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The electronic health records market size is forecast to increase by USD 54.7 billion at a CAGR of 17.57% between 2023 and 2028. The market's growth depends on several factors, including the benefits of Electronic Health Records (EHR) leading to increased adoption, government initiatives supporting EHR implementation, and the growing digitization of the healthcare industry. EHRs offer improved patient care, streamlined operations, and better data management, driving their popularity. Government policies and incentives further encourage healthcare providers to adopt EHR systems. Additionally, the broader trend of digital transformation in healthcare, encompassing telemedicine, health information exchanges, and data analytics, supports the integration of EHRs into medical practice. Together, these factors create a favorable environment for the expansion of the EHR market.
It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018-2022.
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The market is experiencing rapid growth, driven by the increasing digitalization of healthcare and robust IT and telecommunications infrastructure. Professional services segment, including ambulatory surgical centres segment, hospitals, and healthcare units, are increasingly adopting Web-based EHR and client server-based EHR systems. This trend is propelled by the rising prevalence of chronic diseases and the need to reduce paperwork. The integration of big data analytics in acute segment and post-acute segment, such as ambulatory care and rehabilitation centers, enhances patient's healthcare records management. Advanced features like computerized physician order entry, lab systems, radiology systems, and pharmacy systems streamline clinical documentation of health history, medicines, and allergies, fostering the adoption of acute EHR, ambulatory EHR, and post-acute EHR in advanced healthcare facilities. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Government initiatives supporting EHR adoption is a major driver fueling the market growth. The implementation of EHR in the healthcare industry is being promoted and supported by various initiatives and regulations promulgated by the governments of different countries. Owing to government support, healthcare systems find it easy to implement EHR systems, as well as get financial support, which removes the associated financial burden.
For instance, in the UK, the National Health Services (NHS) has converted all the documentation processes into digitized forms and continues to promote them in the different states of the EU. Similarly, the NHS Long Term Plan was published in January 2019, which focuses on improving the system while setting critical priorities that will support digital transformation. In addition to this, various region-specific initiatives are promoting digital healthcare services. Owing to all these initiatives by governments, the market is expected to grow during the forecast period.
The growing use of connected devices and technologies is a major trend influencing the market. The growing use of the IoT and connected medical devices is another major trend in the industry that would drive the growth of the market during the forecast period. In the healthcare industry, the IoT helps in bridging the gap between physical and digital data sources by monitoring patients in real-time. IoT infrastructure helps in improving accessibility to services, reducing the operational burden on healthcare facilities, and supporting the development of digital ecosystems in healthcare organizations.
The rising use of connected medical devices has increased the number of data sources and the amount of data generated. Device manufacturers and organizations are focusing on improving their network security, with the increasing use of cloud-based infrastructure. This is compelling hospitals and clinics to adopt EHR to integrate external and wearable medical devices and optimally collect data for better assimilation and visibility.
Rising data security and privacy concerns are major hindrances to the market growth. The increase in the number of cyberattacks in the industry has raised considerable concerns over privacy and data protection among players in the industry, including hospitals, clinics, and insurance companies. With the integration of data-generating devices into healthcare systems and the growing availability of data from health insurance companies and hospitals in a centralized place, healthcare organizational information and patient data have become vulnerable to cyberattacks.
The current trend toward the digitalization of healthcare workflows and the maintenance of electronic patient records has seen a paradigm shift in the healthcare industry. While medical data is key to improving the quality of healthcare, gaining insights, and reducing healthcare costs, security, and privacy issues are restricting the healthcare industry from adopting many advanced technologies.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
KareXpert Technologies - The company offers electronic health records with a scheduled snapshot and task donuts showing work volume along with critical items prioritizing what elements are most critical for work under their subsidiary called AdvancedMD key offerings.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth of the on-premise segment will be significant during the forecast period. On-premises EHR provides end-users with increased control over systems and resources as the entire setup is controlled by the organization itself and not by any third party. It enables improved data security by provisioning critical data to be managed in-house. No third party has access to any private information. As data is stored on the servers on organizations' premises, users do not require the Internet to access data or resources. These benefits will facilitate segment growth during the forecast period.
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The on-premise segment was valued at USD 14.58 billion in 2018. Large enterprises that have sufficient funds and existing infrastructure still prefer on-premise EHR. Furthermore, it faces lower threats related to cybersecurity as the systems are primarily controlled by the enterprise and not any third party. Hence, owing to the rising number of data security and privacy concerns, most physicians prefer to deploy on-premise software solutions, which will contribute to the growth of this segment during the forecast period.
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North America is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional market growth and trends that shape the market during the forecast period.
The market in North America is one of the most developed markets compared with the market in other regions. Owing to this, North America holds a large share of the overall market and will continue to hold its position during the forecast period. The market growth can be attributed to the adoption of EHR due to stringent regulatory norms and widely implemented EHR incentivizing policies. The US and Canada are the leading countries in the region that have implemented these systems and advanced healthcare IT solutions.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
eHealth Software and Services Market: eHealth Software and Services Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Canada, Germany, UK, China - Size and Forecast
Healthcare Information Software Market: Healthcare Information Software Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Germany, UK, China, Japan - Size and Forecast
Internet Of Things (IoT) in Healthcare Market: Internet Of Things (IoT) in Healthcare Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, China, Japan, Germany, UK - Size and Forecast
The market is evolving, with home health service providers, long term healthcare units, and the web based segment driving growth. Doctors or physicians and the client server based segment play a crucial role, especially within the hospitals segment and ambulatory services segment. Key users include pharmacies, laboratories, and Ambulatory Surgical Centers. EHRs enhance immunization status, lab test results, hospital discharge instructions, and billing information management. Advanced software technology, artificial intelligence, and cloud storage technology support this shift. EHR service providers cater to the growing geriatric population with efficient data storage, clinical application, and administrative application. Innovations in healthcare financing benefit specialty centers and cloud-based software solutions. Additionally, inpatient EHR, clinical trial data, drug information, and administrative data streamline healthcare processes.
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Market Scope |
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Report Coverage |
Details |
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Page number |
171 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 17.57% |
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Market growth 2024-2028 |
USD 54.7 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
14.81 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 44% |
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Key countries |
US, Canada, UK, Germany, and China |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
athenahealth Inc., CareCloud Inc., Computer Programs and Systems Inc., CureMD, Dedalus Group, Dell Technologies Inc., eClinicalWorks LLC, Epic Systems Corp., EverCommerce Inc., General Electric Co., Global Payments Inc., Greenway Health LLC, KareXpert Technologies Pvt. Ltd., McKesson Corp., MEDHOST, Medical Information Technology Inc., Oracle Corp., Siemens AG, Tebra Technologies Inc., and Veradigm LLC |
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Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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