Electronic Health Records Market Size to Hit USD 52.98 Billion by 2027, With at a 9.3% CAGR by 2029 |Brandessence Market Research

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LONDON, Sept. 21, 2023 /PRNewswire/ — According to a comprehensive research report by Brandessence Market Research (BMRC), “Electronic Health Records Market Size, Share, And Trends Analysis Report By Deployment (Cloud-based EHR Software, On-premises Software) By Type (Inpatient HER, Ambulatory HER) By Application (Clinical Application, Administrative, Finance, Clinical Research) By End User (Hospital & Clinics, Ambulatory, Specialty Centers)Based On Region, And Segment Forecasts, 2022 – 2029″. The Electronic Health Records Market was valued at USD 28.43 Billion in 2021 and expected to reach USD 52.98 Billion by 2027, amplifying with a CAGR of 9.3% over 2022-2029.

Electronic Health Records (EHRs), often referred to simply as electronic medical records (EMRs), are digital versions of patients’ paper medical records. They are comprehensive, real-time records of an individual’s health information that can be easily accessed and updated by authorized healthcare providers and staff.

However, electronic medical records implementation also comes with challenges, such as concerns about data security and privacy, the cost of system adoption, and the need for staff training. Despite these challenges, electronic health records have become a cornerstone of modern healthcare, facilitating improved patient care, clinical documentation, decision-making, and healthcare system efficiency. They play a critical role in the digital transformation of the healthcare industry, helping providers deliver more effective and coordinated care to patients.

Scope of Electronic Health Records Market:

In today’s data-driven healthcare environment, EHRs play a pivotal role in enhancing patient data and care, streamlining administrative processes, and enabling data-driven decision-making. The scope of Electronic Health Records market reports has expanded significantly to encompass the myriad facets of this dynamic industry.

Key Takeaways:

  • Market Size and market share: The market report provides an overview of the current market size forecast, historical data, and future growth projections. This data assists stakeholders in understanding the market’s magnitude and potential.
  • Key Players: Identification of major EHR companies, their market share, and competitive strategies. This section aids investors and businesses in making informed decisions regarding partnerships or investments.
  • Market Segmentation: In-depth analysis of the market based on product type, end-users (hospitals, clinics, etc.), and geographic regions. This segmentation helps businesses target specific niches and tailor their offerings accordingly.
  • The Market Trends: Examination of emerging trends, such as the adoption of cloud-based EHR systems, interoperability standards, and the integration of artificial intelligence in EHRs.
  • Regulatory Landscape: Insights into the regulatory framework governing EHRs, including compliance with data privacy regulations like HIPAA.

Electronic Health Records Market Report Scope:

Report Metric

Details

Electronic Health Records Market Revenue Forecast in 2027

USD 52.98 Billion

Market Size in 2021

USD 28.43 Billion

Market Growth Rate

CAGR of 9.3% from over the forecast period.

Base Year

2021

Study Period

2022-2029

Key Players/Companies

3M Company, Toshiba Medical Systems Corp., Hyland Software, Siemens Medical Solutions, McKesson Corporation, Henry Schein, Inc., Allscripts Healthcare Solutions, Inc., WRS Health, Medical Information Technology, Inc. (Meditech), Cerner Corporation, Quest Diagnostics, GE Healthcare, Epic Systems, SequelMed, Kofax Limited, and Others.

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Competitive Landscape of Electronic Health Records Market:

The Electronic Health Records market research industry growth is teeming with a diverse range of companies offering innovative solutions. Some of the prominent players in the EHR industry include:

  • 3M Company
  • Toshiba Medical Systems Corp.
  • Hyland Software
  • Siemens Medical Solutions
  • McKesson Corporation
  • Henry Schein, Inc.
  • Allscripts Healthcare Solutions, Inc.
  • WRS Health
  • Medical Information Technology, Inc. (Meditech)
  • Cerner Corporation
  • Quest Diagnostics
  • GE Healthcare
  • Epic Systems
  • SequelMed
  • Kofax Limited
  • Others

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Market Segmentation:

The market segmentation is a critical aspect of understanding the Electronic Health Records market’s complexity:

Deployment:

The global market is segmented as Cloud-based EHR Software and On-premises Software based on the deployment type.

Product Type:

EHR systems are categorized into inpatient EHR and ambulatory EHR, each with its advantages and drawbacks. Inpatient EHRs are gaining traction due to their scalability and accessibility.

End-User:

EHR systems cater to various end-users, including hospitals, clinics, ambulatory care centers, and long-term care facilities. Tailored solutions are essential to meet the unique needs of each segment.

Region:

The Electronic Health Records market projected market share varies significantly by region. Factors such as healthcare infrastructure, government regulations, and technological adoption rates influence market dynamics. Regional analysis is vital for understanding local nuances.

Market Growth Factors:

Government Initiatives driving the growth of the Electronic Health Records market:

Supportive government policies and incentives for EHR adoption have accelerated market growth. These initiatives aim to improve patient portals artificial intelligence performance, patient care, reduce healthcare costs, and enhance data security.

Rising Healthcare Expenditure to boost the overall market growth:

The increasing global healthcare expenditure necessitates more efficient healthcare management, making EHRs a valuable asset for providers and institutions.

Technological Advancements and Shift towards Patient-Centric Care to Enhance the Growth Graph of the Market:

Continuous technological advancements, such as the integration of artificial intelligence and machine learning, enhance the functionality and usability of EHR systems. The shift towards patient-centric care models and remote patient monitoring emphasizes the importance of EHRs in providing comprehensive and accessible patient information.

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Regional Analysis:

North American Electronic Health Records market exhibits substantial growth in marketing:

The United States, with its robust healthcare telemedicine infrastructure and regulatory framework, dominates the North American Electronic Health Records market. Canada is also witnessing steady growth.

European countries are experiencing increased EHR adoption due to government initiatives and the need for better healthcare management. The Asia-Pacific region, including countries like China and India, is a burgeoning Electronic Health Records market growth opportunities due to a growing population and increased healthcare spending. These regions are gradually embracing EHR systems, driven by the need for improved healthcare access and management.

The Electronic Health Records market is poised for sustained growth, driven by technological advancements, government support, and the increasing need for efficient healthcare management. As a market researcher, staying updated with evolving trends and regional dynamics is crucial for businesses and investors looking to capitalize on the Electronic Health Records market’s vast potential. By understanding the scope of Electronic Health Records market reports, key industry players, market segmentation, growth factors, and regional nuances, market size and share, stakeholders can make informed decisions in this ever-evolving landscape.

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