Electronic Health Records Market Is Expected To Garner A Market Value Of Us$ 26.78 Bn In 2022, Anticipated To Register A Positive CAGR Of 4.5% ; States Fact.MR
19 Aug 2022
Acquisition
Demand For Acute Electronic Health Records To Remain Prominent, Accounting For 46.8% Of Overall Deployment
“The Rising Number Of Ambulatory Care Centers In The Developed As Well As Developed Economies Is Expected To Drive The Demand For Ehrs, As They Provide Convenience To The Patients As Well As Healthcare Providers,”, Says A Fact.MR Analyst.
Fact.MR – A Market Research and Competitive Intelligence Provider: The global electronic health records market is expected to flourish at a CAGR of 4.5% from 2022 to 2032, reaching US$ 41.8 Bn by the end of the aforementioned assessment period. Extensive digitization of healthcare brought about by complicating patient care and workflows is driving market demand.
From 2015 to 2021, demand for web-based EHRs expanded at a CAGR of 3%, being valued at US$ 26 Bn. Web-based electronic health records (EHRs) are anticipated to exhibit maximum adoption. 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. Prospects further heightened during the COVID-19 pandemic, as the need to maintain social distancing prompted increased automation of hospital workflows.
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 market growth.
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Key Takeaways from the Market Study
Global electronic health records market to be valued at US$ 26.78 Bn in 2022
By product, web-based EHRs to account for over half of the global market revenue in 2022
Hospitals to remain primary end users of electronic health records, accumulating 60% revenue
Over 3 out of 10 electronic health records to be used for professional services
North America to account for over 2/5th of global electronic health records market demand
Asia Pacific to be an opportunistic market, forecast to exhibit a 5% value CAGR until 2032
Market Competition
Some prominent players in the market for electronic health records are Cerner Corporation (Oracle); GE Healthcare; Allscripts Healthcare, LLC; McKesson Corporation; Epic Systems Corporation; NextGen Healthcare, Inc.; eClinicalWorks; Medical Information Technology, Inc.; Health Information Management Systems; CPSI; AdvancedMD, Inc.; CureMD Healthcare; Greenway Health, LLC. Frontrunners are emphasizing capacity enhancements and global footprint expansion to leverage lucrative prospects in developing economies. Some notable developments are as follows:
In December 2021, Oracle acquired Cerner Corporation for a value of USD 28.3 billion. This acquisition strengthened Oracle’s position in the EHR Market, as Cerner was a leading player in the space.
Key Market Segments in Electronic Health Records Industry Research
By Product
Client-server-based EHR
Web-based EHR
By Type
Acute Electronic Health Records
Ambulatory Electronic Health Records
Post-acute Electronic Health Records
By End Use
Electronic Health Records for Hospital Use
Electronic Health Records for Ambulatory Use
Physician’s Clinic
Laboratories
Pharmacy
By Business Model
Licensed Electronic Health Records Software
Electronic Health Records Technology Resale
Electronic Health Records Subscriptions
Electronic Health Records Professional Services
Other Electronic Health Records Business Models
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COVID-19 Impact on Electronic Health Records Software Market
The spread of COVID-19 has put a lot of pressure on healthcare organizations since the beginning of 2020. The pandemic has negatively impacted the revenue of major market players due to a decline in new business bookings as certain client purchasing decisions and projects are delayed to focus on treating patients, procuring necessary medical supplies, and managing their organizations through this crisis. Also, companies such as Allscripts experienced delays in deals with upfront software revenue and professional services implementations across their outpatient and inpatient bases.
The growth of the global electronic health records market is majorly driven by the advancements in software technology and in healthcare sector. In addition, introduction of artificial intelligence (AI) in the development of EHRs software contribute to the growth of the market. Moreover, EHRs played an important role in management and recording of patients data during the COVID-19 pandemic situation.
Key Benefits For Stakeholders
The report provides an in-depth analysis of the global electronic health records market size along with the current trends and future estimations to elucidate the imminent investment pockets.
It offers market forecast analysis from 2021 to 2030, which is expected to enable the stakeholders to capitalize on the prevailing electronic health records market opportunities
A comprehensive analysis of the region assists to understand the regional market and facilitate strategic business planning and determine prevailing opportunities.
The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the global electronic health records market growth.
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More Valuable Insights
In its latest report, Fact.MR offers an unbiased analysis of the electronic health records market providing historical data for the period of 2015-2021 and forecast statistics for the forecast period of 2022-2032.
The study gives critical insights into the electronic health records market on the basis of product (client-server-based and web-based), type (acute, ambulatory and post-acute), end-use (hospital use, ambulatory use, physicians clinic, laboratories and pharmacy), business models (licensed software, technology resale, subscriptions, professional services and others) across five main regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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About Fact.MR
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. 80% of Fortune 1000's trusts us in critical decision making. We provide both qualitative and quantitative research, spanning market forecast, market segmentation, competitor analysis, and consumer sentiment analysis.
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