Electronic Health Record (EHR) Market

Market Perspective

The global Electronic Health Record (EHR) Market was valued at USD 32.51 billion in 2022 and is projected to reach USD 84.21 billion by 2030, growing at a CAGR of 11.15% from 2023 to 2030.

The implementation of electronic health records (EHR) has empowered healthcare practitioners to optimize and automate processes within a medical environment. It facilitates the utilization of evidence-based resources to enhance decision-making support for a patient's treatment plan. The primary driving factor is the increased acceptance of EHR solutions due to their growing applications in medical systems. EHRs provide healthcare providers with a rapid understanding of patient data, including prescriptions, test results, and health records. This improves care coordination, lowers errors, and helps make more informed decisions. The ability of EHRs to seamlessly exchange information between different health systems and providers is critical for coordinated and comprehensive patient care. Interoperability standards and initiatives promote the secure and efficient exchange of health information between different electronic information systems. These driving factors have led to the widespread use of EHRs, benefiting both healthcare professionals and patients. However, the high cost of EHR services, as well as concerns about patients' personal data and safety, are impeding the growth of the market. Moreover, the ethical issues that emerge from the use of electronic health record (EHR) services require the establishment of comprehensive governance structures, regulations, and directives. These measures aim to safeguard patient rights, uphold data security and privacy, foster transparency, and establish accountable standards for the responsible adoption of EHR systems.

Analyst’s Review on the Electronic Health Record (EHR) Market

Electronic health records play a key role in modern healthcare by digitizing and harmonizing health information, improving patient care, and supporting healthcare providers in offering high-quality, coordinated care. The increasing expenditure on healthcare and the implementation of EHR for delivering enhanced patient care foster market growth. EHRs provide a centralized electronic data repository to store and manage patient information. This includes demographic information, medical history, medications, lab results, imaging reports, and many more. EHRs often include reporting and analytics capabilities that enable healthcare organizations to generate reports on various aspects of patient care, quality metrics, population health, and financial performance. These features support data-driven decision-making and facilitate the tracking of results and quality improvement initiatives.

Market Definition

Electronic health records (EHRs) are digital versions of a patient's paper medical records that store, manage, and retrieve a variety of health information. EHRs are designed to provide comprehensive and accurate information about a patient's health that can be accessed and shared securely between healthcare providers and organizations. EHRs also enable quick and easy access to patient information from anywhere, facilitating more efficient and informed decision-making. They can support clinical decision support systems through reminders and alerts, helping healthcare professionals deliver safer and more effective care. In addition, EHRs also support the exchange of health information between healthcare organizations, which can improve coordination and continuity of care across healthcare settings.

Market Dynamics

The growth of the market is accelerated by governments' ongoing efforts to implement policies aimed at reducing administrative burdens and regulatory pressure on healthcare providers using electronic medical records. The development of novel products and developments in medical technology are driving up industry revenue and accelerating market expansion. Electronic health records (EHRs) are expected to become more prevalent over the course of the forecast period due to their significant function in clinical applications related to health, such as information and data, order and support, outcomes management, and decision support. In addition, the utilization of electronic health data in administrative applications and health care helps stimulate market expansion.

The factors that are driving the acceptance of EHR include its growing popularity in clinics and its management applications. The high cost and shortage of qualified healthcare IT support in many developing countries around the world are significant issues impeding the market's expansion. The market's growth is constrained by high maintenance costs associated with both on-premises systems and EHR services. There are several privacy and security issues with the use of electronic health records. Thus, the number of security breaches, patient privacy and security concerns, and high maintenance costs are expected to limit the growth of the electronic medical record (EHR) industry.

Segmentation Analysis

The global electronic health record (EHR) market is segmented based on type, product, business model, end-user, and geography.

Based on type, the market is segmented into acute, post-acute, and ambulatory. The acute segment is expected to dominate the industry over the forecast period owing to the increasing number of government initiatives promoting the adoption of electronic health records (EHR) in small-scale facilities. Electronic health records for acute care patients produce patient data that encompasses all clinical information.

Based on product, the electronic health record (EHR) market is classified into client-server-based and web-based. The market share of the web-based EHR segment is the highest on account of its growing popularity among smaller physicians and healthcare providers. These systems can be installed without an internal server and offer extensive enhancements when needed.

Based on business model, the electronic health record (EHR) market is categorized into licensed software, subscriptions, professional services, and others. The professional services segment has emerged as the most dominant since these services are provided on a time-based subscription model with a recurring usage cost for businesses.

Based on end-user, the electronic health record (EHR) market is segregated into hospitals, clinics, ambulatory care centers, and specialty centers. The hospital segment is expected to dominate the sector over the forecast period due to the large amount of medical information produced in hospitals. Additionally, the extensive use of electronic health records in small- and medium-sized hospitals due to factors such as ease of implementation is expected to boost segment growth.

Geographical Analysis

Based on regional analysis, the global electronic health record (EHR) market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

North America is dominating the electronic health record market owing to the increasing number of key players developing advanced healthcare technology and the presence of EHR service providers in the region. In March 2023, Coryell Health launched a new type of electronic health record (EHR) to improve the overall healthcare system. The integration with the new EHR allows access to healthcare providers, enhancing continuity of care. This improves the patient experience through easier care coordination, more accessible medical records, and a streamlined billing process.

In addition to this, the regional market share is propelled by the growing geriatric population and increased awareness of the importance of EHR in healthcare facilities through seminars and conferences. The adoption of EHR solutions is also soaring in Canada as provinces and territories develop electronic information that encourages the use of digital health solutions across the country. The accelerating use of electronic health records and the availability of the necessary infrastructure to ensure a high level of digital literacy are the main factors driving market expansion.

Competitive Landscape

The global electronic health record (EHR) market study will provide valuable insights, with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies, such as partnerships, mergers & acquisitions, product innovations, and joint ventures, to expand their product portfolio and increase their market shares across different regions. The major players in the electronic health record (EHR) market are:

• Koninklijke Philips N.V.
• Medical Information Technology, Inc.
• Oracle
• Veradigm LLC
• Epic Systems Corporation
• athenahealth, Inc.
• eClinicalWorks
• GE HealthCare
• CPSI

Key Development

• February 2023 (Agreement): Royal Philips signed an agreement with Wipro Limited to provide an electronic medical record (EMR) solution tailored to the needs of healthcare providers in the Kingdom of Saudi Arabia. Philips EMR provides an integrated solution for all care settings that enables centralized management of clinical, operational, and administrative processes.

The global Electronic Health Record (EHR) Market is segmented as:

By Type

• Acute
• Post-Acute
• Ambulatory

By Product

• Client-Server-Based
• Web-Based

By Business Model

• Licensed Software
• Subscriptions
• Professional Services
• Others

By End-User

• Hospitals
• Clinics
• Ambulatory Care Centers
• Specialty Centers

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America