Electronic Health Records (EHR) Market to Exceed US$ 50.3 Bn by 2031: TMR Study

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Jan 09, 2023, 05:30 ET

Remotely-hosted electronic health records systems is anticipated to be a lucrative segment during the forecast period
North America market is driven by extensive uptake of EHRs in the U.S.

WILMINGTON, Del., Jan. 9, 2023 /PRNewswire/ -- Surge in usage of e-health technologies to manage chronic diseases in the past few decades has created significant opportunities in the market. Uptake of EHRs is fueled by adoption of advanced digital health technologies among healthcare professionals and patients. The global electronic health records (EHR) market size stood at US$ 30.7 Bn in 2021.

Healthcare providers are expected to benefit from improved patient outcomes and quality of care from successfully implementing EHRs. Improved accessibility to patient information across different devices, elimination of medication errors, and better utilization of clinical pathways to support clinical decision-making are the key benefits offered by EHR systems. Streamlining of routine operational work done in clinics and hospitals has broadened electronic health records (EHR) market outlook.

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Key Findings of Market Study

Financial Incentives to Healthcare Providers for Implementing EHR: Governments of several countries in Europe and Asia Pacific offer financial incentives to healthcare professionals and healthcare providers to adopt, implement, and make meaningful use of EHR technology for improved patient care. In particular, incentives help these players compensate the costs of upgrading software.
Strong Demand for Remotely-hosted Systems to Drive Revenue: In terms of deployment, remotely-hosted EHR systems are largely preferred. The segment held major market share in 2021. Increase in usage of healthcare IT and smartphones to access patient data and interoperability of cloud-based systems to manage the data have propelled the adoption of remotely-hosted systems. EHRs are gaining rapid uptake in hospitals, driven by high spending by these institutes on healthcare IT for improving the delivery of healthcare services.

Key Drivers

Rise in patient population due to rise in prevalence of chronic diseases is a key trend in the market
Increase in awareness about the benefits of EHR in patient care is driving the electronic health records (EHR) industry
Healthcare providers are adopting EHR to streamline routine practices. Financial incentives are likely to accelerate the adoption of EHR technology among medical and health professionals.

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Regional Growth Dynamics

North America held major share of the global market in 2021. Increase in number of EHR incentive programs in the U.S. has fueled the uptake of EHR systems in the healthcare sector. For instance, the Promoting Interoperability Programs encourage all eligible hospitals and critical access hospitals to adopt, implement, and upgrade EHR software. Hence, vendors have witnessed significant demand for certified EHR technology or modules that could be used in such incentive programs.
As per TMR's electronic health records (EHR) market research, Europe is an attractive market for software providers. The U.K. and Germany are likely to contribute sizable revenue during the forecast period. Presence of a large geriatric population has created lucrative opportunities for companies in the region.
Asia Pacific accounted for the third largest share of the global electronic health records (EHR) market in 2021. The region has witnessed rapid adoption of EHRs in hospitals, clinics, and ambulatory surgical centers.

Competition Landscape

The market landscape is consolidated, with the presence of small number of companies holding majority stake. Key players operating in the market are athenahealth, Inc., AdvancedMD, Inc., NXGN Management, LLC, Greenway Health, LLC, GE Healthcare, Epic Systems Corporation, eClinicalWorks, CureMD Healthcare, CPSI, and Archetype Innovations, LLC.

Market Segmentation

Deployment Type

Physician-hosted
Remotely-hosted

Subsidized
Dedicated
Cloud

Application

Clinical
Administrative
Healthcare Reporting
Financing
Clinical Research

End-user

Hospitals
Clinics & Specialty Centers
Ambulatory Surgical Centers
Others

Region

North America
Latin America
Europe
Latin America
Middle East & Africa

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