Electronic Health Records Industry Overview
The global electronic health records market size was estimated at USD 27.2 billion in 2021 and is expected to reach USD 38.5 billion by 2030, at a CAGR of 4.0% from 2022 to 2030.
Government initiatives to encourage healthcare IT usage is the key driver to this market. For instance, My Health Record is a national digital health record platform in Australia. Every Australian citizen has a “My Health Record” unless they have chosen that they don’t want it. The agency claims that by the end of 2022, all healthcare providers in the country will be able to contribute to and use healthcare information available on the platform. Moreover, the introduction to technologically advanced healthcare services is also expected to drive electronic health record (EHR) market growth.
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The spread of COVID-19 has put a lot of pressure on healthcare organizations since the beginning of 2020. The pandemic has negatively impacted the revenue of major market players due to a decline in new business bookings as certain client purchasing decisions and projects are delayed to focus on treating patients, procuring necessary medical supplies, and managing their organizations through this crisis. Also, companies such as Allscripts experienced delays in deals with upfront software revenue and professional services implementations across their outpatient and inpatient bases.
New expansion activities, product approvals, product launches, partnerships, and acquisitions have positively impacted the EHR market in recent years. Furthermore, there has been a significant increase in the demand for electronic health records due to the growing digitalization which in turn is fueling the market growth. Rising demand for centralization and streamlining of healthcare administration is also anticipated to drive the market for electronic health records. Centralization of health information management is driven by a value-based model which aims towards streamlining operations, standardizing processes, reduction of costs, and improving the quality of care that results in patient satisfaction.
Additionally, an increasing number of mergers and acquisitions by market players are also boosting the market growth. For instance, in January 2021, Allscripts Healthcare Solutions announced a strategic partnership with the U.S. Orthopedic Alliance (USOA). This partnership is aimed at bringing to market efficient infrastructure designed to assist orthopedic practices scale with agility, improving electronic health records implementation timelines, providing evidence-based guidelines to support evolving clinical protocols, and creating community-wide connectivity with value-based care analytics.
Electronic Health Records Market Segmentation
Based on the Product Insights, the market is segmented into Client-server-based EHR and Web-based EHR.
Based on the Type Insights, the market is segmented into Acute, Ambulatory and Post-acute.
Based on the End-use Insights, the market is segmented into Hospital Use and Ambulatory Use.
Based on the Business Models Insights, the market is segmented into Licensed Software, Technology Resale, Subscriptions, Professional Services and Others.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Browse through Grand View Research’s Healthcare IT Industry Related Reports.
Market Share Insights:
Key Companies Profile:
The market leaders are involved in product launches, collaborations, expansions, and acquisitions to sustain the competition.
Some of the prominent players in the electronic health records market include:
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