Electronic Health Records Market likely to surpass USD 50 Bn by 2031, expanding at a 5% CAGR: TMR Report

Wilmington, Delaware, United States, May 10, 2023 (GLOBE NEWSWIRE) -- According to the research report by Transparency Market Research, the global electronic health records (EHR) market is poised to grow at a CAGR of 5% from 2022 to 2031. By the end of the said forecast period, a valuation of USD 50.3 billion is anticipated for the market.

Adoption of EHRs is inclining, thanks to rapid technological advancements in the healthcare industry. The need to streamline healthcare workflow is one major reason for the high EHR uptake.

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As of 2021, the market was valued at US$ 30.7 billion. By 2022, the market experienced an annual growth rate of over 5% to reach US$ 32.25 billion. In the past few years, the global healthcare industry has experienced a massive digital revolution. From managing patient data to offering good quality care, an array of sophisticated digital tools has been deployed. One such approach is the maintenance of EHRs.

In the past few years, government agencies in various countries have sanctioned use of electronic health records to improve overall healthcare access. The United States government, for instance, has pledged to promote EHRs adoption via the Health Information Technology for Economic and Clinical Health (HITEC) Act 2009. On similar lines, the Nation Health Service of the United Kingdom has allocated over £2 billion of funding to support the maintenance of electronic patient records via EHRs.

The importance of electronic health records was further emphasized during the COVID-19 pandemic. This has carried forward in the post-pandemic world, prompting a slew of innovations aimed at improving maintenance and administration. Healthcare settings are thus emphasizing on shifting focus on supporting clinical transactions to one on delivering information to the provider and patient.

Key Takeaways from the Market Report

• From 2023 to 2031, the electronic health record market is forecast to expand by 2.4x
• As of 2023, the valuation of the EHR market is expected to reach US$ 33.9 billion
• By deployment type, remotely-hosted electronic health records are likely to account for 55% of the total revenue
• EHRs are most widely deployed to streamline clinical workflows, as data collected from clinical studies is voluminous
• By end user, hospitals are expected to be the primary clients for all EHR service providers
  

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Electronic Health Records Market: Prominent Growth Drivers

• Adoption of electronic health records has been accelerated as a result of extensive digitalization of the healthcare industry. Healthcare settings deploying EHRs reported a 92% enhanced patient experience
• About 88% of all EHR services are geared towards offering better in-hospital or clinical settings stay experience for patients. This is followed by improving IT/cyber workflow (80%) and clinical care delivery (68%)
• EHRs facilitate more complete availability of patient information, permitting the execution of well-informed care decisions quickly. This helps mitigate health and safety risks
  

Electronic Health Records Market: Regional Profile

• Around 2/5^th of all EHR service providers are venturing into the North American market. Favorable policies aimed at improving the disbursement of good quality healthcare is a major growth driver
• The United States is expected to be the primary hub for EHR services deployment. The Department of Health and Human Sciences states that over 50% of all eligible healthcare providers for meaningful use of EHRs.
• Asia Pacific is another lucrative geography for enhanced electronic health records deployment. Expansion of the healthcare industry to provide better access is widening growth prospects
  

Competitive Landscape

Prominent electronic health records service providers in TMR’s report include the following players:

• Archetype Innovations LLC
• Allscripts Healthcare Solutions Inc. (Altera)
• Cerner Ambulatory (Oracle)
• CPSI
• CureMD Healthcare
• eClinicalWorks
• Epic Systems Corporation
• GE Healthcare
• Greenway Health LLC
• Medical Information Technology Inc.
• Praxis EMR (Infor-Med Inc.)
• NXGN Management, LLC
• AdvancedMD Inc.
• Athenahealth Inc.

Some prominent developments with regard to electronic health records are as follows:

• In March 2023, GE Healthcare and Advantus Health Partners announced a decade long agreement to supply the former’s Healthcare Technology Management (HTM) services to its clients. The agreement amounts to around US$ 760 million. This comprehensive program provides complete management of medical equipment in a healthcare facility – including ongoing maintenance, monitoring for and addressing recalls, disinfection and distribution
• On 2 May 2023, Allscripts Healthcare Solutions Inc. (Altera) announced the expansion of its partnership with Pipeline Health by an additional seven years. The extension will allow Pipeline Health to expand its usage of the Paragon electronic health record system at four hospitals in Los Angeles, as well as deploy an additional system at Dallas’s White Rock Medical Center
• Athenahealth Inc. and the LCH Health and Community Services announced a collaboration in May 2023 to deploy the athenaONE electronic health record, medical billing, and patient engagement solution. The intention behind the partnership is to provide a more unified experience for patients
  

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Electronic Health Records Market - Segmentations

Deployment Type

• Physician-hosted
• Remotely-hosted
  • Subsidized
  • Dedicated
  • Cloud
    

Application

• Clinical
• Administrative
• Healthcare Reporting
• Financing
• Clinical Research
  
  

End User

• Hospitals
• Clinics & Specialty Centers
• Ambulatory Surgical Centers
• Others

Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa
  

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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