Top Emerging Trends Of Electronic Health Records Market Progress Forecast 2030 |Grand View Research, Inc.

Posted by Mrudula Anil Karmarkar on April 10th, 2024

San Francisco, 10 April 2024: The ReportElectronic Health Records Market Size, Share & Trends Analysis Report By Product (Client-Server Based, Web-Based), By Type (Acute, Ambulatory, Post-Acute), By End Use, By Business Models, By Region, And Segment Forecasts, 2024 - 2030

The global electronic health records market size is expected to reach USD 38.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.1% from 2024 to 2030. The web-based electronic health records (EHRs) are anticipated to show the largest growth during the forecast period. These EHRs are convenient for use in pharmacies, small-scaled laboratories, and clinics, as they require limited hardware infrastructure, which reduces the cost of installation.

EHR vendors and organizations have initiated to help in curbing the pandemic by making telehealth a mainstream alternative, enhancing data access through EHRs, and collaborating to develop COVID-19 dashboards in detail. The introduction of EHRs for medical coding and billing has eased the process as data entering into computerized systems is more convenient than paper-based methods. EHRs also minimize the risk of errors in patient data as well as financial details. As per the University of Michigan, the cost of outpatient care was reduced by 3% upon shifting to EHRs from paper-based records. This reduction resulted in USD 5.14 savings per patient per month.

Additionally, M&A activities by market players are also boosting the market growth. For instance, in February 2021, Evident, LLC, a subsidiary of CPSI announced that Texas-based Curahealth Hospitals and Cobalt Rehabilitation, have selected the Evident EHR along with collection services TruBridge, for three new rehabilitation facilities located in Denver, Colorado; West Houston, Texas; and San Antonio, Texas. Key players in the EHR market are investing in the launch of new products and collaborations for sustaining in the market. For instance, in August 2020, Cerner Corporation collaborated with Amazon to integrate its EHR solutions with the latter’s wearables such as Amazon Halo. This would provide greater interoperability to its customers and strengthen its service portfolio.

Government initiatives to encourage healthcare IT usage is a key driver to this market. For instance, My Health Record is a national digital health record platform in Australia. Every Australian citizen has a “My Health Record” unless they have chosen that they don’t want it. The agency claims that by the end of 2022, all healthcare providers in the country will be able to contribute to and use healthcare information available on the platform. Moreover, the introduction of technologically advanced healthcare services is also expected to drive electronic health record (EHR) market growth.

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The spread of COVID-19 has put a lot of pressure on healthcare organizations since the beginning of 2020. The pandemic has negatively impacted the revenue of major market players due to a decline in new business bookings as certain client purchasing decisions and projects were delayed to focus on treating patients, procuring necessary medical supplies, and managing their organizations through this crisis. Also, companies such as Allscripts experienced delays in deals with upfront software revenue and professional services implementations across their outpatient and inpatient bases.

Electronic Health Records Market Report Highlights 

  • The web-based EHR segment dominated the overall revenues share as of 2023 and is projected to witness lucrative growth over the forecast period. A high adoption rate by physicians is expected to boost the market growth
  • The ambulatory use segment which includes physician clinics, laboratories, and pharmacies is expected to exhibit the fastest growth over the forecast period owing to the increasing number of ambulatory care centers globally
  • The acute care segment held a considerable market share of about 45.0% in the market due to government initiatives for the adoption of EHRs
  • North America held a major market share as of 2023, due to the presence of well-established healthcare infrastructure as well as favorable government initiatives regarding population health management
  • The U.S. is dominating the market in North America due to the presence of established players in the country
  • The industry participants are focusing on product launch, partnerships, collaborations, mergers, and acquisitions to sustain the competition
  • In Asia Pacific, the market is anticipated to witness lucrative growth during the forecast period owing to the developing healthcare infrastructure in Asian countries, such as Indonesia, China, and India

New expansion activities, product approvals, product launches, partnerships, and acquisitions have positively impacted the EHR market in recent years. Furthermore, there has been a significant increase in the demand for electronic health records due to the growing digitalization which in turn is fueling the market growth.

Rising demand for centralization & streamlining of healthcare administration is also anticipated to drive the market growth. Centralization of health information management is driven by a value-based model which aims towards streamlining operations, standardizing processes, reduction of costs, and improving the quality of care that results in patient satisfaction.

Additionally, an increasing number of mergers & acquisitions by market players are also boosting the market growth. For instance, in January 2021, Allscripts Healthcare Solutions announced a strategic partnership with the U.S Orthopedic Alliance (USOA). This partnership is aimed at bringing efficient infrastructure designed to assist orthopedic practices scale with agility, improving EHR implementation timelines, providing evidence-based guidelines to support evolving clinical protocols, and creating community-wide connectivity with value-based care analytics.

Electronic Health Records Market Report Scope

Report Attribute

Details

The market size value in 2023

USD 29.06 billion

Revenue forecast in 2030

USD 38.5 billion

Growth Rate

CAGR of 4.1% from 2024 To 2030

Actual estimates

2018 - 2023

Forecast period

2024 - 2030

The market leaders are involved in, expansions, product launches, partnerships & collaborations, and mergers & acquisitions to sustain the competition. Established organizations and small players are investing in mergers & acquisitions to gain a competitive edge. For instance, in August 2023, WellSky acquired Experience Care, a technology company offering EHR software solutions for long-term care and post-acute providers. Experience Care's electronic health record platform, NetSolutions, has served 150 long-term care clients with 850 facilities. The acquisition will help providers increase efficiencies, improve performance, and advance resident care by turning data into meaningful information.

List of Key Players of Electronic Health Records Market

  • Electronic Health Records Companies:Cerner Corporation (Oracle)
  • GE Healthcare
  • Veradigm LLC (Allscripts Healthcare, LLC)
  • Epic Systems Corporation
  • eClinicalWorks
  • Greenway Health, LLC
  • NextGen Healthcare, Inc.
  • Medical Information Technology, Inc. (Meditech)
  • Health Information Management Systems
  • CPSI

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Mrudula Anil Karmarkar

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Mrudula Anil Karmarkar
Joined: July 2nd, 2020
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