Electronic health records (EHR) refer to digitized health records of patients that can be shared across different health care settings. EHRs contain patient medical history, diagnoses, medications, treatment plans, immunization dates, allergies, radiology images, and laboratory and test results as well as other important medical information. EHRs offer various advantages over traditional paper-based records such as reduced chances of medical errors, improved tracking of diagnoses and treatments, easy storage and retrieval of records, and sharing of health information between different healthcare providers easily and securely. With growing cases of chronic diseases worldwide and increasing healthcare costs, EHR systems can help improve healthcare delivery and clinical outcomes. The global 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 Opportunity:
The opportunity to improve healthcare efficiency lies with EHR systems. EHRs enable improved coordination of care as patients' medical information is easily accessible to providers. This helps avoid duplicate tests and ensures continuum of care. EHRs also support improved disease management and preventive care through automated alerts and reminders. They allow population health management through collection and analysis of patients' data which helps identify high-risk patients and improve outcomes. Overall, EHR systems can streamline workflows, reduce costs and help deliver higher quality care through optimized utilization of resources. As the healthcare systems worldwide strive to enhance efficiency, EHRs present a major opportunity to transform healthcare delivery.
Porter’s Analysis
Threat of new entrants: The electronic health records market requires large investments and the presence of intellectual property such as patents and trademarks which make entry difficult for new players.
Bargaining power of buyers: Physicians and healthcare organizations have high bargaining power in this market due to the need to choose between various EHR solutions from different vendors.
Bargaining power of suppliers: A few large players dominate the supply of EHR solutions. This provides them with significant bargaining power over buyers.
Threat of new substitutes: Currently there are no cost effective substitutes for EHR systems. However, mobile health tools and cloud computing may emerge as substitutes in the future.
Competitive rivalry: The market is highly competitive with the top vendors competing intensely on product functionality and customer support.
SWOT Analysis
Strengths: EHR systems help improve clinical outcomes, reduce medical errors and drive down healthcare costs. They aid collaboration between doctors and seamless data transfer.
Weaknesses: High costs associated with EHR adoption, training, maintenance and upgrades. Interoperability issues between different vendor systems complicate data sharing.
Opportunities: Growing focus on patient engagement and healthcare digitization. Increasing insurance reimbursements for meaningful use of EHRs will boost adoption.
Threats: Concerns around data privacy and security breaches. Healthcare organizations may hesitate to invest in EHR during economic slowdowns.
Key Takeaways
The global Electronic Health Records market is expected to witness high growth at a CAGR of 2.8% till 2030 to reach a size of US$ 29.06 Bn. Growing digitization and need to reduce escalating healthcare costs is driving increased adoption of EHR solutions globally.
Regional analysis indicates that North America currently dominates the market, supported by conducive regulatory policies and incentive programs to encourage EHR adoption in this region. Asia Pacific is expected to be the fastest growing market owing to government investments, rising medical tourism and expanding healthcare infrastructure in developing countries.
Key players operating in the Electronic Health Records market are eClinicalWorks, Cerner Corporation, GE Healthcare, Allscripts Healthcare, LLC, and Epic Systems Corporation. In recent years, major players have focused on developing comprehensive, cloud-based and mobile EHR platforms through mergers, acquisitions and partnerships. They have also improved AI and analytics capabilities to help physicians gain deeper insights from patient data.
