Global Electronic Health Records Market Set to Reach USD 54.7 Bn by 2031, With a Sustainable CAGR Of 7.8%| Growth Market Reports

PUNE, India, Jan. 18, 2023 /PRNewswire/ -- According to a recent market study published by Growth Market Reports, titled, "Electronic Health Records Market by Products (On-premise Software and Cloud-based Software), Types (Ambulatory EHR and Inpatient EHR), Applications (Healthcare Financing, Clinical, Reporting in Healthcare System, Administrative, and Clinical Research), End-users (Hospitals, Specialty Centers, Clinics, and Others), and Region: Size, Share, Trends, and Opportunity Analysis, 2023-2031", the market size was USD 29.8 Bn in 2022 and is expected to reach USD 54.7 Bn expanding at a CAGR of 7.8% by the end of 2031. The market growth is attributed to the rapid growth in the digitalization of patients' health records as these are easily accessible and aid to enhance workflow efficiency.

Key Market Players Profiled in the Report

• Cerner Corporation
• Computer Programs and Systems Inc.
• Allscripts Healthcare Solutions Inc.
• CureMD Corporation
• Epic Systems Corporation
• General Electric Company
• Quality Systems Inc.
• eClinicalWorks
• Greenway Health LLC
• AdvancedMD Inc.

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The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include product, application, and competitor analysis.

This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.

Highlights on the Segments of the Electronic Health Records Market

In terms of product, the global electronic health records market is divided into on-premise software and cloud-based software. The on-premise software segment is expected to hold a large share of the global market due to the increasing use of on-premise software to store medical and health records.

Based on type, the global market is bifurcated into ambulatory EHR and inpatient EHR. The ambulatory EHR segment is expected to grow at a significant pace during the forecast period as it enables healthcare professionals to analyze and diagnose medical conditions based on the medical history and symptoms of the patient.

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On the basis of application, the market is segregated into healthcare financing, clinical, reporting in healthcare system, administrative, and clinical research. The clinical segment is expected to expand at a significant rate owing to the increasing demand for electronic health records for diagnosis and decision-making for the treatment of the patient.

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in Asia Pacific is projected to expand at a significant CAGR during the forecast period owing to the increasing number of patients suffering from chronic diseases such as tuberculosis, diabetes, and others.

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Key Takeaways from the Study:

• Improved efficiency and productivity due to the electronic and digitized version of medical records and databases are key factors primarily driving the market growth.
• Digitized version of medical records and databases aids to improve the work efficiency and productivity of hospital staff.
• Prevalence of diseases and illnesses among the growing population creates a large pool of patients in medical institutions which can increase the demand for electronic health records.
• Electronic records help in the reduction of paperwork which makes them easy to access that can aid to boost the global market in the coming years.
• Implementation of advanced technology in the medical sector especially in patients' health record management systems can produce new opportunities for the global market.
• Government initiatives and increasing funding in the medical sector to increase the use of digitized technology for the maintenance of data are projected to provide lucrative opportunities for market growth.
• Integration of Artificial technology in electronic health records such as EHR technology for better results can drive further market growth.

Read 185 Pages Research Report with Detailed ToC on "Electronic Health Records Market by Products (Server-based/On-premise Software and Cloud-based Software), Types (Ambulatory EHR and Inpatient EHR), Applications (Healthcare Financing, Clinical, Reporting in Healthcare System, Administrative, and Clinical Research), End-users (Hospitals, Specialty Centers, Clinics, and Others), and Regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast, 2023 – 2031"

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Key Segments Covered

Product

• Server-based/On-premise Software
• Cloud-based Software

Type

• Ambulatory EHR
• Inpatient HER

Application

• Healthcare Financing
• Clinical
• Reporting in Healthcare System
• Administrative
• Clinical Research

End-user

• Hospitals
• Specialty Centers
• Clinics
• Others

Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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About Growth Market Reports:

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Our key analysis segments, though not restricted to the same, include market entry strategies, market size estimations, market trend analysis, market opportunity analysis, market threat analysis, market growth/fall forecasting, primary interviews, and secondary research & consumer surveys.

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