US Electronic Health Records Market 2023 Share, Size, Key Players, Revenue Analysis | Prudent Markets

The US Electronic Health Records Market 2023 Report makes available the current and forthcoming technical and financial details of the industry. It is one of the most comprehensive and important additions to the Prudent Markets archive of market research studies. It offers detailed research and analysis of key aspects of the global US Electronic Health Records market. This report explores all the key factors affecting the growth of the global US Electronic Health Records market, including demand-supply scenario, pricing structure, profit margins, production, and value chain analysis.

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Report Description of the US Electronic Health Records Market Analysis

Research Scope and Assumption

The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)

The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis

We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses

All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis

Inflation has not been accounted for in order to estimate and forecast the market

Numbers may not add up due to rounding off

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Facilitate decision-making based on strong current and forecast data for US Electronic Health Records Market Analysis

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Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market

Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the US Electronic Health Records Market Analysis

Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders

To strategically profile key players and comprehensively analyze their market shares and core competencies

We have technically sound team which do a deep dive research and also provide strategy based consulting analysis

US Electronic Health Records Market Analysis Executive Summary

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.

Market Size and Key Findings

The US Electronic Health Records Market Analysis size stood at around USD 12.12 billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of 6% during the forecast period.

The U.S. electronic health record market by revenue is expected to grow at a CAGR of close to 6% during the period 2020-2028. The U.S. EHR market is expected to be driven by the increasing prevalence of chronic disorders and the outbreak of pandemics.

Market Dynamics

Market Growth Drivers Analysis

EHRs offer a range of advantages to healthcare providers and patients, which ultimately increases productivity and patient satisfaction. The increasing adoption of software solutions such as data mining, clinical decision support system, and clinical trial management systems will propel the demand for EHR systems. A growing number of medical professionals opt for technologically advanced data management systems to save time and resources.

About 6 in 10 adults in the US have a chronic disease, according to the National Center for Chronic Disease Prevention and Health Promotion 2019. An increase in the prevalence of acute and chronic diseases, including several heart diseases, diabetes, cancer, pandemic such as COVID-19, high awareness regarding the benefits of electronic health records are likely to fuel the growth of the market in the US.

Market Restraints

Despite the increasing usage of EHR in clinical, as well as administrative applications, there are certain factors that are limiting the adoption of these devices. One of the major factors restraining the growth of the market is high cost associated with the implementation and maintenance of EHR. Economies are facing difficulties in the adoption of electronic health records pertaining to its high price. Also dearth of health care IT support, and safety & Security is another important factor restricting the market growth.

COVID-19 impact on "US Electronic Health Records Market Analysis

COVID-19 has a moderately beneficial impact on healthcare systems' acceptance of EHR. The electronic health record is also utilized to help clinical research activities by allowing researchers to share and access precise clinical data that has aided them in COVID-19 trend analysis and drug development. This has also aided in the management of large patient databases in hospitals with integrated EHR systems. Furthermore, industry sources are assisting the government with pandemic preparedness.

Competitive Landscape

Key Players

The electronic health record (EHR) giant Epic continued to amass a greater share of the US hospital market in 2019. The presence of major companies, continuous progress in healthcare settings, and the expansion of healthcare IT infrastructure drive the U.S. electronic health records market. The electronic healthcare record market is in a growth stage, and it has achieved popularity and high penetration in developed countries such as the US. Allscripts, Cerner, E-clinical Works, and EPIC are the major vendors in the US market.

Products in Pipeline

Since the past few years, in many countries, the adoption of electronic medical record is upsurging at a fast pace. It is occurring because of the realization of the masses that to gain top-quality care at lower costs, implementation of a robust health information technology (HIT) is extremely vital. EHR is used extensively in clinical applications, such as decision supports, results management, order entry and support, and health information and data. It is also used in healthcare financing, as well as administrative applications. However, deployment of EHR involves a lot of money spending. It may hinder the electronic health records market growth during the forthcoming period.

Notable Recent Deals

October 2019: Northwell Health and Allscripts announced signed an agreement to develop the next-generation EHR that would be AI-based, voice-enabled, and cloud-based.

September 2015: Meditab Software, Inc. joined hands with CoverMyMeds to broaden its unique range of EHR solutions. It would also aid the companies in integrating electronic prior authorization (ePA) feature to the e-prescribing workflow of all the users of the intelligent medical software (IMS) platform.

Healthcare Policies and Regulatory Landscape

Policy changes and Reimbursement scenario

In 2009, the US government granted $1.2 billion to help hospitals and health care providers to establish and use electronic health records. These funds are basically aimed at helping physicians and hospitals to adopt electronic medical records and at building an exchange to move health information among various healthcare agencies. Moreover, the US government is consistently focusing on improving patient engagement. The financial incentives by the government are driving the electronic healthcare record market during the forecast period. The government is offering incentives to physicians, hospitals, and other healthcare facilities for the meaningful use of certified electronics in the US. Further, technological advancements, governmental and private organizations' initiatives to ensure EHR implementation across health care settings in North America is another factor that is expected to drive the electronic health records market during the forecast period.
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US Electronic Health Records market Analysis Segmentation

By Application:

In 2019, the clinical application of electronic health records dominated the U.S. electronic health records market share of around 30%. One of the key EHR application areas in the healthcare system is clinical patient care. The use of EHRs as a source of data in clinical investigations could involve additional considerations, planning, and management. The demand for complete, up-to-date, and accurate medical records drives the adoption of EHR in the clinical segment.

