The global market for electronic health records is anticipated to grow at a CAGR of 4.5% from 2022 to 2032, reaching US$ 41.8 Bn by the conclusion of the aforementioned assessment period, according to a study recently released by Fact. MR. Demand is being driven by the extensive digitization of healthcare spurred on by complicated patient care and workflows.
Demand for web-based EHRs increased at a CAGR of 3% between 2015 and 2021, reaching a value of US$26 billion. The greatest use of electronic health records (EHRs) over the web is projected. Due to their modest hardware requirements and lower installation costs, these EHRs are practical for usage in pharmacies, small laboratories, and clinics.
Due to the convenience of entering data into computerized systems over paper-based approaches, the introduction of EHRs for medical coding and billing has simplified the procedure. EHRs also reduce the possibility of mistakes in financial and patient data. The University of Michigan found that switching from paper-based records to electronic health records (EHRs) lowered the cost of outpatient care by 3%. Each patient saved $5.14 as a result of this reduction. Market participants’ M&A activities are also contributing to market expansion.
Important conclusions from the market study
- In 2022, the market for electronic health records will be worth US$26.78 billion.
- In terms of product, web-based EHRs will generate more than half of the market’s revenue in 2022.
- Hospitals will continue to be the largest consumers of electronic health records, accounting for 60% of revenue
- Demand for urgent electronic health records will continue to be high, making up 46.8% of the overall deployment
- Electronic health records will be used for professional services in more than 3 out of 10 cases.
- Over 2/5 of the market demand for electronic health records will come from North America.
- Asia Pacific is expected to be an opportunistic market with a 5% value CAGR through 2032.
Marketplace rivalry
Cerner Corporation (Oracle), GE Healthcare, Allscripts Healthcare, LLC, McKesson Corporation, Epic Systems Corporation, NextGen Healthcare, Inc., eClinicalWorks, Medical Information Technology, Inc., Health Information Management Systems, CPSI, AdvancedMD, Inc., CureMD Healthcare, and Greenway Health, LLC are a few well-known companies in the market for electronic health records. To take advantage of profitable opportunities in developing nations, leaders are stressing capacity improvements and global footprint growth. The following are some noteworthy developments:
- Oracle paid USD 28.3 billion to acquire Cerner Corporation in December 2021. Oracle’s position in the EHR Market was strengthened by this acquisition because Cerner held a dominant position in the industry.
Which type of market segment is expected to gain traction?
Electronic health records are dominated by the acute EHR category, which generates roughly 46.8% of total revenue. Government attempts to encourage the use of electronic health records in small-scale clinics are responsible for the growth.
For instance, the Medicare Incentive Payment System is available to acute care hospitals in the United States that are part of the Inpatient Prospective Payment System (IPPS). Electronic health records for acute care patients produce patient data that might include all clinical specifics. These specifics can also be employed in the operating room, emergency room, inpatient unit, and ICU.