Electronic Health Records Market to Hit USD 31.5 Bn by 2030
November 25, 2021
The global electronic health records market was valued at USD 23 billion in 2021 and is expected to hit USD 31.5 billion by 2030, poised to grow at a CAGR of 3.3% from 2021 to 2030.
/EIN News/ -- Ottawa, Nov. 25, 2021 (GLOBE NEWSWIRE) -- Precedence Research, Recently Announced Report on “Electronic Health Records Market - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021 – 2030”.
The rise in the government initiatives to encourage adoption of digital technologies like electronic health records across the healthcare industry is boosting the growth of the global electronic health records market. For instance, European Commissionadoptedthe European electronic health record exchangeto securely transfer health related data across the European nations. My Health Record is a digital health record platform for the Australian citizens. The adoption of electronic health records is becoming popular owing to the digitalization of the healthcare industry. The electronic health record platforms can store patients’ past medical health records that can provide useful insights to the doctors while the treatment and therefore can improve patient care.
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Moreover, the adoption of the electronic health records can eliminate paperwork and helps in data storage and easy transfer. The increased government initiatives to develop a strong healthcare infrastructure and adopt digital technologies to enhance the operational efficiency of the healthcare units are expected to drive the electronic health records market across the globe.
Scope of the Electronic Health Records Market
|Market Size in 2021||USD 23 Billion|
|Growth Rate From 2021 to 2030||CAGR of 3.3%|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Companies Covered||Epic Systems Corp, Cerner Corp, GE Healthcare, Allscripts Healthcare, LLC., eClinicalWorks, CPSi, McKesson Corp, Medical Information Technology, Inc., NextGen Healthcare, Inc., HMS|
North America accounted for around 46% of the market share in 2020 and was the dominating market. This is simply attributed to the increased adoption of the electronic health records across the hospitals especially in the small units in the US. The developed healthcare infrastructure and higher adoption rate of digital technologies in the region is the major factor that boosts the market growth. Furthermore, the presence of well-established IT and telecommunications infrastructure in the region is a significant contributor to the market. The presence of several market players and various developmental strategies adopted by them highly influences the market growth.
Asia Pacific is estimated to be the most opportunistic market during the forecast period. The increasing government investments in the development of healthcare infrastructure and adoption of latest digital technologies is boosting the demand for the electronic health records. Further, the rising demand for the quality health care services is encouraging the demand for the electronic health records. The rising number of hospital admissions is generating huge volume of data, which needs to be stored and hence the growth of the market is augmented by the increased need for the data storage in this region.
The major restraints that may hamper the growth of the electronic health records market is the cybersecurity and data breach issues associated with the digital data storage. This issues needs to be managed by the market players in order to have a sustainable growth. Moreover, lack of proper healthcare infrastructure in the underdeveloped economies is hindering the market growth.
The introduction of technologies like big data analytics and various developmental strategies like new product launches and mergers is expected to provide new growth avenues for the market players in the forthcoming years.
Based on the type, the post-acute segment is expected to be the fastest-growing segment during the forecast period. This is attributed to the increasing consumer expenditure on the post-acute services like rehabilitation services. Moreover, the rising penetration of long-term healthcare units owing the prevalence of non-curable diseases among the population is expected to drive the segment growth.
Based on the product, the web based segment dominated the market, garnering a market share of around 55% in 2020. This is attributed to the increased adoption of web based electronic health records among the small healthcare clinics as it can be easily customized as per the needs and is cost-effective. The rising number small private clinics and pharmacies across the globe is fostering the growth of the segment.
Based on the end user, the hospitals segment dominated the market with over 60% of the market share in 2020. This is attributed to the increased penetration of the hospitals in the developed and developing nations. Further, the government initiatives to develop healthcare facilities by adopting digital technologies in order to improve the operational efficiency of the hospitals has augmented the growth of this segment in the past few years. Moreover, the rising number of hospital admissions is necessitating the installation of the electronic health record systems across the hospitals all over the globe.
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Segments Covered in the Report
- Web Server Based
- Client Server Based
By End User
- Ambulatory Services
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