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.
Global Electronic Health Records Market: Overview
The schematized bundle of health information on patient data in a digital structure is known as an electronic health record (EHR). These records can be used in a variety of healthcare settings. Demographics, patient medical history, prescription, and allergy information, immunization status, laboratory test results, radiological pictures, personal statistics, and billing information are all included in the EHR.
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Global Electronic Health Records Market: Growth Factors
The electronic health record (EHR) market is predicted to rise in the upcoming years owing to accurate and up-to-date patient data, more EHR adoption, and long-term cost savings in healthcare. Citing an instance, In Australia, My Health Record is a national digital health record portal. Unless they choose not to have one, every Australian citizen has a "My Health Record." According to the agency, by the end of 2022, all healthcare practitioners in the country will be able to contribute to and access the platform's healthcare data. In addition, the advent of technologically improved healthcare services is projected to fuel market expansion.
Since the beginning of 2020, the Covid-19 pandemic has placed a lot of strain on healthcare organizations. Since some client buying decisions and programs are postponed to concentrate on treating patients, procuring required medical supplies, and managing their companies during this crisis, the pandemic has had a negative impact on major market players' revenues. Efforts to provide medical treatment and testing were intensified during the COVID-19 pandemic. Researchers use telehealth and remote-controlled engagement tools to gather data for research, and doctors use telehealth and remote-controlled engagement tools to provide patient care.
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Industry Major Market Players
- 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
- McKesson Corp
Global Electronic Health Records Market: Segmentation
On the basis of product used in the electronic health records market, the market can be segmented into client-server-based, and web-based. In 2020, the web-based EHR segment dominated the market, accounting for more than 54% of global sales. The popularity of web-based EHRs among physicians and healthcare professionals is responsible for this huge market share. Over the projected period, the client server-based product category is expected to increase significantly. Client-server EHRs are a safer option for users since they allow in-house data storage, which prevents data theft. These can also be tailored to meet the needs of the customer and are a good alternative for multi-physician facilities. Based on type, the electronic health records market can be segmented into post-acute, ambulatory, and acute. In 2020, the acute type segment had the biggest market share of over 47%. The government's measures for the use of EHRs in small-scale facilities are to blame for the increase. Government support for the implementation of ambulatory EHRs is likely to increase market growth, particularly during the Covid-19 pandemic. The segment's growth is expected to be aided by rising spending on post-acute care facilities.
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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.
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.
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The global electronic health records market is segmented as follows:
By Product:
- Client-server-based
- Web-based
By Type:
- Acute
- Ambulatory
- Post-acute
By End User:
- Hospitals
- Ambulatory Care
By Business Models:
- Licensed Software
- Technology Resale
- Subscriptions
- Professional Services
- Others
By Region:
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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