Electronic Health Record Systems Market Is Projected to Reach US$ 11.3 Billion at 4.3% CAGR By 2034: Fact.MR Analysis

Growing investments in advancing healthcare facilities in high potential economies driving sales of electronic health record technologies

Rockville, March 19, 2024 (GLOBE NEWSWIRE) -- As per this updated study by Fact.MR, a market research and competitive intelligence provider, with the world moving to higher levels of digitalization with each passing day, the global electronic health record (EHR) market has been analysed to expand at a CAGR of 4.3% (2024 to 2034) after having reached a size of US$ 7.4 billion in 2024.

Several industries across the world are adopting digital technologies, and the healthcare sector is no exception. Rapid digitalization in the healthcare industry is driving the adoption of modern healthcare management systems such as electronic health record (EHR) technologies. The prime reason behind the growing use of EHRs is the recent COVID-19 pandemic, which escalated the adoption of teleheath services.

  • The telemedicine market is expected to reach a size of US$ 57 billion by the end of 2034.

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Integration of advanced technologies such as artificial intelligence (AI) and machine learning (ML) are leading to the development of cutting-edge electronic health record systems. These advancements improve the workflow efficiency and aids medical practitioners in decision making. Cloud-based technologies are also gaining traction. Cloud-based EHR solutions are widely adopted due to their flexibility and scalability. These systems are cost-effective than on-premise counterparts. Cloud-based technologies streamline works effectively by regular upgrades offering latest features to users.

Numerous governments are investing heavily on advancing their healthcare facilities. This is boosting the overall electronic health record market growth. High potential economies such as Asia Pacific and Latin America are set to offer lucrative opportunities for electronic health record service providers. Rising healthcare expenditures and supportive government policies in these regions are driving the adoption of electronic health record technologies.

Key Takeaways from Market Study

  • Global demand for electronic health record solutions is projected to reach a market value of US$ 11.3 billion by 2034.
  • The United States market is approximated at US$ 800 million in 2024.
  • Sales of electronic health record systems in Japan are foreseen to increase at a CAGR of 4.8% from 2024 to 2034.
  • EHR software is estimated to hold 70% of the global market share in 2024.

“Rising prevalence of chronic disorders such as diabetes and cardiovascular disease are driving the adoption of electronic health record systems”, says a Fact.MR analyst.

Competitive Landscape

Key players in the electronic health record market are adopting several tactics to earn high revenues. Some of the approaches include global expansions, mergers, collaborations, and new product launches.

  • In 2023, NextGen Healthcare collaborated with American Podiatric Medical Association. This move reveals that NextGen Office is the sole EHR platform to include blueprints developed with American Podiatric Medical Association.

Winning Strategy

Some of the leading HER companies in the market are McKesson Corporation, NextGen Healthcare, Inc., eClinicalWorks, Health Information Management Systems, and GE Healthcare. Industry leaders are focused on innovations, partnerships, and customer centric approaches to boost their revenues. New companies entering the electronic health record market are investing in R&D activities to introduce EHR solutions with advanced features. Introduction of innovative EHR systems is set to help start-ups to stand apart in competitive pace.

Key Companies Profiled:

  • Allscripts Healthcare LLC
  • McKesson Corporation
  • NextGen Healthcare, Inc.
  • eClinicalWorks
  • Health Information Management Systems
  • Cerner Corporation (Oracle)
  • GE Healthcare
  • CPSI
  • AdvancedMD, Inc.
  • Epic Systems Corporation

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Report AttributeDetails
Value Projection (2034)US$ 11.3 Billion
Growth Rate (2024-2034)4.3% CAGR
No. of pages170 Pages
No. of Tables60 Tables
No. of Figures102 Figures

What’s Driving Adoption of Electronic Health Record Systems?

Numerous measures implemented by the US government aimed at alleviating administrative and regulatory challenges are poised to propel the uptake of EHR systems among healthcare providers.

  • The implementation of the Cures Act, designed to enhance the nation's health outcomes, is expected to significantly accelerate the adoption of electronic health record systems.

Additionally, the ongoing modernization of healthcare infrastructure coupled with the active involvement of major market stakeholders is fueling the growth of the electronic health record market in the United States.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global electronic health record market, presenting historical demand data (2018 to 2023) and forecast statistics for the period (2024 to 2034).

The study divulges essential insights on the market based on solution (EHR software, services), product (client-server-based EHR, web-based EHR), type (acute, ambulatory, post-acute), end user (hospitals, specialty clinics, ambulatory surgical centers, diagnostic labs, others), and business model (licensed electronic health records software, technology resale, subscriptions, professional services), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).

Explore More Related Studies Published by Fact.MR Research: 

U.S. Electronic Health Records Market: The U.S. electronic health records market stands at a current valuation of US$ 8.1 billion and is estimated to surpass US$ 12.4 billion by the end of 2032. The market is projected to expand at a CAGR of 4.3% during the forecast years of 2022-2032. 

Europe Electronic Health Records Market:  The European electronic health records market is predicted to increase from a valuation of US$ 6.7 billion in 2022 to US$ 10.5 billion by the end of 2032, registering a steady CAGR of 4.5% during the forecast years of 2022-2032.

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About Fact.MR:

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