Electronic health records or EHRs provide healthcare providers with real-time, secure access to patient health information by digitizing medical charts and records. EHRs help reduce medical errors by preventing bad drug interactions and allergic reactions. It also helps improve communication between healthcare providers involved in a patient’s care. The global 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 key trends:
Increasing adoption of cloud-based EHR solutions is driving the growth of the electronic health records market. Cloud-based EHR solutions enable healthcare providers to securely access records from any location. They are cost-effective compared to on-premise EHR systems as there is no requirement for hardware installation or maintenance. The transition to cloud-based EHR solutions has accelerated during the pandemic with an increase in telehealth and remote patient monitoring. Major EHR vendors are focusing on developing advanced cloud-based platforms integrated with capabilities such as analytics, AI, machine learning etc. to enhance data management and clinical decision making. This is expected to boost the demand for electronic health records over the forecast period.
SWOT Analysis
Strength: Electronic health records provide increased data accuracy and easy accessibility to patient health records. It reduces medical errors and improves quality of care.
Weakness: High investment costs involved in implementing electronic health records systems. Concerns around privacy and security of patient health data.
Opportunity: Growing use of telehealth and remote patient monitoring offering opportunities for electronic health records providers. Increasing government support through incentive programs also supporting market growth.
Threats: Interoperability issues between different electronic health records systems limit seamless data exchange. Lack of proper IT infrastructure in developing regions pose challenges.
Key Takeaways
The global electronic health records market is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis
Regional analysis indicates North America dominates currently with the largest share due to stringent regulations and initiatives to shift from traditional paper-based record systems. Asia Pacific expected to witness fastest growth due to rapidly developing healthcare infrastructure and growing focus on digital health in countries like China and India.
Key players
Key players operating in the electronic health records market are eClinicalWorks, Cerner Corporation, GE Healthcare, Allscripts Healthcare, LLC, and Epic Systems Corporation. These players are focusing on new product launches and partnerships to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it