Electronic Health Records (EHR) Market Report, 2030:
The global electronic health records market size was valued at $30,550.3 million in 2020, and is projected to reach $63,848.6 million by 2030, registering a CAGR of 7.7% from 2021 to 2030. Electronic health record is an electronic version of patient’s healthcare records. EHR gathers, creates, and stores the health record electronically. EHRs are adopted by healthcare providers, owing to demand for advanced healthcare facilities. The core components of an EHR include administrative functions, computerized physician order entry, lab systems, radiology systems, pharmacy systems, and clinical documentation. EHR includes information such as age, gender, ethnicity, health history, medicines, allergies, immunization status, lab test results, hospital discharge instructions, and billing information.
The growth of the global electronic health records market is majorly driven by the advancements in software technology and in healthcare sector. In addition, introduction of artificial intelligence (AI) in the development of EHRs software contribute to the growth of the market. Moreover, EHRs played an important role in management and recording of patients data during the COVID-19 pandemic situation.
Moreover, R&D in cloud storage technology and increase in number of EHR service provider in the global electronic health records market are anticipated to contribute toward the growth of the market. Furthermore, increase in geriatric population drives the growth of market. Elderly individuals are highly prone to multiple diseases, and it is difficult for physicians to maintain health records. The EHRs platform provides ease of data storage. For instance, as per the population reference bureau report, “Aging in the United States,” in July 2019, the number of Americans aged 65 and older projected to increase more than double from 52 million in 2018 to over 95 million by 2060, and is expected to rise to around 23% from 16%. However, high cost of EHR service and concerns related to patients personal data and safety hinder the electronic health records market growth.
Global Electronic Health Records Market Segmentation
The EHR market is segmented on the basis of product, type, application, end user, and region. Based on product, it is divided into on-premise software and cloud based software. By type, the market is mainly categorized into inpatient EHR and ambulatory EHR.
By Product
On-Premise Software segment held a dominant position in 2020 and would continue to maintain the lead over the forecast period.
Depending on application, it is categorized into clinical application, administrative application, reporting in healthcare system, healthcare financing, and clinical research application. By end user, it is segmented into, hospitals, clinics, specialty centers, and other end users.
Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, and rest of Asia-Pacific), and LAMEA (Brazil, South Arabia, South Africa, and LAMEA).
By Type
Inpatient Ehr segment held a dominant position in 2020 and would continue to maintain the lead over the forecast period.
Segment Review
Depending on product, the on-premise software segment dominated the EHR market in 2020, and this trend is expected to continue during the forecast period, owing to customization of on-premise software and increase in safety concern of users data. However, the cloud-based software segment is expected to witness considerable growth during the forecast period, due to advancements in cloud storage software.
Depending on type, the inpatient EHR segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to rise in number of hospitals and prevalence of chronic diseases. However, the ambulatory EHR segment is expected to witness considerable growth during the forecast period, due to increase in number of ambulatory healthcare services.
By Application
Clinical Application was holding a dominant position in 2020 and would continue to maintain the lead over the analysis period.
On the basis of application, the clinical application segment dominated the electronic health records market in 2020, and this trend is expected to continue during the forecast period, owing to adaption of EHR for clinical data storage, increase in number of clinical trial to enhance the safety & efficacy of drug, and devices. However, the administrative application segment is expected to witness considerable growth during the forecast period, due to increase in use of EHR for the storage of administrative data.
Depending on end user, the hospitals segment was the major contributor in 2020, and is expected to maintain its lead during the forecast period, owing to rise in number of hospitals, development of hospital infrastructure, and initiative taken by government & private organization to develop advanced software in hospital. However, the clinics segment is expected to witness considerable growth during the forecast period, due to demand for advanced healthcare facilities and increase in number of clinics.
By End User
Hospitals was holding a dominant position in 2020 and would continue to maintain the lead over the analysis period.
Region wise, North America garnered the major share in the electronic health records market in 2020, and is expected to dominate the global market during the forecast period, owing to the rise in number of key players to develop advanced technology in healthcare industry, presence of EHR service providers, and well-established healthcare infrastructure. However, Asia-Pacific is expected to register the highest CAGR of 8.7% from 2021 to 2030, owing to increase in the number of hospitals, prevalence of chronic diseases, rise in number of geriatric population, and rise in awareness about the use of electronic health record.
The key players operating in the global electronic health records market include Allscripts healthcare solutions Inc., Cerner Corporation, Computer programs and systems Inc., CureMD Corporation, eClinicalWorks, Epic systems corporation, General Electric Company, Greenway Health, LLC., Meditech, and Praxis EMR.
By Region
North America was holding a dominant position in 2020 and would continue to maintain the lead over the analysis period.
Key Benefits For Stakeholders
- The report provides an in-depth analysis of the global electronic health records market size along with the current trends and future estimations to elucidate the imminent investment pockets.
- It offers market forecast analysis from 2021 to 2030, which is expected to enable the stakeholders to capitalize on the prevailing electronic health records market opportunities
- A comprehensive analysis of the region assists to understand the regional market and facilitate strategic business planning and determine prevailing opportunities.
- The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the global electronic health records market growth.
Electronic Health Records Market Report Highlights
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Analyst Review
Electronic health record (EHR) is a software used for the management and storage of patients health related data. The software products include the on-premise software and cloud-based software. On-premise software dominates the market owing to the increase in number of hospitals and increase in demand for efficient result in less time.
Factors such as increase in prevalence of chronic diseases, rise in number of hospitals, and rise in geriatric population drive the growth of market. In addition, advancement in EHR software drives the growth of the electronic health records market. North America is expected to witness the highest growth, in terms of revenue, owing to the rise in prevalence of chronic diseases, well-established healthcare infrastructure, and the presence of key players to provide EHR services.
However, high cost of software and potential risks of unethical use of patients data hinder the market growth during the forecast period.
The total market value of electronic health records market is $30550.3 million in 2020.
The forecast period in the report is from 2021 to 2030
The market value of electronic health records market in 2021 was $32841.6 million
The base year for the report is 2020.
Yes, electronic health records companies are profiled in the report
The top companies that hold the market share in electronic health records market are Allscripts healthcare solutions, inc., Cerner Corporation, Computer programs and systems, inc., CureMD Corporation, eClinicalWorks, Epic systems corporation, General Electric Company, Greenway Health, LLC, Meditech and Praxis EMR.
Asia-Pacific is expected to register the highest CAGR of 8.7% from 2021 to 2030, owing to increase in number of hospitals, and demand for advanced healthcare facilities.
The key trends in the electronic health records market are by an increase in the prevalence of chronic diseases; rise in number of hospitals; and increase in healthcare expenditure of patients.
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