The Electronic Health Records Market is estimated to be valued at US$ 29.06 Bn in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Electronic health records (EHR) refers to the digital collection of a patients' medical history including diagnoses, medicines, immunization records, laboratory test results, allergies and radiology images. EHR is commonly used by doctors, nurses and other authorized health care practitioners through secure electronic systems that allows for easy access and sharing of patients' vital medical information across various health care settings. EHR offers various benefits like reduction in medical errors, improved quality of care and reduction in health care costs through reduced paperwork and duplicative testing.
Market Dynamics:
Increasing emphasis on patient-centric healthcare delivery is expected to drive the growth of electronic health records market. Patient-centric healthcare focuses on engagement, empowerment and motivation of the patient for better health outcomes. Electronic health records enable easy sharing of medical records between doctors and patients, convenient online appointment booking and e-prescription services which improve patient experience and engagement in their own care.
Secondly, growing preference for telehealth and telemedicine is anticipated to propel the Electronic Health Records Market Analysis growth during the forecast period. Telehealth allows remote consultation and monitoring of patients using digital communication tools like video conferencing. Integrated electronic health records are vital for capturing patient medical data and sharing it securely with telehealth providers for diagnosis and treatment during virtual consultations.
Segment Analysis
The electronic health records market is dominated by the cloud-based EHR sub-segment. This is because cloud-based solutions provide remote access to health records from any location, data sharing with other healthcare facilities is easy, updates are automated with no need for on-premise servers, and maintenance costs are lower compared to on-premise systems.
PEST Analysis
Political: Regulations around data privacy and security are driving demand for compliant EHR systems. Economic: Growing healthcare costs are increasing the need for better healthcare management through digitization of records. Social: Increased popularity of telehealth and telemedicine is favoring electronic platforms for health records. Technological: Developments in cloud computing, analytics, and AI are facilitating innovative EHR systems.
Key Takeaways
The global electronic health records market is expected to witness high growth, exhibiting CAGR of 2.8% over the forecast period, due to increasing demand for integrated healthcare management systems. The North America region currently dominates the market owing to favorable regulations and high healthcare IT adoption rates in the US and Canada. Key players operating in the electronic health records market are eClinicalWorks, Cerner Corporation, GE Healthcare, Allscripts Healthcare, LLC, and Epic Systems Corporation.
The global electronic health records market size for 2023 is US$ 29.06 Bn. The market is expected to grow rapidly due to increasing focus on lowering healthcare costs through effective management of patient data. Governments across developed as well as developing nations are promoting EHR adoption through favorable regulations.
The North America region currently has the largest market share due to widespread digitization of healthcare facilities and supporting policies. Factors such as rising geriatric population and chronic diseases are fueling demand. The Asia Pacific region is anticipated to exhibit the fastest growth rate over the forecast period owing to rapid healthcare infrastructure development and government incentives for EHR implementation.
Key players operating in the electronic health records market are eClinicalWorks, Cerner Corporation, GE Healthcare, Allscripts Healthcare, LLC, and Epic Systems Corporation. eClinicalWorks dominates the market with its comprehensive suite of solutions catering to ambulatory care facilities. Cerner is another major player focusing on large hospitals and health systems. GE Healthcare has a strong brand reputation and offers both revenue cycle management and EHR capabilities.
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