New York, USA, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The Hospital electronic health records market was USD 19.41 billion in 2023. The market valuation is projected to hit USD 27.46 billion by 2032, with a CAGR of 3.9% throughout the forecast period from 2024-2032.
What is Hospital Electronic Health Record?
A hospital electronic health record (EHR) is a digital version of a patient's official health document that is shared among different healthcare providers and agencies, such as laboratories, specialists, pharmacies, emergency facilities, and school and workplace clinics. The electronically stored health information such as medical history, diagnoses, medications, treatment plans, immunization dates, allergies, laboratory, and test results ease access to the authorized users. This helps in making decisions and facilitating better patient care.
EHR also aids in reducing repetitive tasks and the risk of human errors and improves coordination among providers by delivering the best care. Moreover, the EHR system reduces paper costs, lowers administrative overheads, and prevents expensive medical errors. Overall, this system delivers a more sustainable and cost-effective healthcare delivery system that streamlines workflows.
Key Market Stats:
- Hospital electronic health records market size was valued at USD 19.41 billion in 2023.
- The industry is projected to rise from USD 20.16 billion in 2024 to USD 27.46 Billion by 2032
- It is anticipated that the market will obtain a compound annual growth rate (CAGR) of 3.9% during the forecast period.
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Major Findings from the Report:
- The market is experiencing immense growth driven by the increasing use of electronic health records for better patient care, operational efficiency, and data management. The substantial benefits of EHRs make them an excellent choice in the healthcare industry, thereby propelling hospital electronic health records market demand.
- On the basis of segmentation analysis, the market covers component, by mode of delivery, by type, by application, and by region.
- North America held the highest revenue share by region.
Market Drivers and Trends:
- Increasing Product Launches: The rising development and launch of new EHR systems that leverage features such as enhanced interoperability capabilities, user interfaces, and upgraded data analytics is fostering hospital electronic health records market growth. In addition, some EHRs come with integrated technologies such as AI and telehealth.
- Growing Adoption of Electronic Health Records by Hospitals: The interoperability feature of digital health record systems enhances efficiency, user-friendliness, and patient care. Considering these benefits, hospitals are embracing electronic health records to deliver accurate and safe healthcare services while reducing delays in treatment. These factors are bolstering the market growth.
- Shift Towards Telemedicine Services: Healthcare providers are majorly shifting towards the use of electronic health records because of the need for telemedicine, which is a key element of healthcare facilities. Thus, increasing demand for telemedicine services propels the hospital electronic health records market revenue.
- Favorable Government Regulations and Investments: The HITECH Act is one of the well-known regulatory regulations that encourage hospitals to shift from paper-based records to electronic systems. Under the act, which focuses on the importance of safeguarding patient data, healthcare providers get incentives to use electronic health records. The introduction of the HITECH Act has led to significant expansion of the market.
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Industry’s Prominent Players:
- AdvancedMD, Inc.
- athenahealth, Inc.
- CureMD Healthcare
- eClinicalWorks
- Epic Systems Corporation
- GE HealthCare
- Greenway Health, LLC
- MCKESSON CORPORATION
- Medical Information Technology, Inc.
- NXGN Management, LLC
- Oracle
- Veradigm LLC
Geographical Landscape:
The North America hospital electronic health records market recorded the highest revenue share. The region owns advanced healthcare infrastructure and substantial healthcare IT spending, enabling hospitals to invest in electronic health record technologies.
Owing to the increasing cases of chronic diseases that require healthcare providers to integrate advanced technologies to improve patient care and operational efficiency, the market in Asia Pacific is projected to record significant growth. Meanwhile, governments across the region are making partnerships and organizing events to encourage the use of digital health equipment, which is augmenting the industry expansion.
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Market Segmentation:
Hospital Electronic Health Records Component Outlook
- Hardware
- Software
- Services
Hospital Electronic Health Records Mode of Delivery Outlook
- Cloud-based
- On-premise Model
Hospital Electronic Health Records, Type Outlook
- Interoperable EMRs
- Speech enabled EMRs
- Traditional EMRs
- Others
Hospital Electronic Health Records, Application Outlook
- Cardiology
- Neurology
- Oncology
- Radiology
- Others
Hospital Electronic Health Records Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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