Electronic Health Records Industry Overview
The global electronic health records market size is expected to reach USD 38.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.0% from 2022 to 2030. The web-based electronic health records (EHRs) are anticipated to show the largest growth during the forecast period. These EHRs are convenient for use in pharmacies, small-scaled laboratories, and clinics, as they require limited hardware infrastructure, which reduces the cost of installation.
EHR vendors and organizations have initiated to help in curbing the pandemic by making telehealth a mainstream alternative, enhancing data access through EHRs, and collaborating to develop COVID-19 dashboards in detail. The introduction of EHRs for medical coding and billing has eased the process as data entering into computerized systems is more convenient than paper-based methods. EHRs also minimize the risk of errors in patient data as well as financial details. As per the University of Michigan, the cost of outpatient care was reduced by 3% upon shifting to EHRs from paper-based records. This reduction resulted in USD 5.14 savings per patient per month.
Electronic Health Records Market Segmentation
Grand View Research has segmented the global electronic health records market on the basis of product, type, end-use, business models, and region:
Based on the Product Insights, the market is segmented into Client-server-based EHR and Web-based EHR.
- The web-based EHR segment led the market for electronic health records and accounted for the largest revenue share of more than 50.0% in 2021. This large market share is attributed to their popularity amongst the physicians and healthcare providers, which operate on a smaller scale
- The client server-based EHR segment is anticipated to show significant growth during the forecast period. Client-server-based EHRs provides a safer alternative for users as it offers in-house data storage, hence preventing data theft.
Based on the Type Insights, the market is segmented into Acute, Ambulatory and Post-acute.
- The acute EHR segment dominated the market for electronic health records and accounted for the largest revenue share of about 46.8% in 2021. The growth can be attributed to the government initiatives for the adoption of electronic health records in small-scale facilities.
- Post-acute EHRs are mainly used for providing rehabilitation services that patients receive after a stay in an acute care hospital. Post-acute care facilities consist of inpatient rehabilitation centers and hospitals, home health agencies, and long-term care hospitals.
Based on the End-use Insights, the market is segmented into Hospital Use and Ambulatory Use.
- The hospital segment dominated the electronic health records (EHR) market and held the largest revenue share of more than 60.0% in 2021. The growth can be attributed to the large amount of medical data generated in hospitals.
- Ambulatory care centers provide convenience to the patients as well as healthcare providers. The rising number of ambulatory care centers in the developed as well as developed economies is expected to drive the segment.
Based on the Business Models Insights, the market is segmented into Licensed Software, Technology Resale, Subscriptions, Professional Services and Others.
- The professional services segment dominated the market for electronic health records and accounted for the largest revenue share of more than 31.0% in 2021. Professional services help healthcare systems in the implementation of information systems in their organizations.
- Within the technology resale segment, licensed software is bundled with IPs of other companies in the form of sublicenses for creating complete technology solutions for healthcare systems. Licensed software includes application software, architectures, executable and referential knowledge, and data and algorithms.
Electronic Health Records Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile
The market leaders are involved in product launches, collaborations, expansions, and acquisitions to sustain the competition. Established organizations, as well as small players, are investing in mergers and acquisitions to gain a competitive edge.
Some prominent players in the global Electronic Health Records market include
- Cerner Corporation (Oracle)
- GE Healthcare
- Allscripts Healthcare, LLC
- McKesson Corporation
- Epic Systems Corporation
- NextGen Healthcare, Inc.
- Medical Information Technology, Inc.
- Health Information Management Systems
- AdvancedMD, Inc.
- CureMD Healthcare
- Greenway Health, LLC
Order a free sample PDF of the Electronic Health Records Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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