Electronic Health Record Systems Market Is Projected To Reach US$ 11.3 Billion By 2034

According to a recent study by Fact.MR, a market research and competitive intelligence provider, the global electronic health record (EHR) market is projected to grow at a compound annual growth rate (CAGR) of 4.3% from 2024 to 2034, following its achievement of a market size of US$ 7.4 billion in 2024.

As various industries worldwide embrace digital technologies, the healthcare sector is also undergoing rapid digital transformation. This shift is driving the adoption of advanced healthcare management systems, including electronic health record (EHR) technologies. A significant factor contributing to the increased use of EHRs is the COVID-19 pandemic, which has accelerated the adoption of telehealth services.

Additionally, the telemedicine market is anticipated to reach a valuation of US$ 57 billion by the end of 2034.

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The integration of advanced technologies, including artificial intelligence (AI) and machine learning (ML), is propelling the development of cutting-edge electronic health record (EHR) systems. These innovations improve workflow efficiency and support medical practitioners in decision-making. Additionally, cloud-based technologies are becoming increasingly popular, with cloud-based EHR solutions widely adopted for their flexibility and scalability. These systems are more cost-effective than on-premise alternatives, streamlining operations through regular upgrades that provide users with the latest features.

Governments are making significant investments in enhancing healthcare facilities, which is driving overall EHR market growth. High-potential economies in regions like Asia Pacific and Latin America are expected to offer lucrative opportunities for EHR service providers. The increase in healthcare expenditures and supportive government policies in these regions are accelerating the adoption of EHR technologies.

Key Takeaways from Market Study
• Global demand for electronic health record solutions is projected to reach a market value of US$ 11.3 billion by 2034.
• The United States market is approximated at US$ 800 million in 2024.
• Sales of electronic health record systems in Japan are foreseen to increase at a CAGR of 4.8% from 2024 to 2034.
• EHR software is estimated to hold 70% of the global market share in 2024.

"Rising prevalence of chronic disorders such as diabetes and cardiovascular disease are driving the adoption of electronic health record systems", says a Fact.MR analyst.

Competitive Landscape
Key players in the electronic health record market are adopting several tactics to earn high revenues. Some of the approaches include global expansions, mergers, collaborations, and new product launches.

• In 2023, NextGen Healthcare collaborated with American Podiatric Medical Association. This move reveals that NextGen Office is the sole EHR platform to include blueprints developed with American Podiatric Medical Association.
Winning Strategy

Some of the leading HER companies in the market are McKesson Corporation, NextGen Healthcare, Inc., eClinicalWorks, Health Information Management Systems, and GE Healthcare. Industry leaders are focused on innovations, partnerships, and customer centric approaches to boost their revenues. New companies entering the electronic health record market are investing in R&D activities to introduce EHR solutions with advanced features. Introduction of innovative EHR systems is set to help start-ups to stand apart in competitive pace.

Key Companies Profiled:
• Allscripts Healthcare LLC
• McKesson Corporation
• NextGen Healthcare, Inc.
• eClinicalWorks
• Health Information Management Systems
• Cerner Corporation (Oracle)
• GE Healthcare
• CPSI
• AdvancedMD, Inc.
• Epic Systems Corporation

What's Driving Adoption of Electronic Health Record Systems?
Numerous measures implemented by the US government aimed at alleviating administrative and regulatory challenges are poised to propel the uptake of EHR systems among healthcare providers.
• The implementation of the Cures Act, designed to enhance the nation's health outcomes, is expected to significantly accelerate the adoption of electronic health record systems.
Additionally, the ongoing modernization of healthcare infrastructure coupled with the active involvement of major market stakeholders is fueling the growth of the electronic health record market in the United States.

Key Segments of EHR Market Research
• By Solution :
o EHR Software
o Services

• By Product :
o Client-server-based EHR
o Web-based EHR

• By Type :
o Acute
o Ambulatory
o Post-acute

• By End User :
o Hospitals
o Specialty Clinics
o Ambulatory Surgical Centers
o Diagnostic Labs
o Others

• By Business Model :
o Licensed Electronic Health Records Software
o Technology Resale
o Subscriptions
o Professional Services
o Others

• By Region :
o North America
o Latin America
o Europe
o East Asia
o South Asia & Oceania
o Middle East & Africa

Read More: https://www.factmr.com/report/electronic-health-records-market

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