Electronic Health Record Software Solutions Industry is Expected to Reach USD 54.21 billion by 2032 -eClinicalWorks, McKesson, Cerner, Allscripts, Athena Health, GE Healthcare, Epic, Care 360, Practice Fusion, OptumInsight

The global electronic health records market size was estimated at USD 21.23 billion in 2021 and expected to reach USD 54.21 billion by 2032 and it is anticipated to expand at a CAGR of 5.32% from 2022 to 2032.

New expansion activities, product approvals, product launches, partnerships, and acquisitions have positively impacted the EHR market in recent years. Furthermore, there has been a significant increase in the demand for electronic health records due to the growing digitalization which in turn is fueling the market growth. Rising demand for centralization and streamlining of healthcare administration is also anticipated to drive the market for electronic health records. Centralization of health information management is driven by a value-based model which aims towards streamlining operations, standardizing processes, reduction of costs, and improving the quality of care that results in patient satisfaction.

The web-based EHR segment led the market for electronic health records and accounted for the largest revenue share of more than 50.0% in 2021. This large market share is attributed to their popularity amongst the physicians and healthcare providers, which operate on a smaller scale. This is because web-based EHRs can be installed without the requirement of in-house servers and can also offer extensive customizations and improvements, as per need.

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Major Market Players Profiled in the Report include:

eClinicalWorks, McKesson, Cerner, Allscripts, Athena Health, GE Healthcare, Epic, Care 360, Practice Fusion, OptumInsight

The hospital segment dominated the electronic health records (EHR) market and held the largest revenue share of more than 60.0% in 2021. The growth can be attributed to the large amount of medical data generated in hospitals. Furthermore, the cost of installation in electronic health records is less in hospitals as compared to ambulatory care centers, which also boosts the market growth. They also help in saving time for large-scaled hospitals, which further fuels the market. Furthermore, the high adoption of electronic health records in small and midsized hospitals, due to factors such as ease of deployment, is expected to drive the segment.

Electronic Health Record Software Solutions Market Segmentation by Type:

Cloud-based, On-premise.

Electronic Health Record Software Solutions Market Segmentation by Application:

Hospitals, Clinics, etc.

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RThe acute EHR segment dominated the market for electronic health records and accounted for the largest revenue share of about 46.8% in 2021. The growth can be attributed to the government initiatives for the adoption of electronic health records in small-scale facilities. For instance, acute care hospitals in the U.S. which are covered under the Inpatient Prospective Payment System (IPPS) are eligible for the Medicare incentive payment system. Acute care electronic health records generate patient information that can provide all clinical details. These details can also be used for ICU, emergency department, inpatient unit, and operating room purposes

Business Model Insights
The professional services segment dominated the market for electronic health records and accounted for the largest revenue share of more than 31.0% in 2021. Professional services help healthcare systems in the implementation of information systems in their organizations. They are usually in the form of project management, technical and application expertise, clinical process optimization, regulatory consulting, and training of end-users for designing and implementing electronic health record systems. It is also expected to garner the largest market share owing to its wide range of applications for the implementation of information systems in organizations. Electronic health records are also provided on a time-based subscription model, which has a periodic usage charge. This is one of the primary ways in which medical knowledge is packaged and delivered.
Regional Insights
North America dominated the market for electronic health records and accounted for the largest revenue share of about 45.4% in 2021. The major factor contributing to the growth of this region is the policies that support the adoption of electronic health records and the availability of infrastructure with high digital literacy. In May 2020, the federal government proposed the Federal Health IT Strategic Plan 2020 - 2025 that mandates the meaningful usage of electronic health records by healthcare providers. The Digital Single Market Strategy by the European Commission furnishes consumers and businesses with access to online services and goods across Europe, thus providing necessary conditions for the growth of the digital network and allied services, which is expected to maximize the growth potential of the European economy.

In Asia Pacific, the market for electronic health records is anticipated to demonstrate lucrative growth during the forecast period. This growth can be attributed to the ever-increasing demand for quality standards and services which are boosting the digitalization of healthcare in the region. The Ministry of Health in China has defined an action plan for the usage of services related to e-health across the country encompassing broad areas of medical services, insurance plans, and with a large focus on the adoption of electronic record, systems to allow data sharing across the national healthcare system.

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Moreover, R&D in cloud storage technology and increase in number of EHR service provider in the global electronic health records market are anticipated to contribute toward the growth of the market. Furthermore, increase in geriatric population drives the growth of market. Elderly individuals are highly prone to multiple diseases, and it is difficult for physicians to maintain health records. The EHRs platform provides ease of data storage. For instance, as per the population reference bureau report, "Aging in the United States," in July 2019, the number of Americans aged 65 and older projected to increase more than double from 52 million in 2018 to over 95 million by 2060, and is expected to rise to around 23% from 16%. However, high cost of EHR service and concerns related to patients personal data and safety hinder the electronic health records market growth.

On the basis of application, the clinical application segment dominated the electronic health records market in 2020, and this trend is expected to continue during the forecast period, owing to adaption of EHR for clinical data storage, increase in number of clinical trial to enhance the safety & efficacy of drug, and devices. However, the administrative application segment is expected to witness considerable growth during the forecast period, due to increase in use of EHR for the storage of administrative data.

Depending on end user, the hospitals segment was the major contributor in 2020, and is expected to maintain its lead during the forecast period, owing to rise in number of hospitals, development of hospital infrastructure, and initiative taken by government & private organization to develop advanced software in hospital. However, the clinics segment is expected to witness considerable growth during the forecast period, due to demand for advanced healthcare facilities and increase in number of clinics.

EHRs are patient-centered, real-time records that make information available to authorized users promptly and securely. While an EHR system does contain a patient's medical and treatment history, it is designed to go beyond traditional clinical data collected in a provider's office and can encompass a broader view of a patient's care.

Major factors driving the growth of the Electronic Health Records market are:

EHR can reduce the incidence of medical errors by improving the accuracy and clarity of medical records. EHRs give more full patient information, allowing doctors to make well-informed care decisions more rapidly, improving treatment, and reducing safety concerns. These factors are expected to increase EHR adoption.
The electronic health record (EHR) streamlines the clinician's workflow by automating access to information. Other care-related activities, such as evidence-based decision support, quality monitoring, and outcomes reporting, can be supported directly or indirectly by the EHR through various interfaces. Such advantages are expected to further boost the EHR market forward.
Furthermore, the need for easy accessibility to patients' records by the physicians is expected to fuel the EHR market.

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