Necessity for Unified Healthcare Solution is Driving Electronic Health Records (EHR) Market at 15% CAGR: CMR.

Credible Markets Research reported that the Global Electronic Health Records (EHR) Market is currently valued at USD 2 Billion in 2020, and it anticipated to register a CAGR of 15% over the forecast duration of 2022-2030.

Global Electronic Health Records Market: Overview
An electronic health record is also called an EHR which refers to the digital format of a patient's paper chart. The EHR system is primarily used in the systematic aggregation of medical patient data electronically that is later stored in a digital format. EHR system aids in surging the accessibility of patient data, therefore improving the overall efficiency and productivity of patient care.

One of the main benefits of an EHR is that any approved physician or medical practitioner can manage and create the health information in a digital format. That information can be easily shared with other providers across several health care organizations.

Key market trends- Growth Determinants and Challenges
Market Drivers:
Rising Adoption Rate of EHR Solution to Propel the Market Growth
Increasing adoption of the EHR Solution worldwide is one of the major factors aiding the market growth. This growth can be credited to the surging initiatives by the government to execute strategies to reduce the regulatory and administrative burden on health care providers.

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For instance, the Cures Act was introduced on December 13, 2016. This act was designed to improve medical products and create innovation and advances in medical technology. The execution of the CURE Act helped the healthcare IT industry stakeholders to develop strategies and recommendations designed to address the key burden related to the use of electronic health records.

Market Restraints:
High Cost Associated with the Executional and Maintenance of EHR to Hamper the Market Development:
Even though there is a rise in usage of HER in clinical and administrative applications, still there are certain factors hindering the adoption of these devices.

The major factor which is limiting the adoption is the high cost that is associated with the maintenance and implementation of EHR. Many developing countries have been facing difficulties in the adoption of Electronic Health Records (EHR) due to their high cost. Also, the scarcity of health care IT support in various developing economies of the world is another important factor limiting the market progression.

Segmental Analysis of Electronic Health Record Market
Based on Product:
• Client-server-based EHR
• Web-based HER
The Web-based EHR segment accounted for the largest share of the global revenue in the Global Electronic Health Records market in 2020.

This high share is owing to the popularity of Web-based EHRs among health care operators and doctors who operate on a smaller scale.

Based on Type:
• Acute
• Ambulatory
• Spost-acute

The Acute segment dominated the market and held the largest revenue share in 2020. This growth can be credited to the government initiatives to introduce EHRs in small cities.

Based on End-User:
• Hospitals
• Ambulatory Care

The hospital segment had the largest market share in the global market, and it is projected to maintain its dominance in the forecast period. This high share is attributable to the large amount of medical data generated in the hospital accelerates the growth of the market.

North America is expected to amplify at a considerable CAGR.

North America dominated the market and accounted for the largest global revenue share in 2020. This dominance is ascribed to the policies that support the adoption of the EHR coupled with the availability of well-developed infrastructure.

The Asia Pacific Electronic Health Records (EHR) Market witnessed significant growth in CAGR in the forecast period. This expansion can be credited to the rising demand for service and quality standards that boost the digitization of the healthcare system in the Asia Pacific.

Competitive Landscape
The prominent players influencing the competitive hierarchy of the market sphere are Cerner Corp., GE Healthcare, NextGen Healthcare, Inc., eClinicalWorks, Epic Systems Corp., HMS, CPSI, AdvancedMD, Inc., DXC Technology Company, Medical Information Technology, Inc., Allscripts Healthcare, LLC, McKesson Corp., CureMD Healthcare, Greenway Health, LLC,

Major Developments
• Epic Systems launched the 190 health systems Epic EHR in October 2020. It became the vendor's biggest implementation in company history.
• Meditech and Google collaborated to offer EHR Data through Google Cloud Platform in October 2019. This has helped in the secure delivery of patience sensitive data, rising scalability and facilitated interoperability.

Major questions answered in this report
• What is the growth rate of the Electronic Health Records (EHR) market?
• What are the primary growth determinants of the Electronic Health Records (EHR) market?
• Which are the major regions constituting the geographical landscape of the Electronic Health Records (EHR) market?
• Which are the prominent companies operating in Electronic Health Records (EHR) market?

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Key takeaways from the report
• Global Electronic Health Records (EHR) market is projected to register a CAGR of 15% over 2022-2030.
• The growing popularity of Web-based EHRs among health care operators and doctors aiding market progression.
• The Acute segment is poised to expand significantly due to government initiatives to introduce EHRs in the small cities.
• The Hospital segment had the largest global revenue share owing to the large amount of data generated in the hospital, accelerating the market growth.
• North America accounted for the largest global revenue share due to the policies that support the adoption of EHR.

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