The global electronic health records (EHR) market size was valued at US$ 24.96 billion in 2023 and is estimated to reach US$ 29.06 billion in 2024. The market is expected to exhibit a CAGR of 2.8% over the forecast period of 2023 to 2030.
Electronic health records (EHR) are digital versions of paper-based health and medical records for patients. EHRs contain patient health histories, diagnoses, medications, treatment plans, immunization dates, lab test results, and other clinical information. EHRs aim to improve the quality and safety of healthcare delivery by allowing patients' health information to be securely stored and easily accessed by authorized healthcare providers and medical staff in real-time. The rise of chronic diseases and need for streamlined healthcare services is driving demand for EHR solutions that can support clinical workflows and decision making. The global EHR 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.
Key Takeaways
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 developing advanced cloud-based EHR solutions and services to gain a competitive edge in the market.
The growing prevalence of chronic diseases and need for remote patient monitoring is fueling demand for cloud-based EHR solutions. Cloud deployment enables seamless sharing and exchange of patient health data between healthcare providers in real-time.
Technological advancements like integration of AI and machine learning into EHR software are helping improve clinical decision making and streamline various workflows. Vendors are offering predictive analytics capabilities within EHR platforms to aid diagnostics and treatment decisions.
Market Trends
- Growing adoption of telehealth and virtual care services amid COVID-19 pandemic is driving use of cloud-based EHR platforms for remote patient consultations and sharing of electronic medical records.
- Vendors are focusing on leveraging blockchain technology to securely store medical records on distributed ledgers and enable patients to own and control access to their health data.
Market Opportunities
- Growing healthcare IT spending in emerging markets of Asia Pacific and Latin America offers significant growth opportunities for EHR vendors over the forecast period.
- Integrating EHR systems with medical devices, wearables and other digital health technologies through open application programming interfaces (APIs) can enable new remote care delivery models and expansion of patient monitoring outside hospitals.
Impact of COVID-19 on Electronic Health Records Market growth
The COVID-19 pandemic had a drastic impact on the electronic health records market. At the start of the pandemic in early 2020, healthcare systems saw a steep rise in patient volumes which put immense pressure on their existing paper-based record systems. This highlighted the need for digital tools that could enhance healthcare delivery. EHR systems helped providers effectively manage patient volumes remotely through telehealth solutions. They enabled doctors to review patient records and prescriptions digitally without direct contact. This facilitated continuity of care while minimizing infection risk. Post-COVID, demand is expected to remain high as providers recognize the importance of technology for preparedness against future crises. Adoption of value-based payment models and interoperability standards are also driving increased EHR usage. However, budget constraints amid the economic downturn may impact market growth in the short-term. Overall, COVID-19 has accelerated digital transformation in healthcare, validating the role of EHR systems.
North America accounts for the largest share of the electronic health records market by value currently. This is due to factors like widespread EHR adoption driven by government initiatives and penalties for non-adoption under the HITECH Act. The high affordability and advanced healthcare infrastructure in countries like the US and Canada have supported market growth. Meanwhile, the Asia Pacific region is projected to experience the fastest growth owing to rising healthcare expenditures, growing focus on patient-centric care models, and expanding healthcare IT infrastructure especially in emerging nations. China, India, Japan, and South Korea are anticipated to be major revenue generators for EHR vendors in Asia going forward.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191
