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 Overview:
Electronic health records are digital versions of paper-based patient medical charts. They contain patient medical and treatment histories with key administrative and billing information. EHRs offer advantages like improved quality of care, increased patient engagement and reduced costs.

Market key trends:
One of the key trends driving the growth of electronic health records market is growing government support and initiatives towards digitalization of healthcare infrastructure. Many countries are undertaking initiatives to implement EHR systems across their healthcare systems in order to improve quality of care, reduce costs and ensure seamless sharing of patient records across care delivery settings. For instance, in the U.S. the government is providing incentives to healthcare providers for adoption and meaningful use of certified EHR technology through programs like Medicare and Medicaid EHR Incentive Programs. Such government support is encouraging higher adoption of EHR systems globally.
Market key trends (this is heading keep it unchanged):
One key trend in the Electronic Health Records Market Analysis is the rising adoption of cloud-based EHR solutions. Cloud-based EHRs offer various advantages like low upfront costs, easy access to records from multiple locations, automatic updates, and scalability. This has boosted their adoption globally as healthcare organizations aim to reduce IT infrastructure costs and improve efficiency.

SWOT Analysis

Strength: Cloud-based EHR systems offer scalability, mobility and lower upfront costs compared to on-premise systems. This has boosted their adoption.
Weakness: EHR implementations require huge investments and organizational changes which can be challenging for some hospitals and physician practices.
Opportunity:Growing telehealth and remote patient monitoring are opening new areas for EHR integration. Integration of AI and analytics also presents opportunities to enhance EHR functions.
Threats: Cybersecurity risks and data breaches are major threats. Issues related to user training and interface customization are other challenges.

Key Takeaways

The global Electronic Health Records market is expected to witness high growth, exhibiting CAGR of 2.8% over the forecast period, due to increasing investments by hospitals and physicians practices in EHR systems for improved quality of care, reduced medical errors and operational efficiencies.

Regional analysis: North America dominated the market in 2023 with over 35% share. However, Asia Pacific region is expected to grow at the fastest pace during the forecast period due increased government funding and adoption programs in countries like India, China and Japan.

Key players operating in the electronic health records market include eClinicalWorks, Cerner Corporation, GE Healthcare, Allscripts Healthcare, LLC, and Epic Systems Corporation. eClinicalWorks and Cerner are currently the market leaders with combined revenue share of over 50%

 

 

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