Electronic Health Record (EHR) Market Analysis, Segments, Size, Share, Industry Growth and Recent Trends by Forecast to 2028

The electronic health record (EHR) market was valued at US$ 14,054.05 million in 2020 and 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 patient's medical history is kept electronically with the assistance of an electronic health record (EHR). It is a digital representation of a patient's medical records. Over time, the supplier keeps up with it. It contains information both administrative and clinically significant to the patient's treatment under a specific healthcare practitioner. It is a patient-focused, real-time record. Information is promptly and securely made available to authorized users. It includes patient medical and treatment histories. It's intended to extend beyond clinical information acquired in a doctor's office.

Market Overview:

The market's expansion is correlated with the widespread adoption of cutting-edge technologies to satisfy expanding client demands. The patient experience has been shaped by improved care thanks to the integration of artificial intelligence (AI) to forecast clinical outcomes based on EHRs. Growing need for healthcare administration centralization and streamlining, which enhances care quality and boosts patient happiness, also contributes to market expansion.

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As the healthcare sector adapts to digitization, electronic health record (EHR) systems are growing in popularity. However, there are a few difficulties that could prevent the rise, including the high costs of setting up and maintaining EHR, the scarcity of specialists with the necessary training in developing nations, and security and privacy worries.

Key Companies:

• Cerner Corporation,
• Computer Programs and Systems, Inc.,
• Allscripts Healthcare Solutions, Inc.,
• McKesson Corporation,
• Epic Systems Corporation,
• NextGen Healthcare,
• eClinicalWorks,
• Greenway Health,
• AdvancedMD, Inc.,
• CureMD Healthcare

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Regional Analysis:

Based on geography, the electronic health records market is divided into five key regions: North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. In 2020, North America held the largest share of the global electronic health records market, and Europe is estimated to register the highest CAGR during the forecast period. The electronic health records market growth is attributed to the by increasing adoption of electronic health record (EHR), transformation of digital healthcare, increasing number chronic diseases and support from the federal government to implement electronic health record (EHR) to improve the quality of care.

Other factors such as higher rate of software technologies in healthcare, higher number of hospitals, and implementation of strategic government policies are driving the US EHR market. Additionally, need for automated systems due to increasing patient population and crunch of healthcare resources are projected to fuel the adoption of electronic health records systems in the US. Additionally, emphasis on error reductions in hospital administrative work, which is causing considerable mortalities; is also prominently anticipated to drive the growth of the market during the forecast period. For instance, according to study published in Journal of Patient Safety, an estimated 400,000 patient casualties are caused due to administrative errors in the US each year.

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Growth Factors:

The government's initiatives to encourage the use of healthcare IT play a vital role in the expansion of the world market. In keeping with this, offering technologically improved services improves the market's perspective. Additionally, hospitals all across the world are under strain as a result of the COVID-19 outbreak. The market has suffered because of the pandemic. Market growth is influenced favorably by elements including the entry of new competitors, growth initiatives, product launches, mergers, and acquisitions. The market is growing as a result of the increasing need for electronic health records. A good picture for the market is created by the expanding trend of digitization.

Additionally, a rising number of mergers and acquisitions by market participants support market expansion. Global market expansion is facilitated by the healthcare sector's rapid improvements in software technology. Market expansion is fueled by the incorporation of artificial intelligence and the creation of EHR software. The growing elderly population and incidence of chronic diseases have a beneficial impact on market expansion. These days, electronic health records are becoming more common. The market expansion is strengthened by the use of electronic health records for medical coding and billing.

Reasons to Purchase this Report

• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market

• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region

• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors

• Provision of market value (USD Billion) data for each segment and sub-segment

• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players

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