Health Record Market, By Data Type (Ambulatory, Acute, Post-Acute), By Product (Web-Based, Client-Server Based), By End-User (Hospital, Ambulatory), By Region - Global Analysis Forecast Till 2030

The electronic health record market is projected to reach $64,948 million by 2030 from $26.59 billion in 2022, growing at a CAGR of 3.24% from 2022 to 2030.

Electronic health records or EHR systems are primarily used to electronically organize, aggregate electronically, and store patients' medical data digitally. EHR systems improve the overall productivity and efficiency of patient care by increasing access to patient data. The numerous features, applications, and interoperability of electronic health records in multiple healthcare environments are expected to increase their adoption in the future.

The health record market's growth is mainly due to the widespread acceptance of advanced technology to meet growing customer needs. Speech recognition software with natural language processing enhances interactions between healthcare professionals and EHRs. Reduce specialist paperwork time and enable more patient engagement. In addition, incorporating artificial intelligence (AI) to predict EHR-based clinical outcomes has impacted the patient experience with improved care delivery. In addition to these developments, support for government initiatives and funding in this sector will spur market expansion.

Electronic health records (EHRs) play a pivotal role in managing medical history and patient data within the healthcare industry. These comprehensive systems enable efficient health information management by consolidating various aspects of an individual's health records. With personalized health records accessible through EHRs, patients can conveniently track their medical history and collaborate with healthcare providers for improved care outcomes. As the importance of health record privacy and security is paramount, stringent measures are implemented within EHR systems to safeguard sensitive health information, ensuring confidentiality and data integrity for patients. The integration has electronic health records has revolutionized healthcare, enhancing the efficiency, accuracy, and overall quality of patient care.
 

Market Dynamics

Drivers:

Market growth is related to the high acceptance of advanced technologies to meet growing customer requirements. Incorporating artificial intelligence (AI) to predict EHR-based clinical outcomes has helped shape patient experiences through better care. Growing demand for centralization and streamlining of healthcare drives market growth by improving the quality of care, resulting in tremendous patient satisfaction.

Restraints:

Despite the increasing use of EHR in clinical and administrative applications, certain factors limit their adoption. One of the major factors impeding health record market growth is the high cost associated with EHR implementation and maintenance. Because of the high cost of electronic health records, several developing economies are having difficulty adopting them. Another important factor limiting market growth is a lack of healthcare IT support in various developing countries worldwide.

Key players:

• 3M Company

• Toshiba Medical Systems Corp.

• Hyland Software

• Siemens Medical Solutions

• McKesson Corporation

• Henry Schein, Inc.

• Allscripts Healthcare Solutions, Inc.

• WRS Health

• Medical Information Technology, Inc. (Meditech)

• Cerner Corporation

• Quest Diagnostics

• GE Healthcare

• Epic Systems

• SequelMed

Market Segmentation:

Data Type 

• Ambulatory

• Acute

• Post-Acute

 Product 

• Web Based

• Client-Server Based

By End-User 

• Hospital

• Ambulatory

  • Physicians Clinic

  • Pharmacy

  • Laboratories

By Geography

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa (MEA)

Regional Analysis

The EHR market size in North America stood at USD 12,123.12 million in 2018. The U.S. is projected to exhibit lucrative growth due to factors such as increasing healthcare sector digitalization, favorable government policies, and flexible regulatory scenarios. Moreover, increasing private and public funds or adopting electronic health records will further propel regional growth during the forecast period. For instance, in June 2019, the Office of the National Coordinator for Health Information Technology (ONC) released the Cooperative Agreement Notice of Funding Opportunity (NOFO).

This program aims to enable developments in the technical standards essential to attain interoperability among healthcare IT systems. The program has been funded up to USD 500,000 in the initial year. Hence, such factors are responsible for the positive growth of the market in North America.

Scope of the Report:

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