The global electronic health records market is estimated to be valued at US$ 29.06 Billion in 2024 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.
Electronic health records (EHR) represent the systematic collection of electronic health information about individual patients or populations. EHRs are real-time, patient-centered records that make information available instantly and securely to authorized users. EHRs encompass a range of data, including demographics, medical history, medication and allergies, immunization status, laboratory test results, radiology images, vital signs, personal statistics like age and weight, and billing information. The advanced capabilities of EHRs help improve the overall quality of patient care through increased accuracy, better accessibility, clinical decision support, and overall coordination of care. The global electronic health records market has seen steady growth on the back of benefits like more secure exchange of health data, reduced medical errors, better accessibility of health records for authorized users, and improved patient outcomes.
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Market key trends:
One of the major trends driving growth in the global electronic health records market is the transition towards cloud-based and Software-as-a-Service (SaaS) delivery models. The cloud-based EHR model provides significant benefits like scalability, easy deployment, reduced upfront costs, easy updates and upgrades, and improved collaboration for practitioners and healthcare organizations. Additionally, the shift towards value-based care and focus on population health management has accelerated the adoption of EHR systems which help generate useful analytics and insights. Another significant trend is the integration of EHR with mobile technology to facilitate improved access to health records anytime and anywhere via smartphones and tablets. This is expected to further fuel the adoption of EHR solutions over the forecast period.
Threat of new entrants: The threat of new entrants is low in the electronic health records market due to high infrastructure and investment costs required to compete with the major players.
Bargaining power of buyers: The bargaining power of buyers is high as electronic health records are crucial for healthcare providers and players need to offer customized solutions to different buyers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key components can be sourced from various suppliers and switching costs are low.
Threat of new substitutes: The threat of new substitutes is low as electronic health records provide unique benefits over traditional paper-based records.
Competitive rivalry: The competition is high among major players to gain market share and offer additional features & services.
The global electronic health records market is expected to witness high growth over the forecast period supported by increasing digitization in the healthcare industry. The need for reducing healthcare costs and improving patient experience & outcomes is driving the demand for electronic health records. The global electronic health records market is estimated to be valued at US$ 29.06 Billion in 2024 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023 to 2030.
North America dominates the market currently due to favorable government initiatives and regulations. Countries like the US have implemented policies to promote EHR adoption. Asia Pacific is expected to witness the fastest growth during the forecast period with increasing investments by key players and government support for digital health programs in countries like India and China.
Key players operating in the electronic health records market are eClinicalWorks, Cerner Corporation, GE Healthcare, Allscripts Healthcare, LLC, and Epic Systems Corporation. The players are focusing on new product launches and mergers & acquisitions to strengthen their market position. For instance, Allscripts acquired HealthGrid to enhance its value-based care offerings for clients.
- Source: Coherent Market Insights, Public sources, Desk research
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