PRESS RELEASE
Published March 13, 2023
According to a recent report by Growth Plus Reports, the global electronic health records market was valued at US$ 26.92 billion in 2021 and is expected to exceed US$ 39.66 billion by 2030, at a revenue CAGR of 4.40%. The report analyzes top winning strategies, drivers & opportunities, competitive scenarios, wavering market trends, market size, statistics & estimations, and major investment pockets.
Key Takeaways:
- The increasing adoption of IT in healthcare will drive the demand for electronic health records during the forecast period.
- Increasing healthcare expenditure will encourage market revenue growth.
- North America will dominate the global market.
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Market Drivers
The rising adoption of IT healthcare and integration technologies such as AI (Artificial Intelligence) and Voice Recognition are the primary factors driving the revenue growth of the global electronic health records market. Additionally, the benefits of HER, such as better accessibility, a straightforward interface, real-time data & analytics, and patient-centric engagements, contribute to market revenue growth. Furthermore, introducing blockchain and clinical decision support will fuel the markets revenue growth.
Market Segmentation
Growth Plus Reports has analyzed the global electronic health records market from five perspectives: Architecture, Type, Application, End-User, and Region.
Architecture Segmentation: Based on the architecture, the global electronic health records market is segmented into cloud and on-premises-based EHR. The cloud segment dominates the market with the largest revenue share because of the growing adoption of cloud-based software in healthcare systems and its benefits, such as customization, scalability, efficiency, collaboration, and security.
Type Segmentation: Based on the type, the global electronic health records market is segmented into ambulatory and hospital EHR. The hospital HER segment dominates the market with the largest revenue share because of the rising geriatric population, growing urbanization, and increasing prevalence of chronic diseases.
Application Segmentation: Based on the application, the global electronic health records market is segmented into clinical applications, healthcare financing, reporting in the healthcare system, and administrative application. The clinical application segment dominates the market because of the increasing clinical trials to enhance drug or device safety with the adoption of EHR.
End-User Segmentation: Based on the end-user, the global electronic health records market is segmented into hospitals and clinics, ambulatory centers, and specialty clinics. The hospital segment dominates the market because of the large patient pool, better reimbursement policies, better healthcare infrastructure, and rapid adoption of advanced technologies.
Regional Growth Dynamics
Based on the region, the global electronic health records market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America dominates the global electronic health records market with the largest revenue share. The considerable revenue share of North America in the global electronic health records market can be attributed to the advanced healthcare infrastructure, increased use of novel technologies, growing government efforts and support, increased healthcare expenditure, and the presence of major market players in this region.
Competitive Landscape
The major players operating in the global electronic health records market are:
- GE Healthcare
- CureMD Corporation
- Greenway Health LLC.
- Epic Systems Corporation
- Allscripts Healthcare Solutions Inc.
- Cerner Corporation
- Medical Information Technology Inc.
- AdvancedMD Inc.
- NextGen Healthcare Inc.
- McKesson Corporation
- CareCloud Corporation
- MEDHOST
The electronic health records market is highly competitive and fragmented. The key companies are developing new products and forming strategic alliances.
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Recent developments:
- To improve the patient experience, CareArc, a federally qualified health center (FQHC) in Kansas, launched an Epic EHR implementation in November 2022 in collaboration with Health Choice Network (HCN).
- Anumana acquired NeuTrace in November 2022. The acquisition establishes Anumana as a global AI medical software development provider for cardiac electrophysiology.
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Manan Sethi
Director, Market Insights
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About us:
Growth Plus Reports is part of GRG Health, a global healthcare knowledge service company. We are proud members of EPhMRA (European Pharmaceutical Marketing Research Association).
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We were awarded by the prestigious CEO Magazine as Most Innovative Healthcare Market Research Company in 2020.
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