Electronic Health Record (EHR) Market worth US$ 20,318.02 million by 2028 at a CAGR of 4.9% - Exclusive Report by The Insight Partners

Electronic Health Record (EHR) Market: Key Insights

According to our latest study on "Electronic Health Record (EHR) Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Installation Type, Type, and End User," the market was valued at US$ 14,054.05 million in 2020 and it is projected to reach US$ 20,318.02 million by 2028; it is expected to grow at a CAGR of 4.9% during 2021-2028. The report highlights trends prevailing in the market and the factors driving and restraining the market growth.

EHRs are patient-centered and real-time digital records that make patient data available instantly and securely to authorized healthcare professionals. The record comprises information regarding patient's medical history, medications, allergies, treatment plans, diagnoses, immunization dates, radiology images, and laboratory test results. The factors such as the increasing adoption of EHRs, rising incentives by federal government, and growing incidences of medication errors drive the growth of the electronic health record (EHR) market.

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Electronic Health Record (EHR) Market: Competitive Landscape and Key Developments

The growth of the electronic health record (EHR) market can be attributed to the factors such as the increasing adoption of Electronic Health Records (EHRs), rising incentives by federal government, and growing incidences of medication errors. However, concerns regarding data privacy and physician burnout hinder the market growth. Cerner Corporation, Computer Programs and Systems, Inc., Allscripts Healthcare Solutions, Inc., McKesson Corporation, Epic Systems Corporation, NextGen Healthcare, eClinicalWorks, Greenway Health, AdvancedMD, Inc., and CureMD Healthcare are among the major companies operating in the market.

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Market Insights

Growing Incidences of Medication Errors
A medical error is a nightmare scenario that no physician or medical practice wants to face. While most healthcare professionals and many consumers/clients/patients realize that doctors are human beings and sometimes make mistakes, most take measures to ensure accuracy in all aspects of a patient care scenario. Yet, unfortunately, thousands of people do experience some form of medical errors and even preventable deaths on an annual basis. According to a recent study performed by Johns Hopkins, medical errors are now ranked as the third contributing cause of death in the US. Alarmingly, based on data accumulated during the eight-year study, medical errors contribute to approx. 250,000 deaths annually.

Another study by the CDC emphasized that adverse drug events alone cost over US$ 3 billion a year. As of 2014, adverse drug events were the sixth leading cause of death on a national basis. The focus for today is catching potential errors before they happen, especially medication errors that can prevent through medication reconciliation.

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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

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