The administrative application segment will grow at a CAGR of close to 6% during the forecast period. As healthcare technology offers easy to healthcare organizations to improve their administrative operations, the segment is likely to grow. Although an EHR's primary function is to collect and manage clinical data, an organization's administrative processes can realize meaningful gains on several metrics when an EHR is incorporated into administrative operations.

Based on cost-accounting applications, health care cost-accounting systems have been adopted widely. In the US, a high percentage focuses on reducing the cost of healthcare, and the adoption of EHR and health IT systems has a significant role to play in achieving that.

By End-user:

In 2019, the hospital segment was the largest end-user segment. It generates tremendous medical data daily. Hence, EHRs have become an integral part of patient data management owing to the convenience and increased productivity. The benefits offered by in-house EHR systems, including cost factor and time saving to large-scaled hospitals, are responsible for the revenue growth. Nearly 90% of hospitals across the country used electronic health record systems in 2018. Computerized prescriber-order-entry (CPOE) systems with clinical decision support are used by 96% of hospitals, according to the ASHP National Survey of Pharmacy Practice in Hospital Settings: Prescribing and Transcribing-2016.

Specialty centers, on the other hand, are expected to display the highest growth over the forecast period. The market share of specialty centers was recorded at close to 20% in 2019, which is expected to reach 21% in 2025. Specialty centers are convenient for both healthcare providers and patients. They rely on these systems for effective data management. The US will lead to the adoption of EHR in specialty hospitals across North America. The patients in the region widely prefer private hospitals as the variety of amenities offered by private hospitals is better.

By Deployment:

On-premise deployment involves hosting the EHR software on in-house servers maintained and implemented by an organization's IT team. Cloud-based is an online software-as-a-service implementation that hosts the software in the cloud where users access it via the internet. Both come with unique pros and cons that can impact decision-making. The cloud-based segment will be the fastest-growing segment during the forecast period. The cloud-based segment dominated the U.S. EHR market share with 56% in 2019. An increasing number of hospitals have shifted their preference for EMR systems from on-premise to cloud-based models, contributing to their market growth. Cloud EHR systems have a lower cost than on-premise products. Since cloud-based EHRs do not require capital investment in hardware, software, and network personnel, they are economical to implement and operate.

Highlighted Segments of US Electronic Health Records Market:

Industry Overview: The first section of the research study covers an overview of the global US Electronic Health Records Market, market status and prospects, and product range. In addition, it provides highlights of the major segments of the global Market, i.e., region, type, and application segments.

Competitive Analysis: This report illuminates important mergers and acquisitions, business expansion, product or service differences, market concentration, the competitive status of the global US Electronic Health Records Market, and market size by player.

Company Profiles and Key Data: This section covers companies profiling the major players in the global US Electronic Health Records Market based on the aforementioned revenue, products, business, and other factors.

Market size by type and application: In addition to providing an in-depth analysis of the industry size by type and application, this section provides research on top end users or consumers and potential applications.

Market Dynamics: This report covers the drivers, trends, and opportunities of the global US Electronic Health Records Market. This section also includes Porter's analysis of five forces.

Findings and Conclusions: It provides strong recommendations for new as well as established players for securing a position of strength in the global US Electronic Health Records Market.

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The report covers the competitive analysis of the market. As the demand is driven by a buyer's paying capacity and the rate of item development, the report shows the important regions that will direct growth. This section exclusively shares insight into the budget reports of big-league members of the market helping key players and new entrants understand the potential of investments in the Global US Electronic Health Records Market. It can be better employed by both traditional and new players in the industry for complete know-how of the market.

Strategic Points Covered in Table of Content of Global US Electronic Health Records Market:

Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the US Electronic Health Records market
Chapter 2: Exclusive Summary - the basic information of the US Electronic Health Records Market.
Chapter 3: Displaying the Market Dynamics- Drivers, Trends and Challenges & Opportunities of the US Electronic Health Records
Chapter 4: Presenting the US Electronic Health Records Market Factor Analysis, Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Patent/Trademark Analysis.
Chapter 5: Displaying the by Type, End User and Region/Country
Chapter 6: Evaluating the leading manufacturers of the US Electronic Health Records market which consists of its Competitive Landscape, Peer Group Analysis, BCG Matrix & Company Profile
Chapter 7: To evaluate the market by segments, by countries and by Manufacturers/Company with revenue share and sales by key countries in these various regions
Chapter 8 & 9: Displaying the Appendix, Methodology and Data Source

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-The report offers all the competitive landscape, growth drivers, applications, market dynamics, and other necessary details as well.

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