Electronic Health Records Market Analysis | 2022-2028

“The Electronic Health Records Market was estimated at US$ 26.81 billion in 2021 and is expected to grow at a CAGR of 5.05% during 2022-2028 to reach US$ 35.56 billion in 2028”.

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Market Dynamics

Introduction

Electronic Health Records (EHRs) are digital versions of patients' comprehensive medical histories, treatments, and health information. They serve as secure, centralized repositories accessible to authorized healthcare professionals. EHRs streamline healthcare delivery by promoting efficient data sharing, reducing paperwork, and enhancing communication among providers.

These electronic records enable real-time access to critical information, supporting accurate diagnoses, personalized treatment plans, and coordinated care. EHRs play a pivotal role in modern healthcare, fostering collaboration and improving patient outcomes while maintaining data security and privacy standards.

Market Drivers

In recent years, the EHR market has benefited from new expansion activities, product approvals, product launches, collaborations, and acquisitions. Additionally, the market expansion is being fueled by a considerable rise in demand for electronic health records as a result of expanding digitalization.

The market for electronic health records is also predicted to be driven by rising consumer demand for the centralization and simplification of healthcare administration. A value-based strategy, which aims to streamline operations, standardize processes, cut costs, and improve the quality of care so that patients are satisfied, is what motivates the centralization of health information management.

Several investments/guidelines in the market have been directed in recent years, which would boost the overall market. Some of them are:

• The main driver of this industry is government measures to promote the use of healthcare IT. For instance, Australia's My Health Record is the country's official digital health record portal. Unless they have made the decision not to want one, all Australian citizens have access to their "My Health Records." All national healthcare providers will reportedly be allowed to contribute to and access the platform's healthcare data by the end of 2022, according to the agency. Additionally, the development of technologically sophisticated healthcare services is anticipated to fuel the expansion of the electronic health record (EHR) market.

Recent Developments

To keep up with the competition, the market leaders engage in new launches, partnerships, growth, and acquisitions. Both large and small businesses are investing in mergers and acquisitions to acquire a competitive advantage. Here are a few significant developments:

• In December 2021, Oracle paid USD 28.3 billion to acquire Cerner Corporation. Oracle's position in the EHR Market was strengthened by this acquisition because Cerner held a dominant position in the industry.
• In April 2021, Kantar Health was purchased by Cerner Corporation for about USD 375 million. This merger of Cerner's real-world data collecting and technology with Kantar's life sciences knowledge sped up innovation in life sciences research and enhanced patient outcomes globally.
• In January 2021, The U.S. Orthopedic Alliance and Allscripts Healthcare Solutions established a strategic alliance (USOA). With the help of this partnership, orthopedic practices will be able to scale more quickly, electronic health records will be implemented more quickly, evidence-based guidelines will be provided to support changing clinical protocols, and value-based care analytics will be used to connect the entire community.

Segments Analysis

By Product Type

“The web-based EHR sector was the leading segment in the electronic health records market in 2021”.

The market is further segmented into client-server-based EHR and web-based EHR. The web-based EHR sector dominated the market for electronic health records in 2021. Their popularity among doctors and other healthcare professionals, who work on a smaller scale, is responsible for this significant market share.

This is because web-based EHRs may be installed without the need for internal servers and also provide considerable modification and improvement options, depending on the situation.

By Business Models Type

“The professional services sector dominated the market and held the largest revenue share in 2021.

The market is segmented into licensed software, technology resale, subscriptions, professional services, and others. The market for electronic health records was dominated by the professional services sector in 2021, which also had the biggest revenue share. Healthcare systems use expert services to implement information systems within their companies.

To create and execute electronic health record systems, they typically take the form of project management, technical and application knowledge, clinical process optimization, regulatory advice, and end-user training. Due to its extensive range of applications for the installation of information systems in businesses, it is also anticipated to acquire the biggest market share. Additionally, time-based subscription models for electronic health records are available; these models have a regular usage fee. This is one of the main ways that medical information is presented and distributed.

By Type

“The acute EHR sector led the market and held the largest revenue share in 2021”.

The market is segmented into acute, ambulatory, and post-acute. The market for electronic health records was dominated by the acute EHR sector in 2021, which also had the biggest revenue share. Government attempts to encourage the use of electronic health records in small-scale clinics are responsible for the growth.

For instance, the Medicare Incentive Payment System is available to acute care hospitals in the United States that are part of the Inpatient Prospective Payment System (IPPS). Electronic health records for acute care patients produce patient data that might include all clinical specifics. These specifics can also be employed in the operating room, emergency room, inpatient unit, and ICU.

By End-User Type

“The hospital sector was the leading segment in the market in 2021”.

The market is segmented into hospitals, ambulatory, and others. The electronic health records (EHR) market was led by the hospital sector in 2021. The rise is explained by the abundance of medical data produced by hospitals.

Additionally, installing electronic health records in hospitals is less expensive than installing them in ambulatory care facilities, which helps the market flourish. They also assist large hospitals in saving time, which further stimulates the industry.Furthermore, the category is anticipated to be driven by the rising adoption of electronic health records in small and midsized hospitals due to factors like ease of deployment.

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Regional Analysis

“North America dominated the market in 2021, and the Asia Pacific region is projected to see substantial growth”.

The market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In 2021, North America dominated the market for electronic health records. The rules that encourage the use of electronic health records and the availability of infrastructure with high levels of digital literacy are the main drivers of this region's growth.

The Federal Health IT Strategic Plan 2020–2025, which was presented by the federal government in May 2020, requires healthcare providers to use electronic health records in a meaningful way. The European Commission's Digital Single Market Strategy gives consumers and businesses access to online services and goods across Europe, creating the conditions for the development of the digital network and related services, which is expected to maximize the potential for growth of the European economy.

During the projection period, the market for electronic health records in the Asia Pacific is anticipated to expand profitably. The region's healthcare system is becoming more digital as a result of the rising demand for high-quality standards and services, which is responsible for this expansion. China's Ministry of Health has established an action plan for the country's use of e-health services, which covers a wide range of medical services, and insurance policies, and places a significant emphasis on the adoption of electronic record-keeping systems that permit data sharing across the national healthcare system.

Key Players

The following are the key players in the Electronic Health Records Market (arranged alphabetically)

• AdvancedMD, Inc.
• Allscripts Healthcare, LLC
• Cerner Corporation (Oracle)
• CPSI
• CureMD Healthcare
• eClinicalWorks
• Epic Systems Corporation
• GE Healthcare
• Greenway Health, LLC
• Health Information Management Systems
• McKesson Corporation
• Medical Information Technology, Inc.
• NextGen Healthcare, Inc.

The overall competitive landscape has been affected due to these mergers and acquisitions. 

Note: The above list does not necessarily include all the top players in the market.

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