Electronic health records market 2023-2027 | Government initiatives supporting the adoption of EHR are driving the EHR market growth - Technavio

NEW YORK, Nov. 5, 2023 /PRNewswire/ -- According to Technavio, the global electronic health records market size is estimated to grow by USD 32.27 billion from 2022 to 2027. The market is expected to grow at a CAGR of 12.91% during the forecast period. Government initiatives supporting the adoption of EHR are driving the EHR market growth. With the help of government support, healthcare systems find it easy to implement EHR systems and gain financial support. For instance, in the UK, the National Health Services (NHS) has converted all documentation processes into digitized forms. In addition, various region-specific initiatives are promoting digital healthcare services. Hence, the market is expected to grow during the forecast period. 

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Global electronic health records market - Five forces
The global electronic health records market is fragmented, and the five forces analysis covers– 

• Bargaining power of buyers 
• The threat of new entrants
• Threat of rivalry
• Bargaining power of suppliers
• Threat of substitutes
• For interpretation of Porter's five forces model – buy the report!

Global electronic health records market - Parent market analysis

Technavio categorizes the global electronic health records market as a part of the global healthcare technology market, which includes the revenue generated from the sales of healthcare applications and IT systems, Internet-based healthcare tools, and IT consulting services to clinics, hospitals, or businesses operating in the healthcare sector. Technavio calculates the size of the global healthcare technology market based on the combined revenue generated by the manufacturers or providers of equipment, supplies, pharmaceuticals, biotechnology, healthcare technology players, and life sciences tools and services. 

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Global electronic health records market – Customer landscape 

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global electronic health records market - Segmentation assessment

Segment overview
Technavio has segmented the market based on deployment (on-premise and cloud-based) and component (services, software, and hardware). 

• The on-premise segment will contribute significantly to the market's growth during the forecast period. On-premises EHR provides end-users with control over systems and resources, as the entire setup is controlled by the organization and not by a third party. This improves data security, and critical data can be managed in-house. The data is stored on servers on the premises of organizations. Hence, users do not require the Internet to access data or resources. These benefits will drive the growth of the segment during the forecast period.

Geography overview
Based on geography, the global electronic health records market is segmented into North America, Europe, Asia, and Rest of World (ROW). The report provides actionable insights and estimates the contribution of all regions to the growth of the global electronic health records market.

• North America is estimated to account for 41% of the growth of the global market during the forecast period. The growth of the market is attributed to factors such as the adoption of EHR due to stringent regulatory norms and EHR incentivizing policies. The US and Canada are the leading countries in the region.

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Global electronic health records market – Market dynamics

Leading trends influencing the market 

• The growing use of connected devices and technologies is a key trend in the market. 
• In the healthcare industry, IoT helps in bridging the gap between physical and digital data sources by monitoring patients in real time. 
• The rising use of connected medical devices has increased the number of data sources and the amount of data generated.
• Hence, device manufacturers and healthcare organizations are focusing on improving their network security, with the rising use of cloud-based infrastructure.
• These factors are compelling hospitals and clinics to adopt EHR, which will support market growth during the forecast period. 

Major challenges hindering market growth

• Rising data security and privacy concerns are challenging market growth. 
• The rise in the number of cyberattacks in the healthcare industry has raised concerns regarding privacy and data protection.
• The integration of data-generating devices into healthcare systems and the growing availability of data from health insurance companies and hospitals in a centralized place have made healthcare organizational information and patient data vulnerable to cyberattacks.

Hence, security and privacy issues are restricting the healthcare industry from adopting many advanced technologies, which will impede the market's growth during the forecast period. 

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find some insights from a sample report!

What are the key data covered in this electronic health records market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the electronic health records market between 2023 and 2027
• Precise estimation of the size of the electronic health records market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the electronic health records market across North America, Europe, Asia, and Rest of World (ROW)
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of electronic health records market vendors

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Table of contents

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

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SOURCE Technavio