The electronic health records (EHR) market is extensive and comprises the electronic clinical records of patients including patient demographics, past medical history, vital signs, progress notes, diagnoses, treatments, immunization dates, laboratory test results, radiology images and standardized codes. EHRs provide a structured way to document patient records and makes record keeping more efficient. It allows real-time, secure access to complete patient medical records and aid in clinical workflow and decision making. Additionally, EHRs help in reducing medical errors, prevent duplicate tests, bring down operational costs and improve quality of care. 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 market are eClinicalWorks, Cerner Corporation, GE Healthcare, Allscripts Healthcare, LLC, and Epic Systems Corporation. These players are focusing on new product launches and enhancements to gain a competitive edge in the market. For instance, in July 2022, Allscripts announced its new mobile platform to empower clinicians to deliver whole health and whole patient care.
The growing concerns regarding public health outcomes have opened opportunities for telehealth and remote patient monitoring. EHR solutions help in integrating these virtual care models into clinical workflows. They play an important role in efforts to shift care delivery from high-cost settings like hospitals to lower-cost sites in the community. This presents huge opportunities for EHR players.
North America dominates the global EHR market owing to supportive government initiatives. However, Asia Pacific is anticipated to exhibit the highest growth owing to rising healthcare expenditure and improving healthcare infrastructure in countries like China and India. EHR vendors are actively focusing on expanding into emerging Asia Pacific markets through partnerships and acquisitions to tap growth opportunities.
Market Drivers
Growing government initiatives towards adoption of EHR systems for improved healthcare delivery and interoperability is a key factor driving the market growth. Majority of developed countries have formulated strategic plans and allocated funding to implement national EHR systems. For instance, in the U.S., HITECH Act provided over $30 billion in incentives for hospitals and physicians to adopt and meaningfully use certified EHRs.
Market Restrain
High costs associated with the implementation and maintenance of EHR solutions pose a major challenge, especially for small healthcare organizations and those in price-sensitive developing regions. Additionally, lack of trained IT professionals, data security concerns and interoperability issues also restrict the market growth to some extent.
Segment Analysis
The electronic health records market is dominated by the general physician segment. This segment accounts for over 45% of the total market share as most of the patient's medical records in hospitals and physician clinics get digitally stored and managed through electronic health record systems. While the specialist physician segment that includes orthopedics, oncology, and cardiology is the fastest growing segment due to the rising preference of specialists to go digital for better management of patient records related to their specialized treatments and procedures.
Global Analysis
North America is currently the largest as well as the most advanced regional market for electronic health records and accounts for around 60% of the global market share. This is mainly due to developed healthcare IT infrastructure and favorable government initiatives & policies supporting digital transformation of healthcare systems. Asia Pacific region is poised to be the fastest growing market during the forecast period with an expected CAGR of over 5%. This can be attributed to rising healthcare expenditures, growing medical tourism, and increasing need to manage large patient pools & records more efficiently through digital means in densely populated countries of China and India.
