Electronic Health Records Market Competitive Intelligence and Tracking Report Till 2031 | eClinicalWorks, Cerner Corporation, GE Healthcare

Market Overview:

Electronic health records (EHR) systems allow doctors, nurses, pharmacists, and other healthcare providers to access and manage patients' medical records in a digital format. EHRs have brought significant improvements to healthcare operations like cost savings, reduction in medical errors and improvement in care quality and coordination.

Market Dynamics:

The growth of electronic health records market is driven by increased healthcare spending in major countries and government initiatives for EHR adoption. According to statistics, global healthcare spending is expected to reach $10 trillion by 2023, growing at a rate of 5% annually. This rise in healthcare expenditure has urged healthcare providers to adopt digital solutions like EHRs to enhance operations and reduce costs. In addition, governments of several countries are offering incentive programs and funding to facilitate EHR adoption among healthcare facilities. For instance, the US government has allocated more than US$ 30 billion under the Health Information Technology for Economic and Clinical Health (HITECH) Act to promote 'meaningful use' of EHRs.

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Electronic Health Records Market Drivers:

Improving Healthcare Quality and Outcomes through Centralized Patient Information

One of the key drivers for adoption of electronic health records is their ability to centrally store all patient related information like diagnosis, treatment plans, prescriptions, lab reports etc. This allows physicians, nurses and other healthcare providers across different settings to have access to complete and up-to-date medical records of the patient. This helps in improved clinical decision making and coordination of care. It also reduces medical errors due to manual transcription of records and physician handwriting issues. Centralized access to health data leads to more efficient treatments and improved health outcomes for patients.

Increasing Government Support and Initiatives for EHR Adoption

Governments across the world have recognized the importance of health IT in improving quality, safety and efficiency of healthcare delivery. Many countries have launched meaningful use programs which provide incentive payments to eligible professionals and hospitals for meaningful use of certified EHR technology. In the US, the HITECH Act under ARRA provided around 30 billion US dollars in incentives for hospitals and eligible providers. This strong government push has been a key driver in the growing adoption of electronic health records. Financial incentives minimize risks for healthcare providers and encourage rapid transition from paper to digital systems.

Electronic Health Records Market Restrain:

High Upfront Infrastructure and Implementation Costs

One of the major barriers in widespread EHR adoption is the high upfront costs associated with purchasing hardware and software, implementing systems, training staff and integrating with legacy systems. Initial licensing fees for commercial EHR packages, costs for servers, networking infrastructure and integration services are substantial investments for hospitals and physician practices. Additionally, time and labor costs for system implementation, optimization and training outweigh short term incentive payments in many cases, especially for small practices. This high financial barrier has restricted EHR adoption levels, especially in developing countries with limited healthcare budgets.

Electronic Health Records Market Opportunity:

Growing Telehealth and Remote Patient Monitoring

The Covid-19 pandemic accelerated the shift towards telehealth and digital health as social distancing measures increased demand for virtual healthcare services. EHR systems integrated with telehealth platforms allow secure sharing of patient medical records, facilitating remote consultations and care delivery. They also support remote patient monitoring technologies which enable convenient at-home monitoring of chronic conditions through connected devices and digital interfaces. As telehealth grows in popularity and reimbursement expands, the integration of EHRs with virtual care models presents a lucrative market opportunity. Vendors can develop new telehealth modules, analytics and interfaces within existing EHR platforms.

Electronic Health Records Market Trends:

Increasing Adoption of Cloud-Based SaaS EHR Solutions

One of the emerging trends in the EHR industry is the transition from on-premise licensed systems to cloud-based Software-as-a-Service (SaaS) solutions. Cloud EHR platforms eliminate upfront capital costs, offer lower total cost of ownership through flexible subscription pricing and ensure easy integration of new features via regular software updates. They are well-suited for smaller practices that lack in-house IT support. Leading vendors are focusing on cloud offerings to drive further market expansion. The scalability, mobility and analytics capabilities of cloud-based EHRs also support digital transformation imperatives in healthcare. Their rising popularity will continue shaping the future landscape of the electronic health records market.

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Table of Contents with Major Points:

Executive Summary

Introduction
Key Findings
Recommendations
Definitions and Assumptions

Market Overview

Definition of Electronic Health Records Market
Market Dynamics
Drivers
Restraints
Opportunities
Trends and Developments

Key Insights

Key Emerging Trends
Key Developments Mergers and Acquisition
New Product Launches and Collaboration
Partnership and Joint Venture
Latest Technological Advancements
Insights on Regulatory Scenario
Porters Five Forces Analysis

Qualitative Insights Impact of COVID-19 on Global Electronic Health Records Market

Supply Chain Challenges
Steps taken by Government/Companies to overcome this impact
Potential opportunities due to COVID-19 outbreak
Conclusion

Appendix

Data Sources
Abbreviations
Disclaimer

TOC Continued…!

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