand, ambulatory care centers are expected to witness a promising CAGR in the coming years. The increasing number of ambulatory care centers positively influences segment growth.  
• Based on type, acute EHR dominated the market and accounted for the largest revenue share. This is due to the government increasing initiatives. Acute EHR records patient information. This information can be used for operating room purposes, ICU, and emergency departments.  
• Based on the business model, professional services dominated the market and accounted for the largest revenue share. These services help in the execution of information systems. It finds extensive applications for the implementation of information systems.  

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Scope of the Report

Regional Snapshots 

North America dominated the market and accounted for the largest revenue share. This is due to the rapid adoption of electronic health records and the increasing digitalization trend. The availability of infrastructure significantly contributes to market growth across the region. Factors such as the growing prevalence of Chronic conditions, the rising geriatric population, and rapid technological advancements catalyze the market growth. The market is expected to witness a promising CAGR in Asia Pacific in the coming years. This is due to the increasing digitalization of healthcare in the region. A strong government focus on adopting electronic health records creates a positive outlook for the market.  

Market Dynamics for Electronic Health Records: 

Market Driver: Rapid adoption of electronic health records 

The rapid adoption of electronic health records significantly contributes to global market growth. In line with this, the increasing number of hospitals/clinics, especially in developing countries, positively influences market growth. The rising government initiatives for the rapid adoption of electronic health records create a positive outlook for the market. The growing demand for integrated healthcare IT services catalyzes market growth. Rapid digitization of healthcare infrastructure propels market growth. The increasing popularity of web-based electronic health records (EHRs) strengthens the market growth. Electronic Health Record reduces the risk of errors in patient data and financial details. New expansion activities by leading market players catalyze market growth. There has been a considerable rise in the demand for electronic health records, strengthening the market growth.  

Market Opportunity: Rapid technological advancements 

Rapid technological advancements are offering numerous opportunities for market expansion. Integrating artificial intelligence (AI) in electronic health records software creates a positive outlook for the market. The development of EHRs software significantly contributes to market growth. Rapid advancements in software technology in the healthcare sector boost the market's overall growth. Healthcare expenditure has risen globally. Governments and private organizations are taking the initiative and investing heavily. Various strategic initiatives the key market players take lucrative offer opportunities for market growth.  

Market Restraint: High costs associated with electronic health records 

High costs associated with electronic health records service restrict the market growth. The maintenance cost of electronic health records service is very high. This can hamper the market growth in the coming years. 

Market Challenges: Shortage of healthcare IT support 

Despite the high demand for electronic health records in clinical and administrative applications, some things hamper the growth of the electronic health records market. The shortage of healthcare IT support professionals is challenging market growth, especially in developing countries. This is an essential factor impeding market growth.

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Key Developments: 

• In December 2021, Oracle captured Cerner Corporation. It acquired it for USD 28.3 billion. This move catalyzed Oracle’s position in the EHR Market. 
• In April 2021, Cerner Corporation captured Kantar Health. It acquired it for USD 375 million.

Segments Covered in the Report

By Type

• Acute
• Post-Acute
• Ambulatory
  
  

By Product

• Web Server Based
• Client Server Based

By Business Models

• Licensed Software
• Technology Resale
• Subscriptions
• Professional Services
• Others
  
  

By End User

• Hospitals
• Clinics
• Ambulatory Services
• Specialty Centers
• Others
  
  

By Geography

• North America
• Europe
• Asia Pacific
• LAMEA

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