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The electronic health records (EHR) market is estimated to decline at a CAGR of 12.91% between 2022 and 2027. The size of the market is forecast to increase by USD 32.27 billion. The growth of the market depends on several factors, including the benefits of EHR leading to rising adoption, government initiatives supporting EHR adoption, and the growing digitization of the healthcare industry.
This report extensively covers market segmentation by deployment (on-premise and cloud-based), component (services, software, and hardware), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 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 are a major driver fueling the EHR 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 healthcare 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 EHR market. The growing use of the IoT and connected medical devices is another major trend in the healthcare 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 healthcare 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 EHR market growth. The increase in the number of cyberattacks in the healthcare 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 report includes the adoption lifecycle of the EHR 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 growth strategies.
Global Electronic Health Records Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the EHR 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 company offers an AI-Led Digital Healthcare Platform using ground-zero approaches with the latest software technologies.
The report also includes detailed analyses of the competitive landscape of the EHR market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors 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 2017 and continued to grow until 2021. Large enterprises that have sufficient funds and existing infrastructure still prefer on-premise EHR. Furthermore, EHR 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 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the EHR market during the forecast period.
The electronic health records (EHR) 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 EHR systems and advanced healthcare IT solutions.
The COVID-19 outbreak had a positive impact on the market in 2020. The increased adoption of software solutions such as data mining, clinical decision support, and clinical trial management systems in 2021 propelled the demand for EHR systems. In addition, an increase in the prevalence of acute and chronic diseases, including several heart diseases, diabetes, cancer, and high awareness regarding the benefits of EHR are likely to fuel the growth of the market in North America during the forecast period.
The report forecasts EHR market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Electronic Health Records Market Scope |
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Report Coverage |
Details |
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Page number |
166 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Decelerate at a CAGR of 12.91% |
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Market growth 2023-2027 |
USD 32.27 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
13.53 |
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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 41% |
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Key countries |
US, Canada, UK, Germany, and China |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Allscripts Healthcare Solutions Inc., CareCloud Inc., Computer Programs and Systems Inc., CureMD.com Inc., Dedalus Group, 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., Athenahealth Inc., and Dell Technologies Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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