Market Highlights

The global electronic health records market was estimated at US$ 26.81 billion in 2021 and is expected to grow at a CAGR of 5.05% during 2022-2028 to reach US$ ~35.56 billion in 2028.

Electronic Health Records Market CAGR

2022-2028

CAGR OF

5.05%

Electronic Health Records Market

The EHR market has profited from new initiatives for expansion, product approvals, product launches, partnerships, and acquisitions in recent years. Furthermore, as a result of growing digitization, there is a notable increase in demand for electronic health records, which is driving the electronic health records market expansion. It is also anticipated that growing consumer demand for the centralization and streamlining of healthcare administration will propel the market for electronic health records. The rationale behind the centralization of health information management is a value-based approach that seeks to improve patient satisfaction through cost savings, process standardization, operational efficiency, and quality improvement.

Recent years have seen a number of market-related investments and guidelines that would strengthen the market as a whole. Among them are: • Government initiatives to encourage the use of healthcare IT are the primary force behind this industry. For example, the official digital health record portal for Australia is called My Health Record. All Australians have access to their "My Health Records," unless they have decided they don't want one. By the end of 2022, all national healthcare providers should be able to access and contribute to the platform's healthcare data, according to the agency. The growth of the electronic health record (EHR) market is also expected to be fueled by the emergence of technologically advanced healthcare services.

Market Segments Analysis

Based on product, type, business models, and end user, the market is divided. The electronic health records market is further divided into client-server-based EHR and web-based EHR based on product. In 2021, the market was dominated by the web-based EHR sector. This substantial market share can be attributed to their popularity among physicians and other healthcare professionals who operate on a smaller scale. This is because, depending on the circumstance, web-based EHRs can be installed without the need for internal servers and also offer a wide range of modification and improvement options.

Electronic Health Records Market

By Product

XX%

Client-server-based EHR

Web-based EHR

26.81

Total Market Size

USD (Billion), 2022

5.05%

CAGR

2022 - 2028

The electronic health records market is divided into licensed software, technology resale, subscriptions, professional services, and others on the basis of business models. In 2021, the professional services sector held a dominant market share and revenue share for electronic health records. Healthcare systems deploy information systems within their organizations with the help of expert services. They usually take the form of project management, technical and application expertise, clinical process optimization, regulatory guidance, and end-user training in order to design and implement electronic health records systems. It is also expected to gain the largest market share because of its wide range of applications for the installation of information systems in businesses. Electronic health record subscription models that are time-based and charge a regular usage fee are also offered. This is one of the primary methods used to present and disseminate medical information.

Electronic Health Records Market

By Type

Acute

Ambulatory

Post-acute

The Market will Grow

At the CAGR of:

5.05%

The Forecast Market

Size for 2028 in USD:

$35.56B

The electronic health records market is segmented into acute, ambulatory, and post-acute care according to type. The acute EHR sector held the largest revenue share and dominated the market for electronic health records in 2021. The growth can be attributed to government initiatives to promote the use of electronic health records in small-scale clinics. For example, acute care hospitals in the US that participate in the Inpatient Prospective Payment System (IPPS) can use the Medicare Incentive Payment System. Patients in acute care who have electronic health records generate patient data that may contain every clinical detail. These details can also be used in the ICU, inpatient unit, emergency department, and operating room.

The electronic health records market is segmented into ambulatory, hospitals, and others based on end user. In 2021, the hospital sector dominated the market for electronic health records (EHRs). The proliferation of medical data generated by hospitals explains the increase. Furthermore, the electronic health records market is aided by the fact that installing electronic health records in hospitals is less expensive than installing them in ambulatory care facilities. They also help big hospitals save time, which boosts the sector even more. Additionally, the growing use of electronic health records in small and midsized hospitals is expected to propel the category because of things like deployment simplicity.

Regional Analysis

Geographically, the electronic health records market is divided into regions such as North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America held a dominant position in the electronic health records market in 2021. The primary forces behind this region's growth are the regulations that promote the use of electronic health records and the availability of infrastructure with high levels of digital literacy. The federal government mandated that healthcare providers use electronic health records meaningfully in accordance with the Federal Health IT Strategic Plan 2020–2025, which was unveiled in May 2020. By providing online services and goods to consumers and businesses throughout Europe, the European Commission's Digital Single Market Strategy fosters the growth of the digital network and associated services, which is anticipated to optimize the potential for economic expansion in Europe.

Electronic Health Records Market

By Region

The Market will Grow

At the CAGR of:

5.05%

The Forecast Market

Size for 2028 in USD:

$35.56B

It is anticipated that the Asia Pacific electronic health record market will grow at a profitable rate during the projection period. The expansion of the healthcare system in the region can be attributed to the growing demand for superior quality standards and services, which is driving its digitalization. An action plan for the use of e-health services in China has been established by the Ministry of Health. It covers a wide range of medical services and insurance policies, with a major focus on the adoption of electronic record-keeping systems that allow data sharing throughout the country's healthcare system.

Key Players

The electronic health records market leaders launch new products, form partnerships, expand their businesses, and make acquisitions to stay ahead of the competition. To gain a competitive edge, companies of all sizes are investing in different mergers and acquisitions. 

Here are some noteworthy advancements:

• In December 2021, Oracle acquired Cerner Corporation for a sum of USD 28.3 billion. 
• Kantar Health was acquired by Cerner Corporation in April 2021 for approximately USD 375 million. Cerner held a dominant position in the industry, which strengthened Oracle's position in the electronic health records market. The combination of technology and real-world data collection from Cerner with Kantar's expertise in the life sciences has accelerated life sciences research innovation and improved patient outcomes all around the world.
• In January 2021, a strategic alliance was formed between Allscripts Healthcare Solutions and the U.S. Orthopedic Alliance. (USAO). This partnership will facilitate the scalability of orthopaedic practices, expedite the implementation of electronic health records, offer evidence-based guidelines to support evolving clinical protocols, and leverage value-based care analytics to link the community as a whole.

The overall competitive landscape has been affected due to these mergers and acquisitions. The following are the major players in the electronic health records market:
• Epic Systems Corporation
• GE Healthcare
• Greenway Health, LLC
• Health Information Management Systems
• McKesson Corporation
• Medical Information Technology, Inc.
• NextGen Healthcare, Inc.

• AdvancedMD, Inc. 
• Allscripts Healthcare, LLC 
• Cerner Corporation (Oracle) 
• CPSI 
• CureMD Healthcare 
• eClinicalWorks

Electronic Health Records Market Scope: