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  • Electronic Health Records Market Analysis | 2022-2028

    Electronic Health Records Market Analysis | 2022-2028

    Electronic Health Records Market Analysis | 2022-2028
    Report code - SR2269 Delivery - 2 Weeks
    Electronic Health Records Market Size, Share, Trend, Forecast, Competitive Analysis, and G See more...

    Market Insights

    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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    What are electronic health records?

    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 Dynamics

    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.

    Electronic Health Records Market Report Overview

    Market Size in 2028

    US$ 35.56 billion

    Market Size in 2021

    US$ 26.81 billion

    Market Growth (2022-2028)

    5.05% CAGR

    Base Year of Study

    2021

    Trend Period

    2016-2020

    Forecast Period

    2022-2028

     

    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.

    Segments Analysis

    Segmentations

    List of Sub-Segments

    Dominant and Fastest-Growing Segments

    Product-Type Analysis

    Client-server-based EHR and Web-based EHR

    The web-based EHR sector dominated the market for electronic health records in 2021.

     

    Business Models-Type Analysis

    Licensed Software, Technology Resale, Subscriptions, Professional Services, and Others

    The professional services sector dominated the market, which also had the biggest revenue share.

    Type Analysis

    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.

    End-User-Type Analysis

    Hospitals, Ambulatory, and Others

    The electronic health records (EHR) market was led by the hospital sector in 2021.

    Regional Analysis

    North America, Europe, Asia-Pacific, and Rest of the World

    North America dominated the market for electronic health records in 2021.

     

    By Product Type

    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 market is divided 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 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 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

    The electronic health records 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.

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    Key Players

    The overall competitive landscape has been affected due to these mergers and acquisitions. The following are the key players in the electronic health records market:

    • 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.

    Research Methodology

    This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s electronic health records market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Electronic Health Records Market 

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    Recent Mergers & Acquisitions

    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.

    Frequently Asked Questions (FAQs)

    The electronic health records market is expected to grow at a CAGR of 5.05% during 2022-2028.

    The electronic health records market is likely to reach US$ 35.56 billion in 2028.

    The EHR market has recently 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 due to the expanding digitalization.

    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 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.

    The key players in the electronic health records market are 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 market is studied from 2016-2028.

    •