Electronic Health Records Market is Anticipated to Witness High Growth Owing to Growing Government Efforts in EHR Adoption
An electronic health record (EHR) refers to the systemized collection of patient and population electronically-stored health information in a digital format. EHRs contain information like demographics, medical history, medications, allergies, immunization status, laboratory test results, radiology images, vital signs, personal statistics like age and weight, and billing information. EHRs allow quick access to patient's health records, reduce medical errors by preventing incorrect dosages, reduce duplication of tests, and enable efficient billing. They empower patients to better manage their health. Growing government efforts to promote EHR adoption through incentive programs and penalties are driving the implementation of EHR systems across healthcare facilities.
The Global Electronic Health Records Market is estimated to be valued at US$ 29.06 Bn in 2024 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the electronic health records are eClinicalWorks, Cerner Corporation, GE Healthcare, Allscripts Healthcare, LLC, and Epic Systems Corporation. eClinicalWorks dominates the EHR market with a market share of over 20% in 2022.
Major growth opportunities for EHR vendors include supporting value-based care models, integrating with telehealth solutions, and providing patient engagement platforms. The COVID-19 pandemic has accelerated digital transformation of healthcare and increased telemedicine usage, presenting new opportunities for EHR players.
North America currently dominates the global EHR market due to favorable government initiatives and regulations. However, Asia Pacific is expected to witness the highest growth rate owing to ongoing government efforts in India, China, and Japan to implement nationwide EHR systems. EHR vendors are expanding into emerging markets through partnerships and acquisitions to capitalize on growing demand.
Market Drivers
Shift towards value-based care is driving healthcare providers to adopt EHR solutions to enable population health management, care coordination, and analytics capabilities. EHRs help providers improve efficiency, enhance patient outcomes, and manage costs under alternative payment models.
Growing focus on healthcare safety and quality is prompting regulators to push for EHR adoption across care facilities. EHRs reduce medical errors and adverse drug events by providing legible, accessible patient records during treatments. They improve efficiency of care delivery by facilitating clinical workflows and compliance.
Market Restrains
Data security and privacy challenges restrict wider EHR adoption. Security breaches can compromise sensitive patient information and harm provider reputation. Strict data protection laws increase compliance costs for EHR vendors and providers.
High implementation and maintenance costs pose barriers, especially for small healthcare organizations. Frequent upgrades required to comply with evolving regulations also strain budget and resources of care facilities. Interoperability issues between different EHR systems challenge seamless data exchange.
Segment Analysis
The electronic health records market is dominated by the cloud-based sub segment. The cloud-based EHRs have seen higher adoption as they allow easy remote access to patient health records from anywhere. Healthcare providers can access patient records from multiple locations such as clinics, hospitals, ambulances etc. The upgradation and maintenance of cloud-based EHRs is also easier for the providers as it is managed by the EHR vendors.
Global Analysis
North America dominates the global electronic health records market currently. This is due to the early adoption of EHR systems and government support through meaningful use incentive programs in the region. Other factors driving adoption include need to curtail rising healthcare costs, need for integrated healthcare systems and government emphasis on population health management. Asia Pacific region is expected to witness highest growth during the forecast period due to rising medical tourism, growing geriatric population, increasing healthcare expenditure and growing awareness about EHR benefits in countries like China and India.
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191
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