by The Electronic Health Records market is estimated to be valued at US$ 29.06 Bn in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Electronic health records (EHR) are digital versions of paper-based medical charts. EHRs contain patient medical and treatment histories along with other personal info like allergies and lab results. EHRs reduce medical errors and improve patient care coordination by enabling quick access to patient data. EHRs also allow integration of other medical devices, online patient portals for appointment scheduling and prescription refills.
Market Dynamics:
The Electronic Health Records Market Analysis is majorly driven by increasing digitalization and technological advancements in healthcare facilities. EHR helps in better management of chronic diseases by enabling remote monitoring of health parameters of patients. EHR also facilitates exchange of health information across different healthcare providers thus improving accessibility and quality of care. Additionally, various government initiatives to promote adoption of EHR by offering incentive programs is also fueling market growth. However, high costs associated with EHR systems deployment and interoperability issues are some factors restraining market growth.
SWOT Analysis
Strength: Electronic Health Records (EHR) help reduce medical errors, improve care coordination between providers and increase clinical effectiveness through easy availability of medical history. EHR also help improve the billing cycle by allowing automated processing and reduces operational costs. EHR improves healthcare delivery through providing timely access to patients’ health data.
Weakness: High initial installation and maintenance costs associated with EHR systems pose financial challenges especially for small and medium-sized healthcare facilities and physician offices. Privacy and data security breaches are also major concerns with EHR systems. Lack of proper training to healthcare staff can result in suboptimal use of various EHR functions.
Opportunity: Government support through initiatives and incentive programs to adopt EHR provide lucrative opportunities for market growth. Growing need to curb rising healthcare costs through prevention of medical errors and duplication of tests presents an opportunity for wider EHR adoption. Growing prevalence of chronic diseases and rising geriatric population requiring long term care will drive demand for EHR globally.
Threats: Interoperability issues between different EHR solutions pose integration challenges. Lack of common technology standards across regions threatens seamless data exchange. changing regulatory landscape relating to data privacy and security present challenges to EHR vendors.
Key Takeaways
The global Electronic Health Records market is expected to witness high growth, exhibiting a CAGR of 2.8% over the forecast period, due to increasing government focus on transitioning to digital healthcare infrastructure. For instance, the HITECH Act in the US provided incentives exceeding $30 billion to healthcare facilities to adopt EHR systems.
Regional analysis indicates that North America dominated the global Electronic Health Records market in 2023, accounting for over 35% of the global market share. This is attributed to stringent regulations and support from the Health Information Technology for Economic and Clinical Health (HITECH) Act for adoption of EHR in the US. The Asia Pacific Electronic Health Records market is anticipated to grow at the fastest rate during the forecast period owing to implementation of initiatives such asDigital India focusing on electronic health records adoption.
Key players operating in the Electronic Health Records market are eClinicalWorks, Cerner Corporation, GE Healthcare, Allscripts Healthcare, LLC, and Epic Systems Corporation. Allscripts Healthcare has collaborations with several healthcare providers to provide interoperable and modular EHR suites. Cerner Corporation offers cloud-based EHR solutions along with revenue cycle and population health management capabilities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
