Global Demand of Electronic Health Records (EHR) Market Size & Share to Grow at a CAGR of 6.2%, Expected to Hit USD 42,203.5 Million Mark by 2028 | EHR Industry Trends, Analysis & Forecast Report by Zion Market Research
NEW YORK, May 16, 2022 /PRNewswire/ -- As per Zion Market Research study, The global electronic health records market was worth around USD 29,417.2 Million in 2021 and is estimated to grow to about USD 42,203.5 Million by 2028, with a compound annual growth rate (CAGR) of approximately 6.2 percent over the forecast period. The report analyzes the digital remittance market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.
Key Industry Insights & Finding of the Electronic Health Records Market Reports:
- As per the analysis shared by our research analyst, the Electronic Health Records Market is expected to grow annually at a CAGR of around 6.2 % (2022-2028).
- Through the primary research, it was established that the Electronic Health Records Market was valued approximately USD 29,417.2 Million in 2021 and is projected to reach to roughly USD 42,203.5 Million by 2028.
- The growth factor in North America is technological developments, significant government and private sector investments in healthcare, and the presence of prominent industry players.
- TELUS Health, for example, announced the next step in the digital integration of its employer-focused virtual care service, Akira by TELUS Health, with its electronic health records in March 2021.
Zion Market Research published the latest report titled as "Electronic Health Records Market By Product (Client Server-based EHR and Web-based EHR), By Type (Acute, Ambulatory, and Post Acute), By End Use (Hospital Use and Ambulatory Use), By Business Models (Licensed Software, Technology Resale, Subscriptions, Professional Services, and Others), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2028" into their research database.
Electronic Health Records Market: Overview
The electronic health record system is used for the structured electronic gathering and storage of patient medical data in a digital format. The system helps in expanding patient data accessibility, which improves the overall productivity and efficiency of patient care. System usage is expected to increase in the future due to its numerous features, applications, and interoperability across a variety of healthcare settings. The Medical practitioner's interactions with EHR are improved by speech-recognition software with natural language processing. It allows for better patient engagement while reducing the amount of time experts spend on paperwork.
In addition, incorporating artificial intelligence (AI) to predict EHR-based clinical outcomes has aided in improving patient experience through better care delivery. Besides, Data breaches and a lack of appropriately qualified personnel are the causes that are restraining factor of the market. The high cost of EHR adoption and maintenance, a scarcity of experienced specialists in developing nations, and worries about security and privacy are the market's challenges.
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Industry Dynamics:
Electronic Health Records Market: Growth Dynamics
Drivers: Growing initiatives to enhance foothold in digital health to drive global market growth.
The electronic health records is a efficient tool for health and data management due to which the healthcare industry is expanding its digital footprint. The increased demand for electronic health records during the COVID-19 period for patient data management has also expanded the demand for electronic health records. Moreover, the increased demand for emerging economies of Asia Pacific for electronic health records systems to further expand the market growth during the forecast period. In addition, higher adoption and enhanced product expansion for electronic health records are other key factors to enhance the market demand in the coming years.
Restraints: High cost of implementation and maintenance in Electronic Health Records to hamper the market growth.
The charges connected with Electronic Health Records are a major factor limiting their growth. This is mostly due to high implementation and maintenance charges. Technology is always improving, which has an impact on the cost of treatment at Electronic Health Records because they must keep up with the latest technologies in order to maintain a competitive advantage.
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Global Electronic Health Records Market: Segmentation
- The global Electronic Health Records market is segregated based on product, type, end user, business model, and region.
The acute EHR category led the electronic health record industry in 2021, accounting for roughly 46.8% of total revenue. Government programmes encouraging small-scale clinics to use electronic health records are credited with the development. Acute care hospitals in the United States that are covered by the Inpatient Prospective Payment System, for example, can participate in the Medicare incentive payment system (IPPS). Acute care electronic health records, which can provide extensive clinical details, are used to generate patient information. These details can be used in the ICU, emergency room, inpatient unit, and operating room, among other places.
B In 2021, the hospital segment dominated the electronic health records (EHR) market, accounting for more than 60.0 percent of total revenue. The huge amount of medical data created in hospitals is to blame for the increase. In addition, the cost of installing the systems in hospitals is lower than in ambulatory care clinics, boosting the market growth. They also help large-scale hospitals save time, which boosts the industry even more. Furthermore, the market is likely to be grown by the increased adoption of electronic health records in small and midsized hospitals, owing to factors such as ease of deployment.
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List of Key Players of Electronic Health Records Market:
- Cerner Corporation (Oracle)
- GE Healthcare
- Allscripts Healthcare, LLC
- McKesson Corporation
- Epic Systems Corporation
- NextGen Healthcare, Inc.
- eClinicalWorks
- Medical Information Technology, Inc.
- Health Information Management Systems
- CPSI
- AdvancedMD, Inc.
- CureMD Healthcare
- Greenway Health, LLC.
Key questions answered in this report:
- What are the growth rate forecast and market size for Electronic Health Records Market?
- What are the key driving factors propelling the Electronic Health Records Market forward?
- What are the most important companies in the Electronic Health Records Market Industry?
- What segments does the Electronic Health Records Market cover?
- How can I receive a free copy of the Electronic Health Records Market sample report and company profiles?
Report Scope:
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Regional Dominance:
- The United States and Canada are the top countries in this region.
North America is the market leader. The growth factor in North America is technological developments, significant government and private sector investments in healthcare, and the presence of prominent industry players. The healthcare IT market in the United States is one of the most established industries as compared to other geographical locations. Furthermore, due to strict regulatory requirements, the majority of hospitals and clinics in the region have deployed EHR solutions. The United States and Canada are the top countries in this region that have deployed EHR systems. TELUS Health, for example, announced the next step in the digital integration of its employer-focused virtual care service, Akira by TELUS Health, with its electronic health records in March 2021.
Global Electronic Health Records Market is segmented as follows:
Electronic Health Records Market: By Product Outlook (2022-2028)
- Client Server-based EHR
- Web-based HER
Electronic Health Records Market: By Type Outlook (2022-2028)
- Acute
- Ambulatory
- Post-Acute
Electronic Health Records Market: By End-User Outlook (2022-2028)
- Hospital Use
- Ambulatory Use
Electronic Health Records Market: By Business Models Outlook (2022-2028)
- Licensed Software
- Technology Resale
- Subscriptions
- Professional Services
- Others
Electronic Health Records Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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