According to the Market Statsville Group (MSG), the global electronic health record market size is expected to grow from USD 28.6 billion in 2022 to USD 44.5 billion by 2033, at a CAGR of 4.10% from 2023 to 2033.
An electronic health record (EHR) is a systematic and easy way of storing or collecting patient and population health information, such as diagnoses, medicines, tests, allergies, immunizations, and treatment plans, in a digital format. All healthcare providers can later use electronic health records for taking care to make recommendations about the patient’s care. Medical professionals can provide patients with better, safer care by using electronic health records and the ability to exchange health information electronically. Electronic health records can also improve quality care by using data and analytics to prevent hospitalizations among high-risk patients.
The EHR market has recently benefited from new expansion activities, product approvals, product launches, partnerships, and acquisitions. Furthermore, due to increasing digitalization, there has been a significant increase in demand for electronic health records, fueling the market growth. Rising demand for healthcare administration centralization and streamlining is also expected to propel the market for electronic health records.
Healthcare organizations were under a lot of pressure due to COVID-19's spread. The pandemic had a negative effect on the electronic health record market as there was a significant drop in the new client base as a result of the emergency in hospitals, and all other EHR users were preoccupied with treating patients, buying essential medical supplies, and running their businesses during the crisis. The healthcare IT sector also experienced negative effects during the first COVID-19 wave. Supply chains were disrupted, slowed down, and further stopped production. Some of the healthcare IT companies operating in the electronic health record market have witnessed revenue loss in this period. However, the growing awareness of the benefit of EHR and its remote patient information has upsurged the demand for post-covid impact.
Increasing digitalization in the healthcare sector, coupled with favorable government policies, initiatives, and flexible regulatory scenarios, is one of the major key drivers to the electronic health record market. The U.S. Department of Health and Human Services (HHS) announced the final 2020–2025 Federal Health IT Strategic Plan in the area of health IT. The plan focuses on ensuring that people can access their electronic health records. Build a secure, data-driven ecosystem to accelerate research and innovation, connect healthcare with health data, and improve the delivery and experience of care.
Even though the increasing implementation of EHR systems in hospitals and by other end-users, decisive factors are limiting the adoption of an EHR system. High implementation and maintenance costs for EHR systems limit the market's growth. Several developing economies face difficulties in adopting electronic health records owing to their high price. Also, healthcare and IT support in various developing countries is another important factor restricting the market growth. Depending on whether the hospital or organization chooses onsite or web-based EHR deployment, there are different expenses associated with electronic health record systems. The Software as a Service (SaaS) model of cloud-based EHR adoption often involves monthly fixed subscription fees from providers. In most cases, on-site deployment mandates providers to cover continuing expenses for maintaining and managing on-site data servers.
The government is promoting electronic health records to facilitate easier and more accurate healthcare. With electronic health records, patients will experience quality care, and timely information will be available regarding their health. Further, multiple institutions can better coordinate a patient's care with a comprehensive EHR system. Electronic health records with a mobile platform can also be accessed using tools such as smartphones, iPads, and tablets, leading to an overall increase in healthcare technology. Electronic health records can be immediately updated everywhere, providing more accurate treatments. Further, healthcare staff with mobile visibility of patients healthcare records will efficiently enhance patient care and treatment process. Thus, the transformation from traditional handling and collecting health records will be minimized, and the EHR with advanced technology will offer better patient care experiences within every healthcare infrastructure. Therefore, accessibility with smart devices will boom the electronic health record market over the forecast period.
The study categorizes the electronic health record market based on product, type and end-user at the regional and global levels.
Based on product, the electronic health record market is segmented into on-premises and cloud-based. On-premise Software held the major market share in 2022. With on-premise electronic health record software, the end-user purchase the software product from an electronic health record vendor and install it on servers in their office. On-premise electronic health record software requires an upfront investment in software, servers, and local network connectivity. But on-premise electronic health record solutions generally do not require a subscription fee, saving money in the long run compared to Software as a Service (SaaS) approaches.
However, the cloud-based segment is expected to grow at the highest CAGR over the forecst period. Cloud-based EHR Software- Enterprise and custom electronic health record solutions also include cloud-based storage. Storing patient's electronic health record data in the cloud can be cheaper than local or dedicated remote servers, and electronic health record vendor will help maintain privacy and security. Cloud-based storage also allows providers and patients to access data from anywhere using an internet connection. While cloud-based storage typically has lower upfront costs, making it useful for small practices, one will pay a monthly or annual fee for this approach.
The electronic health record market is extremely cutthroat, and significant competitors in the sector are using tactics including product development, collaborations, acquisitions, agreements, and growth to bolster their market positions. Most sector businesses focus on growing their operations worldwide and cultivating long-lasting partnerships.
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