Electronic Health Record (EHR) Market Revenue to Record USD 84.21 Billion by 2030, Exhibiting Robust 11.15% CAGR, with North America Leading the Market Due to the Presence of Key Players, Projects Kings Research
DUBAI, UAE, Nov. 23, 2023 /PRNewswire/ -- According to the recent report published by Kings Research, the global Electronic Health Record (EHR) Market was worth USD 32.51 billion in 2022 and is expected to accrue revenue of USD 84.21 billion by 2030, expanding at 11.15% CAGR from 2023 to 2030. The market growth is driven by pivotal factors such as the growing acceptance of EHR (Electronic Health Record) solutions, thanks to their expanding use within medical systems. EHRs offer healthcare providers quick access to vital patient data, encompassing prescriptions, test results, and medical records. This enhances care coordination, reduces errors, and supports well-informed decision-making. The capacity of EHRs to efficiently share data among various healthcare systems and providers is crucial for seamless and comprehensive patient care. Interoperability standards and initiatives play a key role in ensuring the secure and effective exchange of health information across diverse electronic information systems.
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Electronic health records (EHRs) are electronic representations of a patient's traditional paper-based medical records, serving as repositories for a wide range of health-related data. These digital records are meticulously designed to offer a comprehensive and precise overview of a patient's health status, ensuring that this information can be securely accessed and shared among healthcare providers and organizations. EHRs also grant swift and convenient access to patient data from any location, thereby enhancing the efficiency of decision-making and enabling better-informed choices. Additionally, they play a pivotal role in supporting clinical decision support systems through the provision of reminders and alerts, assisting healthcare professionals in delivering safer and more effective care.
Trending Now: Epic and Microsoft Partner to Use Generative AI for Better EHRs
In April 2023, Epic and Microsoft partnered to harness the power of generative artificial intelligence (AI) to improve the accuracy and efficiency of EHRs. The partnership will integrate Microsoft's Azure OpenAI Service with Epic's EHR platform, enabling a wide range of new features and capabilities
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Competitive Landscape
The landscape for the global electronic health record market is competitive, with key players focusing on various strategies to strengthen their foothold. For instance, in February 2023, Royal Philips entered into an agreement with Wipro Limited to deliver a customized electronic medical record (EMR) solution for healthcare providers in Saudi Arabia. This Philips EMR solution offers an integrated platform for managing clinical, operational, and administrative processes across various care settings.
Major players profiled in the electronic health record (EHR) market include:
- Koninklijke Philips N.V.
- Medical Information Technology, Inc.
- Oracle
- Veradigm LLC
- Epic Systems Corporation
- Athenahealth, Inc.
- eClinicalWorks
- GE HealthCare
- CPSI
Rising Government Initiatives to Drive Electronic Health Record Market Revenue
By type, the market has been segregated into acute, post-acute, and ambulatory. The acute segment is anticipated to have the largest share in the industry during the projected timeframe due to the rise in government initiatives encouraging the implementation of electronic health records (EHR) in smaller medical facilities. Electronic health records in acute care settings provide comprehensive patient data that includes all clinical information.
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Substantial Volume of Medical Data Generated in Hospitals to Support Market Expansion
Based on end-user, the electronic health record (EHR) market is segregated into hospitals, clinics, ambulatory care centers, and specialty centers. The hospital segment is projected to have a significant influence in the sector in the coming years, due to the substantial volume of medical data generated within hospitals. Furthermore, the widespread adoption of electronic health records in smaller hospitals, driven by factors like easy implementation, is predicted to contribute to the growth of this segment.
Continuous Development of Innovative Products to Spur Electronic Health Record Market Progress
The electronic health record market is driven by factors such as the ongoing government efforts to reduce administrative burdens and regulatory pressures on healthcare providers through the adoption of electronic medical records. Furthermore, the continuous development of innovative products and advancements in medical technology are contributing to increased industry revenue and the rapid expansion of the market.
The widespread use of electronic health records (EHRs) is expected to grow during the forecast period, primarily due to their pivotal role in various clinical applications, including health information management, order support, outcomes management, and decision support. Additionally, the utilization of electronic health data in administrative and healthcare applications is fostering market expansion, further promoting the acceptance of EHRs in clinics and management applications.
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North America to Lead the Electronic Health Record Market Due to the Presence of Key Players
North America is currently leading the global electronic health record market due to the presence of key players who are actively creating advanced healthcare technology in the region. The presence of EHR service providers further contributes to North America's dominant position in the market. The regional market share is also driven by the rising number of elderly individuals and the growing recognition of the significance of electronic health records (EHR) in healthcare establishments through educational events and gatherings. The implementation of EHR solutions in Canada is also experiencing a surge as provinces and territories develop electronic data that promotes the adoption of digital healthcare solutions nationwide.
The increasing utilization of electronic health records, coupled with the presence of adequate infrastructure to foster high levels of digital competency, constitutes the primary driver behind the market's growth. This can be attributed to the significant volume of medical data generated within hospitals. Moreover, the widespread adoption of electronic health records in smaller and medium-sized hospitals, driven by factors like ease of implementation, is anticipated to further fuel the growth of this segment.
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Major Points from TOC:
Chapter 1 Introduction of the Global Electronic Health Record (EHR) Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
Chapter 2 Executive Summary
Chapter 3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
Chapter 4 Global Electronic Health Record (EHR) Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Electronic Health Record (EHR) Market, By Type
Chapter 7 Global Electronic Health Record (EHR) Market, By Product
Chapter 8 Global Electronic Health Record (EHR) Market, By Business Model
Chapter 9 Global Electronic Health Record (EHR) Market, By End-User
Chapter 10 Global Electronic Health Record (EHR) Market, By Geography
Chapter 11 North America
Chapter 12 Europe
Chapter 13 Asia Pacific
Chapter 14 Middle East & Africa
Chapter 15 Latin America
Chapter 16 Global Electronic Health Record (EHR) Market Competitive Landscape
Chapter 17 Company Profiles
17.1 Koninklijke Philips N.V.
17.1.1 Key Facts
17.1.2 Financial Overview
17.1.3 Product Benchmarking
17.1.4 Recent Developments
17.1.5 Winning Imperatives
17.1.6 Current Focus & Strategies
17.1.7 Threat from competition
17.1.8 SWOT Analysis
17.2 Medical Information Technology, Inc.
17.2.1 Key Facts
17.2.2 Financial Overview
17.2.3 Product Benchmarking
17.2.4 Recent Developments
17.2.5 Winning Imperatives
17.2.6 Current Focus & Strategies
17.2.7 Threat from competition
17.2.8 SWOT Analysis
17.3 Oracle
17.3.1 Key Facts
17.3.2 Financial Overview
17.3.3 Product Benchmarking
17.3.4 Recent Developments
17.3.5 Winning Imperatives
17.3.6 Current Focus & Strategies
17.3.7 Threat from competition
17.3.8 SWOT Analysis
17.4 Veradigm LLC
17.4.1 Key Facts
17.4.2 Financial Overview
17.4.3 Product Benchmarking
17.4.4 Recent Developments
17.4.5 Winning Imperatives
17.4.6 Current Focus & Strategies
17.4.7 Threat from competition
17.4.8 SWOT Analysis
17.5 Epic Systems Corporation
17.5.1 Key Facts
17.5.2 Financial Overview
17.5.3 Product Benchmarking
17.5.4 Recent Developments
17.5.5 Winning Imperatives
17.5.6 Current Focus & Strategies
17.5.7 Threat from competition
17.5.8 SWOT Analysis
Continued……..
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