Farmington, Jan. 30, 2023 (GLOBE NEWSWIRE) -- The Electronic Health Records Software Market was valued at USD 14.2 Billion in 2022 and is projected to grow at a CAGR of 9.1% during the forecast period 2023-2030. The global market for software that maintains electronic health records is anticipated to increase by hundreds of millions of dollars between 2023 and 2030. Electronic health record (EHR) software is typically used to collect and digitally store patients' medical information in a systematic manner. This software makes it easy to obtain more information about a patient, hence improving the overall productivity and effectiveness of patient care.
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It is anticipated that the use of EHR will increase over the next few years because to its various capabilities, ease of use, and applicability in numerous healthcare settings. Additionally, the use of artificial intelligence (AI) to anticipate clinical outcomes based on HER has altered the patient experience by improving care, and AI's role in the creation of EHR software has contributed to the market's expansion. During the COVID-19 outbreak, electronic health record software played a crucial role in maintaining patient records.
Electronic Health Records Software Market Recent Developments:
- In June of 2021, Datavant and Ciox Health agreed into a definitive agreement to build the largest health data ecosystem in the country. It will facilitate the interchange of patient-level data between patients, providers, payers, health data analytics firms, patient-facing applications, government entities, and life science companies.
- In May 2021, the federal Centers for Medicare and Medicaid Services (CMS) issued a proposed regulation titled "the Inpatient Prospective Payment Systems Rule" that will alter the way electronic health records support care. The modifications would update how hospitals share information through electronic health records systems, allowing physicians and nurses to give the best possible care.
- In April of 2021, Microsoft Corporation bought Nuance Communications, Inc. with the intention of empowering healthcare providers via ambient clinical intelligence and other Microsoft cloud services.
Electronic Health Records Software Market Segmentation Analysis:
By type, the global market for electronic health record software is divided into the Ambulatory, Acute, and Post-Acute segments. In 2021, it is projected that the acute EHR category will hold the biggest market revenue share. This market sector is rising due to the implementation of electronic health records in small-scale services. In the United States, for instance, acute care clinics qualify for the Medicare incentive payment programme under the Prospective Inpatient Billing System (IPPS). The electronic health record for acute care generates patient data that include all clinical facts. In addition, these details are applicable to intensive care, emergency services, hospitalisation, and operating room requirements.
Based on product insights, the global electronic health record software market is segmented into web-based and client-server software. In 2021, it is projected that web-based EHR would have the biggest market revenue share. The growth of this market segment is due to its popularity among small-scale healthcare providers and physicians. Web-based EHRs can be installed without requiring in-house servers and provide considerable customization and enhancement options.
By End-User, the global electronic health record software market is segmented into Hospitals and Ambulatory. The Hospital EHR sector is predicted to hold a sizable percentage of market revenue in 2021. This segment's growth can be attributed to hospitals' collection of huge amounts of medical data. In addition, the installation cost of EHR software is far less than that of ambulatory care centres, which are the driving force of the market..
Regional Outlook:
In 2021, North America dominated the global market for electronic health record software and held the biggest revenue share. Government initiatives that encourage the adoption of EHR software and the presence of a robust healthcare infrastructure with high levels of digital literacy have contributed to the expansion. In March 2021, TELUS HealthCare will launch the next step of the digital integration of its employer-focused virtual care service, Akira by TELUS Health, with its electronic medical records.
Europe is second to North America in terms of electronic health record software market revenue share. Increasing research and development in healthcare and EHR industry need. The Digital Single Market policy of the European Commission enables the spread of the digital network and related services, which is anticipated to contribute to the expansion of the European economy. In February 2022, the European Commission, for instance, announced plans to invest €292 million in digital technology. Examples include blockchain infrastructure in Europe, digital solutions for improved government services, Artificial Intelligence (AI) for crime prevention, and AI testing facilities.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 9.1% from 2023 to 2030 |
| Market Size in 2022 | USD 14.2 Billion |
| By Type | Ambulatory, Acute, Post-Acute |
| By Product | Web Based, Client-Server Based |
| By End User | Hospital, Ambulatory, (Physicians Clinic, Pharmacy, Laboratories) |
| By Companies | Allscripts Healthcare, LLC, GE Healthcare, Cerner Corporation, Epic Systems Corporation, McKesson Corporation, NextGen Healthcare, Inc., CureMD Healthcare, Medical Information Technology, Inc., AdvancedMD, Inc., Greenway Health, LLC, and Others |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Market Drivers:
During the forecast period, technological advancement is predicted to drive the market for electronic health record software. AI-generated software integrates flawlessly and offers a variety of features. Machine learning and natural language processing can aid in documenting a patient's medical history, organising massive databases to retrieve vital documents, and assessing patient satisfaction. The combination of machine learning mode and natural language processing can aid healthcare professionals in translating speech-to-text recognition systems.
Market Restraints:
The cost of software for electronic health records inhibits market expansion. It is exceedingly costly to develop, implement, and maintain software for electronic health records. Due to their high cost, EHRs are difficult to implement in most emerging economies. In addition, developing AI-based algorithms and programmes is too costly for underdeveloped nations, which has hampered the business somewhat. Lack of qualified personnel and information on how to employ complicated AI and machine learning algorithms, as well as a lack of IT infrastructure in low-income nations, are anticipated to hinder the growth of the electronic health record software industry. Therefore, the high cost of EHR technology hinders industry expansion.
Market Opportunity:
As a result of government initiatives, industry acquisitions, collaborations, and implementations, electronic health record (EHR) software is increasingly utilised throughout the world. Governments are implementing measures to alleviate the administrative costs that EHR imposes on healthcare providers.
Electronic Health Records Software Market Key Segments Covered:
Top Market Players:
Allscripts Healthcare, LLC, GE Healthcare, Cerner Corporation, Epic Systems Corporation, McKesson Corporation, NextGen Healthcare, Inc., CureMD Healthcare, Medical Information Technology, Inc., AdvancedMD, Inc., Greenway Health, LLC, and Others.
By Type:
- Ambulatory
- Acute
- Post-Acute
By Product:
- Web Based
- Client-Server Based
By End-User:
- Hospital
- Ambulatory
- Physicians Clinic
- Pharmacy
- Laboratories
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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