Electronic Health Records Market to Rise at CAGR of 4.8% during Forecast Period, Observes TMR Study

  • Incentives are being offered by various governments to motivate healthcare providers to use EHR systems. Government economic rewards are likely to fuel the global market growth.

ALBANY N.Y., March 15, 2022 (GLOBE NEWSWIRE) -- The global electronic health records market is estimated to cross the valuation of US$ 42.3 Bn by 2030. The global market was valued over US$ 26.1 Bn in 2018 and is expected to develop at a CAGR of 4.8% during the forecast period, from 2019 to 2027. Through automated accessibility to information, an EHR system allows doctors to provide better patient care. Electronic health records improve patient care by minimizing medical errors by enhancing the quality and transparency of medical records, eliminating duplication of testing, and shortening delays of treatment, enabling patients to make smarter health decisions.

As a consequence of its growing popularity among healthcare professionals, the global electronic health records market is growing rapidly throughout the world. Healthcare facilities with large resources, for instance, have been ahead of small practices in implementing EHR systems. Small practices have been progressively embracing web-based EHR systems in recent years, which offer little to no setup cost and a monthly leasing option.

Due to higher government investments toward EHR deployment, North America accounted for a large share of the global electronic health records market in 2018. Technological developments and governmental & private organizations' attempts to guarantee EHR deployment throughout healthcare settings are expected to trigger the growth of the North America market. In addition, government subsidies and rewards are projected to boost the global electronic health records market in the near future.

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Key Findings of Market Report

  • The global electronic health records market has been segmented into three types of installations: client-server-based, web-based, and software as a service. In 2018, the client-server based segment dominated the market due to its efficacy in storing patient medical information and its ability to retain a significant quantity of data. Furthermore, internal IT teams prioritize data and client server-based servers are more available than other servers.
  • During the forecast period, the software as a service category is expected to grow at a significant rate. Physicians are increasingly turning to software as a service (SaaS), which eliminates technical errors and has minimal upfront expenses. Furthermore, SaaS EHR companies require a nominal subscription price that includes both the software and the expense of maintaining & upgrading the EHR on a distant server. In the forthcoming years, this is projected to expand the segment's market.
  • Innovations in the medical technology are likely to offer improved healthcare delivery via electronic health records. Natural language processing software is a type of voice recognition software that allows users to engage more effectively with electronic medical data. This technology allows doctors to save time and be accessible to their patients at the exact moment they are scheduled.
  • The electronic health records market in the Asia Pacific region is expected to grow at a rapid pace during the forecast period, from 2019 to 2027. High disease prevalence across regions, deployment of electronic health records, technology advances, and unmet medical requirements are likely to drive the electronic health records market in Asia Pacific. Due to the presence of a large number of patients in the Asia Pacific, the region holds immense promise. Healthcare providers require a significant number of EHRs to deliver excellent patient care as well as services. This is expected to boost the global market in Asia-Pacific.

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Global Electronic Health Records Market: Growth Drivers

  • The global electronic health records market is anticipated to expand due to rising disease prevalence as well as incidence rates among patients. The market is likely to be driven by the high prevalence of stroke, coronary heart disease, diabetes, and infectious diseases.

  • Predictive analytics techniques mix statistics, modeling, and data mining with artificial intelligence (AI) to achieve better health outcomes based on electronic health records has led to improved patient experience

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Global Electronic Health Records Market: Key Players

Some of the key market players are

  • Healthcare Information Management Systems
  • Allscripts Healthcare, LLC.
  • Greenway Health, LLC.
  • Athena Health Inc.
  • DXC Technology Company
  • CureMD Healthcare Corporation

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Global Electronic Health Records Market: Segmentation

Installation Type

  • Web-based
  • Client Server-based
  • Software as Services

End Users

  • Hospitals
  • Physicians Office
  • Ambulatory Surgery Centers

Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:

Patient Registry Software Market: One of the biggest growth factors for the market has been the government backing provided to develop patient registries. With the development of high quality database for patient registry it becomes easier to keep track of different patients with their medical histories and records. It becomes easier for the healthcare authorities to maintain a record in case of any medical emergencies.

mHealth Market: The global mHealth market is expected to witness massive growth rate in the coming years of the forecast period. For one, the outbreak of the COVID-19 pandemic has become a catalyst for the development of the global market. In last few years, digitalization has been a key factor of innovation across almost all industries, particularly in the healthcare segment.

Personal Health Record Software Market: The global personal health record software market is classified based on component, deployment mode, architecture type, and region. In terms of components, the market is bifurcated into services, and software & mobile apps. Based on the deployment model, the market is split into cloud-based, and web-based. With respect to architecture type, the market is trifurcated into standalone, provider tethered, and payer tethered.

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