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Electronic health records (EHRs) are digital records of patients’ medical history that are maintained by doctors, nurses, pharmacists and other health care professionals within healthcare systems. EHRs contain all the key administrative clinical data relevant to the care of the patient such as medications, medical history, immunization dates, allergies, radiology images and laboratory test results. EHRs also help reduce medical errors by avoiding misinterpreted notes and help doctors by providing complete patient medical history with one click. They enable healthcare professionals to deliver timely and high quality healthcare by enhancing communication between patients and their caregivers. The global electronic health records market is estimated to be valued at US$ 29.06 Bn in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increase in Chronic Diseases due to Changing Lifestyle of People: Lack of physical activities due to sedentary lifestyle, unhealthy eating habits, smoking and alcohol consumption have increased the prevalence of chronic diseases such as diabetes, cardiovascular diseases and obesity across the globe. According to World Health Organization (WHO), chronic diseases account for over 70% of all deaths worldwide every year. EHRs help efficiently manages chronic conditions by providing consolidated patient health records remotely to both doctors and patients. This enables continuous monitoring of patient health parameters and timely medical interventions.
EHR systems also help reduce hospital readmissions in case of chronic conditions by facilitating efficient post-discharge care through digital communication between patients and caregivers. This is a major factor driving the demand for EHR systems globally. Key industry players are continuously focusing on developing advanced EHR technologies integrated with predictive analytics and digital health tools to better manage chronic illnesses and curb rising healthcare expenditures associated with them. However, high costs associated with the adoption of EHR systems pose a major challenge for healthcare providers in developing regions.
Segment Analysis
Electronic Health Records Market is segmented into products and end users. The products segment is further divided into integrated EMR and standalone EHR. Integrated EMR segment dominates the market with over 60% share as it provides accessibility of patient health records from multiple locations and integration with other hospital systems. The end user segment includes hospitals, specialty clinics, and ambulatory surgical centers. Hospitals segment holds the largest market share of over 70% as EHR adoption is higher in large hospitals to maintain digital health records and improve overall efficiency.
PEST Analysis
Political: Government initiatives and incentive programs in countries are driving EHR adoption. The HITECH Act in the US provided incentives up to $27 billion for healthcare providers to adopt EHRs.
Economic: EHR deployment reduces healthcare costs through efficient management of patient health records and less duplication of tests. This drives investments in EHR technology from healthcare providers.
Social: Patients prefer digital health records as it increases accessibility and secures health data. This propels use of EHR among healthcare providers.
Technological: Adoption of cloud platforms and artificial intelligence in EHR software enhances data analytics capabilities. This helps providers gain insights for quality care and study treatment patterns.
Key Takeaways
The global Electronic Health Records Market is expected to witness high growth owing to increasing government focus on digitization of healthcare sector. North America dominates with over 40% share due to mature EHR adoption driven by regulatory mandates and incentive programs in the US.
Regional analysis comprises- North America will continue leading primarily due to rising EHR investments from US hospitals and physician offices to meet meaningful use requirements. Asia Pacific is expected witness fastest growth at a CAGR of over 5% during the forecast period with countries like China and India emerging as lucrative markets.
Key players operating in the Electronic Health Records Market are eClinicalWorks, Cerner Corporation, GE Healthcare, Allscripts Healthcare, LLC, and Epic Systems Corporation. Key players are focusing on partnerships and product innovations to consolidate their market presence. For instance, eClinicalWorks recently launched a AI-powered patient identification solution to help improve efficiency at healthcare facilities.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
