Electronic Health Records Market Size to Grow by USD 32.27 billion from 2023 to 2027, North America to occupy 41% market share, Technavio

NEW YORK, March 27, 2024 /PRNewswire/ -- The Electronic Health Records (EHR) Market is forecast to increase by USD 32.27 billion, at a CAGR of 12.91% between 2022 and 2027. North America is set to contribute 41% to global market growth, driven by well-established healthcare IT infrastructure and EHR adoption. The region, led by the US and Canada, benefits from stringent regulations and incentivizing policies, fostering widespread implementation of advanced healthcare IT solutions like EHR.

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Growth Factors:

Government initiatives supporting EHR adoption is a major driver fueling the market growth:

Government support for EHR adoption drives market growth by easing implementation and providing financial assistance to healthcare systems. Initiatives like the UK's NHS Long Term Plan prioritize digital transformation, while region-specific efforts worldwide promote digital healthcare services, fostering market expansion.

• The growing use of connected devices and technologies is a major trend influencing the market. 
• Rising data security and privacy concerns are major hindrances to the market growth. 

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Vendor Analysis
Vendor Landscape - The global electronic health records market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer electronic health records in the market are Allscripts Healthcare Solutions Inc., CareCloud Inc., Computer Programs and Systems Inc., CureMD.com Inc., Dedalus Group, eClinicalWorks LLC, Epic Systems Corp., EverCommerce Inc., General Electric Co., Global Payments Inc., Greenway Health LLC, KareXpert Technologies Pvt. Ltd., McKesson Corp., MEDHOST, Medical Information Technology Inc., Oracle Corp., Siemens AG, Tebra Technologies Inc., Athenahealth Inc., and Dell Technologies Inc. and others.

What's New? -

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong

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Vendor Offerings -

• KareXpert Technologies - The company offers electronic health records with a scheduled snapshot and task donuts showing work volume along with critical items prioritizing what elements are most critical for work under their subsidiary called AdvancedMD key offerings. The company offers an AI-Led Digital Healthcare Platform using ground-zero approaches with the latest software technologies.

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Segment Overview
Technavio has segmented the market based on type, Deployment (On-premise and Cloud-based), Component (Services, Software, and Hardware), and Geography (North America, Europe, Asia, and Rest of World (ROW)). 

• The on-premise segment is poised for significant growth in the forecast period. It offers users enhanced control and data security, as the system is managed internally. With data stored on the organization's servers, it ensures privacy and accessibility without relying on third-party services. Large enterprises, with ample resources and existing infrastructure, prefer this option, facing lower cybersecurity threats. Hence, rising concerns over data security and privacy drive physicians to opt for on-premise solutions, fueling segment growth.

Geography Overview
By 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 expected to contribute 41% to the global market growth during the forecast period. Its advanced healthcare infrastructure and stringent regulatory norms drive the adoption of Electronic Health Records (EHR). The US and Canada lead in implementing EHR systems and advanced healthcare IT solutions, maintaining North America's prominent market position.

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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 size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Electronic Health Records Market industry 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

Analyst Review:

The Electronic Health Records (EHR) Market is witnessing significant growth, driven by the increasing adoption of electronic health record systems by healthcare organizations. Deals in the market are contributing to substantial software revenue, with a notable focus on professional services implementations.

Demand for EHR systems is fueled by the need for centralization and streamlining of healthcare administration processes. Initiatives such as the Medicare and Medicaid EHR Incentive Programs are further driving the adoption of EHR solutions across healthcare providers.

Product insights reveal a diverse landscape, with web-based EHR and client server-based EHR solutions dominating the market. Acute EHR, ambulatory EHR, and post-acute EHR systems are key types of EHR solutions catering to different healthcare settings.

Hospitals, ambulatory care facilities, and ambulatory surgical centers are the primary end users of EHR systems, highlighting the widespread adoption across various healthcare settings.

The business model in the EHR market encompasses licensed software, technology resale, subscriptions, professional services, managed services, and support & maintenance offerings. This diverse range of business models allows flexibility for healthcare organizations to choose the most suitable option based on their requirements and preferences.

Market Overview:

The Electronic Health Records (EHR) Market is experiencing significant growth, driven by the increasing adoption of digital solutions by healthcare organizations worldwide. Deals in the market are on the rise, leading to substantial software revenue and increased demand for professional services implementations. Centralization and streamlining of healthcare administration processes are key drivers of market expansion, propelled by initiatives such as Medicare and Medicaid EHR Incentive Programs. Product insights reveal a growing preference for web-based EHR systems among physicians and healthcare providers, as well as client server-based EHR solutions. Different categories of EHR systems include acute EHR, ambulatory EHR, and post-acute EHR, catering to the needs of hospitals, ambulatory care centers, and ambulatory surgical centers. Revenue streams in the market include licensed software, technology resale, subscriptions, professional services, managed services, and support & maintenance offerings.

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SOURCE Technavio