31-May-2021 | Facts and Factors
According to Facts and Factors Research, the global electronic health records market was registered at over USD 29.1 billion in 2020 and is predicted to reach USD 39.9 billion by the end of 2026, rising at a CAGR of over 5.4% between 2021 and 2026.
An electronic health record is a computerized replica of a patient's paper chart (EHR). It incorporates medical data collected for treatment and diagnosis by and for physicians in clinics, physician offices, and hospitals. EHR systems aid in expanding patient data accessibility, hence improving the overall productivity and efficiency of patient care. Electronic health records also allow for real-time communication between healthcare professionals such as labs and experts.
Top Market Players
Major players in the global electronic health records market are Cerner Corp., Epic Systems Corp., Allscripts Healthcare, LLC, GE Healthcare, NextGen Healthcare, Inc., HMS, DXC Technology Company, CPSI, AdvancedMD, Inc., eClinicalWorks, Medical Information Technology, Inc., Greenway Health, LLC, CureMD Healthcare, and McKesson Corp. among others.
Initiatives Aimed At Gaining a Stronger Footing In Digital Health Technology Will Propel The EHR Sector
As the healthcare business moves toward digitization, electronic health record (EHR) systems are becoming more widespread. Many government initiatives, including encouraging physicians to use electronic health records, investing in training healthcare information technology professionals, and building regional extension centers to provide technical and other help, are fueling the expansion of the EHR sector. The company's rapid success can also be attributed to its simple installation method, which eliminates the need for experts to work with sophisticated infrastructure to host data. All of these tasks may be readily completed via the Internet, which eliminates the need for IT help and reduces additional costs. The increasing acceptance of new technologies to meet expanding client demand is credited with the market's rise. Medical practitioners' interactions with EHR are improved by speech-recognition software with natural language processing. It allows for better patient engagement while reducing the number of time experts spend on paperwork. In addition, incorporating artificial intelligence (AI) to predict EHR-based clinical outcomes has aided in improving the patient experience through better care delivery. In addition to these developments, the market expansion will be aided by supportive government initiatives and financing in the field.
COVID-19 Impact on the Global Electronic Health Records Market
During the coronavirus outbreak, electronic health records proved to be an effective tool for population health and data management. The community has backed government initiatives to gather and analyze COVID-19 population data, as well as individual electronic health records maintained by healthcare organizations. The industry will see significant development as more attempts to utilize digital platforms for pandemic management emerge, as well as ongoing usage of digital technology in the future.
Furthermore, companies like Allscripts saw delays in upfront software revenue and professional services implementations throughout their outpatient and inpatient bases. In recent years, new expansion activities, product approvals, product launches, collaborations, and acquisitions have all had a favorable impact on the market. Furthermore, due to increasing digitalization, there has been a considerable increase in demand for electronic health records, which is supporting market expansion. Market expansion is expected to be fueled by rising demand for healthcare administration centralization and streamlining. A value-based paradigm drives the centralization of health information management, which strives to streamline operations, standardize processes, save costs, and improve the quality of service that leads to patient satisfaction.
North America Region Dominates the Global Electronic Health Records Market
In 2020, North America had accounted for the highest market revenue. Due to laws that encourage HER usage and the availability of well-established infrastructure with high digital literacy, the area will continue to dominate even over the foreseeable years. The federal government presented the Federal Health IT Strategic Plan 2020-2025 in May 2020, which requires healthcare providers to use EHR meaningfully.
During the projection period, Asia Pacific is expected to be the fastest-growing regional market. This expansion can be linked to the rising demand for high-quality standards and services, which is fueling the region's digitalization of healthcare. The Chinese Ministry of Health has developed an action plan for the use of e-health services across the country, which covers a wide range of medical services, insurance plans, and the deployment of electronic record systems to facilitate data sharing across the national healthcare system.
Browse the full report “Electronic Health Records Market Size, Share & Trends Analysis Report By Product (Client-Server-Based, And Web-Based), By Type (Post-Acute, Ambulatory, and Acute), By End User (Ambulatory Care, Hospitals), By Business Models (Licensed Software, Technology Resale, Subscriptions, Professional Services, and Others): Global and Regional Industry Perspective, Comprehensive Analysis, and Forecasts, 2021 – 2026” report at https://www.fnfresearch.com/electronic-health-records-market
The global electronic health records market is segmented as follows:
By End User:
By Business Models:
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