Electronic Health Records Market to Expand at a Healthy CAGR of 4.5% through 2032
A recently published study by Fact.MR projects that the global electronic health records market is expected to flourish at a CAGR of 4.5% from 2022 to 2032, reaching US$ 41.8 Bn by the end of the aforementioned assessment period. Extensive digitization of healthcare brought about by complicating patient care and workflows is driving market demand.
From 2015 to 2021, demand for web-based EHRs expanded at a CAGR of 3%, being valued at US$ 26 Bn. Web-based electronic health records (EHRs) are anticipated to exhibit maximum adoption. These EHRs are convenient for use in pharmacies, small-scaled laboratories, and clinics, as they require limited hardware infrastructure, which reduces the cost of installation. Prospects further heightened during the COVID-19 pandemic, as the need to maintain social distancing prompted increased automation of hospital workflows.
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The introduction of EHRs for medical coding and billing has eased the process as data entering into computerized systems is more convenient than paper-based methods. EHRs also minimize the risk of errors in patient data as well as financial details. As per the University of Michigan, the cost of outpatient care was reduced by 3% upon shifting to EHRs from paper-based records. This reduction resulted in USD 5.14 savings per patient per month. Additionally, M&A activities by market players are also boosting market growth.
Key Takeaways from the Market Study
- Global electronic health records market to be valued at US$ 26.78 Bn in 2022
- By product, web-based EHRs to account for over half of the global market revenue in 2022
- Hospitals to remain primary end users of electronic health records, accumulating 60% revenue
- Demand for acute electronic health records to remain prominent, accounting for 46.8% of overall deployment
- Over 3 out of 10 electronic health records to be used for professional services
- North America to account for over 2/5th of global electronic health records market demand
- Asia Pacific to be an opportunistic market, forecast to exhibit a 5% value CAGR until 2032
“The rising number of ambulatory care centers in the developed as well as developed economies is expected to drive the demand for EHRs, as they provide convenience to the patients as well as healthcare providers,”, says a Fact.MR analyst.
Some prominent players in the market for electronic health records are Cerner Corporation (Oracle); GE Healthcare; Allscripts Healthcare, LLC; McKesson Corporation; Epic Systems Corporation; NextGen Healthcare, Inc.; eClinicalWorks; Medical Information Technology, Inc.; Health Information Management Systems; CPSI; AdvancedMD, Inc.; CureMD Healthcare; Greenway Health, LLC. Frontrunners are emphasizing capacity enhancements and global footprint expansion to leverage lucrative prospects in developing economies. Some notable developments are as follows:
- In December 2021, Oracle acquired Cerner Corporation for a value of USD 28.3 billion. This acquisition strengthened Oracle’s position in the EHR Market, as Cerner was a leading player in the space.
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Key Market Segments in Electronic Health Records Industry Research
· By Product
- Client-server-based EHR
- Web-based EHR
· By Type
- Acute Electronic Health Records
- Ambulatory Electronic Health Records
- Post-acute Electronic Health Records
· By End Use
- Electronic Health Records for Hospital Use
- Electronic Health Records for Ambulatory Use
- Physician’s Clinic
· By Business Model
- Licensed Electronic Health Records Software
- Electronic Health Records Technology Resale
- Electronic Health Records Subscriptions
- Electronic Health Records Professional Services
- Other Electronic Health Records Business Models
More Valuable Insights
In its latest report, Fact.MR offers an unbiased analysis of the electronic health records market providing historical data for the period of 2015-2021 and forecast statistics for the forecast period of 2022-2032.
The study gives critical insights into the electronic health records market on the basis of product (client-server-based and web-based), type (acute, ambulatory and post-acute), end-use (hospital use, ambulatory use, physicians clinic, laboratories and pharmacy), business models (licensed software, technology resale, subscriptions, professional services and others) across five main regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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