Electronic Health Records Market Growth & Trends
The global electronic health records market size is expected to reach USD 38.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.1% from 2023 to 2030. The web-based electronic health records (EHRs) are anticipated to show the largest growth during the forecast period. These EHRs are convenient for use in pharmacies, small-scaled laboratories, and clinics, as they require limited hardware infrastructure, which reduces the cost of installation.
EHR vendors and organizations have initiated to help in curbing the pandemic by making telehealth a mainstream alternative, enhancing data access through EHRs, and collaborating to develop COVID-19 dashboards in detail. The introduction of EHRs for medical coding and billing has eased the process as data entering into computerized systems is more convenient than paper-based methods. EHRs also minimize the risk of errors in patient data as well as financial details. As per the University of Michigan, the cost of outpatient care was reduced by 3% upon shifting to EHRs from paper-based records. This reduction resulted in USD 5.14 savings per patient per month.
Additionally, M&A activities by market players are also boosting the market growth. For instance, in February 2021, Evident, LLC, a subsidiary of CPSI announced that Texas-based Curahealth Hospitals and Cobalt Rehabilitation, have selected the Evident EHR along with collection services TruBridge, for three new rehabilitation facilities located in Denver, Colorado; West Houston, Texas; and San Antonio, Texas. Key players in the EHR market are investing in the launch of new products and collaborations for sustaining in the market. For instance, in August 2020, Cerner Corporation collaborated with Amazon to integrate its EHR solutions with the latter’s wearables such as Amazon Halo. This would provide greater interoperability to its customers and strengthen its service portfolio.
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Electronic Health Records Market Report Highlights
The web-based EHR segment dominated the overall revenues share as of 2022 and is projected to witness lucrative growth over the forecast period. A high adoption rate by physicians is expected to boost the market growth
The ambulatory use segment which includes physician clinics, laboratories, and pharmacies is expected to exhibit the fastest growth over the forecast period owing to the increasing number of ambulatory care centers globally
The acute care segment held a considerable market share of about 45.0% in the market due to government initiatives for the adoption of EHRs
North America held a major market share as of 2022, due to the presence of well-established healthcare infrastructure as well as favorable government initiatives regarding population health management
The U.S. is dominating the market in North America due to the presence of established players in the country
The industry participants are focusing on product launch, partnerships, collaborations, mergers, and acquisitions to sustain the competition
In Asia Pacific, the market is anticipated to witness lucrative growth during the forecast period owing to the developing healthcare infrastructure in Asian countries, such as Indonesia, China, and India
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