Electronic Health Record Market Size is Expanding at USD 30.84 BN by 2030

According to Precedence Research, the global electronic health records market size is expanding to about USD 30.84 billion by 2030 and is expected to grow at a registered CAGR of 3.3% during the forecast period 2022-2030.

Los Angeles, Dec. 21, 2022 (GLOBE NEWSWIRE) — Global electronic marketplace for health records the size was estimated at $23.74 billion in 2022. An electronic health record (EHR) helps in keeping a patient’s medical history electronically. It is an electronic version of the patient’s medical records. The provider stores it over time. It includes administrative and clinical data vital to that patient’s care under a particular health care provider. It is a real-time, patient-centered record. It makes information immediately and securely available to authorized users. It contains medical and treatment histories of patients. It is designed to go beyond clinical data collected in a provider’s office.

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An electronic health record can include a comprehensive picture of a patient’s care. It is an integral part of healthcare IT. It provides diagnoses, medications and treatment plans. It allows access to evidence-based tools that doctors can use to make decisions about a person’s care. It automates and streamlines the provider’s workflow. In this, authorized providers create and manage health information in a digital format. May be shared with other providers at more than one hospital. It provides various benefits, such as achieving practice efficiency and cost savings, improving care coordination, improving patient care, improving diagnostic and patient outcomes, and increasing patient participation.

gROWTH Factors

Government efforts to promote the use of healthcare IT contribute significantly to the growth of the global market. Accordingly, the introduction of technologically advanced services creates a positive outlook for the market. Additionally, the spread of COVID-19 has put pressure on hospitals across the globe. The pandemic has negatively affected the market. Factors such as the emergence of new players, expansion activities, product introduction, mergers and acquisitions positively influence the growth of the market. The growing demand for electronic health records catalyzes the growth of the market. The growing trend of digitization creates a positive outlook for the market. Increasing demand for hospital centralization drives market growth. It also includes streamlining operations, reducing costs, standardizing processes and increasing the quality of care.

The story continues

Moreover, an increasing number of mergers and acquisitions by market players bolsters the growth of the market. Rapid advancements in software technology in the healthcare industry favor the growth of the global market. The integration of artificial intelligence and the development of EHR software drive the growth of the market. Growing geriatric population and increasing prevalence of chronic conditions positively impact market growth. Electronic health records are becoming popular nowadays. Electronic health records for medical coding and billing boost market growth. Market players’ focus on integrating voice recognition with electronic health records is driving market growth. The rapid adoption of electronic health records in several countries creates a positive outlook for the market.

Key points of the report:

• Based on the product, web-based EHR dominated the market and accounted for the majority of revenue. This is due to the increasing popularity of web-based EHR among doctors and healthcare providers. It can be installed without the support of internal servers. Offers extensive customization and enhancements as needed. On the other hand, client server based EHR is expected to witness a promising CAGR in the coming years. Offers in-house data storage. Can be customized according to customer requirements. It does not require a stable internet connection.

• Based on end use, the hospital dominated the market and held the largest share of revenue. This is due to the massive amount of medical data generated in hospitals. The cost of installation is lower in hospitals, contributing significantly to the growth of the segment. Due to the ease of deployment, electronic health records have been widely adopted in small and medium-sized hospitals. Provides comfort to patients. On the other hand, ambulatory care centers are expected to witness a promising CAGR in the coming years. The increase in the number of ambulatory care centers positively affects the growth of the segment.

• Based on type, acute EHR dominated the market and accounted for the largest share of revenue. This is due to the growing initiatives of the government. The acute EHR records patient information. This information can be used for operating room, ICU and emergency department purposes.

• Based on the business model, professional services dominated the market and accounted for the largest share of revenue. These services help run information systems. It finds wide applications for the implementation of information systems.

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Scope of the Report

regional Ssleeping pictures

North America dominated the market and accounted for most of the revenue. This is due to the rapid adoption of electronic health records and the growing trend of digitization. The availability of infrastructure contributes significantly to the growth of the market across the region. Factors such as increasing prevalence of chronic conditions, growing geriatric population, and rapid technological advancements catalyze market growth. The market is expected to witness a promising CAGR in Asia Pacific in the coming years. This is due to the growing digitization of healthcare in the region. A strong government focus on adoption of electronic health records creates a positive outlook for the market.

Market dynamics for electronic health records:

Market leader: Rapid adoption of electronic health records

The rapid adoption of electronic health records contributes significantly to the growth of the global market. Accordingly, the increasing number of hospitals/clinics, especially in developing countries, positively influences the growth of the market. Increasing government initiatives to rapidly adopt electronic health records create a positive outlook for the market. The growing demand to integrate healthcare IT services catalyze market growth. Rapid digitization of healthcare infrastructure drives market growth. Increasing popularity of web-based electronic health records (EHR) bolsters market growth. The Electronic Health Record reduces the risk of errors in patient data and financial details. New expansion activities by key market players catalyze market growth. There has been a significant increase in the demand for electronic health records, fueling the growth of the market.

Market opportunity: Rapid technological advances

Rapid technological advances are providing ample opportunities for market expansion. The integration of artificial intelligence (AI) into electronic health record software creates a positive outlook for the market. The development of EHR software contributes significantly to the growth of the market. Rapid advancements in software technology in the healthcare sector drive the overall growth of the market. Health care spending has increased globally. Governments and private organizations are taking the initiative and investing heavily. Various strategic initiatives leading market players take lucrative delivery opportunities for market growth.

Market constraint: High costs associated with electronic health records

High costs associated with electronic health record service restrict the market growth. The cost of maintaining the electronic health record service is very high. This may hinder the growth of the market in the coming years.

Market challenges: Lack of healthcare IT support

Despite the high demand for electronic health records in clinical and administrative applications, several things hinder the growth of the electronic health records market. Shortage of healthcare IT support professionals is challenging market growth, especially in developing countries. This is a crucial factor hindering the growth of the market.

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Key developments:

• In December 2021, Oracle acquired Cerner Corporation. She bought it for $28.3 billion. This move catalyzed Oracle’s position in the EHR market.

• In April 2021, Cerner Corporation acquired Kantar Health. She bought it for $375 million.

Segments covered in the report

By type

• Acute

• Post-acute

• outpatient

According to the product

• Web Server Based

• Based on client server

According to business models

• Licensed Software

• Technology resale

• subscription

• Professional service

• Others

By End User

• hospital

• Clinics

• Outpatient Services

• Specialty Centers

• Others

According to Geography

• North America

• Europe

• Asia Pacific

• Lame

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