At 9.3% CAGR, Global Electronic Health Records (EHR) Market Size to hit USD 52.98 Billion by 2027, Says Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

May 06, 2022, 07:30 ET

LONDON, May 6, 2022 /PRNewswire/ -- According to Brandessence Market Research, The Global Electronic Health Records (EHR) Market size reached USD 24.83 Billion in 2021. Our analysts predict that the Electronic Health Records market size is set to grow at robust CAGR of 9.3% during the 2022-2028 periods, reaching a total of USD 52.98 Billion by 2027 end.

The growing legislations mandating strict adherence of data regulations, and increasing investments in cyber security infrastructure remain two key restraints to growth. On the other hand, demand for AI-based advanced analytics, and operational insights continue to grow. "Electronic Health Records (EHR)Market Size, Share, And Trends Analysis Report By Product (Cloud-Based Software, Server-Based/ On-Premise Software), By Type: (Inpatient EHR, Ambulatory EHR), By Application (Clinical Application, Administrative Application, Reporting In Healthcare System, Healthcare Financing, Clinical Research Application ), By End User (Hospital, Clinics, Specialty Centers, Other End Users) Based On Region, And Segment Forecasts, 2022 – 2028."

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Scope of The Electronic Health Records (EHR) Market Report:

The promise of improved portability, immediate access, and immediate need to simplify administrative process remains key to future growth of the electronic health records market. The awareness of EHR services remains high among primary-care physicians, and large majority shows satisfaction with the advancement. A majority of the healthcare providers in countries like the US have adopted the electronic health records systems, with most focusing on quality of care, and patient monitoring. The growing regulations pushing the adoption of EHR systems remain promising driver of the market, with growing opportunities for additional functionalities, simplification, with the integration of holistic solutions.

Electronic Health Records (EHR) Companies

Electronic health records market is a fragmented, innovative, and competitive landscape. The landscape remains ripe for growth, as increased adoption of supporting technologies like cloud, and decreased distribution costs of managing data, with higher physical security remains promising drivers of growth. Key players in the EHR market continue engage in collaboration, acquisitions, and mergers; as expertise in medical facilities continue to drive greater need for higher market share, as well as tremendous expertise. Some key players in the global electronic health records market are: Epic Systems Corporation, Cerner Corporation, GE Healthcare, Allscripts Healthcare Solutions, Inc., NextGen Healthcare, and McKesson Corporation.

Also Focusing on Below Companies

  • 3M Company
  • Toshiba Medical Systems Corp.
  • Hyland Software
  • Siemens Medical Solutions
  • Henry Schein, Inc.
  • WRS Health
  • Medical Information Technology, Inc. (Meditech)
  • Quest Diagnostics
  • SequelMed
  • Kofax Limited

Electronic Health Records (EHR) Market Segmentation:

By Product:

  • Cloud-Based Software
  • Server-Based/ On-Premise Software 

By Type:

  • Inpatient EHR
  • Ambulatory EHR

By Application:

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

By End User:

  • Hospital
  • Clinics
  • Specialty Centers
  • Other End Users

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Electronic health records or digital health records promise to solve a key challenge in the healthcare sector: the high-administrative costs. According to a 2021 study published in the JAMA network, over the last two-decade account for somewhere between 15-25% of total national healthcare care expenditure. In 2019, these costs soared to approximately USD 600 billion and somewhere between USD 1 trillion, out of the total budget of 3.8 trillion.

The administrative costs remain a plaguing challenge, as it includes sophisticated activities unique to the healthcare sector. For example, administrative services usually include physician administrative activities, billing and coding costs aimed at providing real-time information to third-parties like insurers, financial transaction ecosystem, and administrative clinical support, among others. According to the Centers for Medicare & Medicaid Services, electronic health records (EHR) are the next-step to improve decision making, and provide better care in the healthcare sector.

According to the center, the EHR can make way for better decision-making by 'Reducing the incidence of medical error by improving the accuracy and clarity of medical records', 'Making the health information available, reducing duplication of tests, reducing delays in treatment, and patients well informed to take better decisions', among other ways.

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North America is accounted for the largest share in the electronic health record market owing to continuous progress in healthcare facilities in this region for the last few years. Additionally, increasing expansion of healthcare IT infrastructure for a better quality of care is also driving the adoption of the electronic health record market in this region. For example; more than 75% office-based clinicians and around 96% of hospitals based in the U.S. are using EHR systems. In 2017, across the U.S. 99% of large, 97 % of medium, and 93 % of small rural non-federal hospitals had a certified EHR system in operation.

Europe is the second most leading region for EHR followed by Asia pacific due to European countries have increasingly promoted the development of EHR systems and several government organizations aimed at improving the patient's safety. 

On Special Requirement Electronic Health Records (EHR) Market Report is also available for below region:

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Sweden
  • Netherland
  • Turkey
  • Switzerland
  • Belgium
  • Rest of Europe

Asia-Pacific

  • South Korea
  • Japan
  • China
  • India
  • Australia
  • Philippines
  • Singapore
  • Malaysia
  • Thailand
  • Indonesia
  • Rest Of APAC

Latin America

  • Mexico
  • Colombia
  • Brazil
  • Argentina
  • Peru
  • Rest of South America

˙Middle East and Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest Of MEA

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