Electronic Health Records Software Market Size, Share & Trends Estimation Report By Type (Ambulatory, Acute, Post-Acute),By Product (Web Based, Client-Server Based),By End-User (Hospital, Ambulatory, Physicians Clinic, Pharmacy, Laboratories), By Region, And Segment Forecasts, 2023 - 2030
The Electronic Health Records Software Market was valued at USD 14.2 Billion in 2022 and is projected to grow at a CAGR of 9.1% during the forecast period 2023-2030.
Electronic Health Records Software Market Overview:
Between 2023 and 2030, the global market for software that keeps electronic health records is expected to grow by hundreds of millions of dollars. Electronic health record (EHR) software is mostly used to collect and store digitally the medical information of patients in a systematic way. This software makes it easier to get more information about a patient, which makes patient care more productive and effective as a whole. Because EHR has many different features, is easy to use, and can be used in many different healthcare settings, its use is expected to grow over the next few years. The most important parts of electronic health record software are laboratory systems, clinical documentation, administrative operations, and pharmaceutical systems. Also, it is important to store information like the person's gender, age, medical history, race, allergies, medications, test results, instructions, and billing information. The market for electronic health record software is growing because more and more new technologies are being used to meet the growing needs of end users.
Also, the use of artificial intelligence (AI) to predict clinical outcomes based on HER has changed the patient experience by making care better, and AI's role in the development of EHR software has helped the market grow. During the COVID-19 outbreak, electronic health record software was also a key part of keeping track of patient information. In addition to these events and changes, government-backed programs and investments will drive market growth in the future. During the time frame of the forecast, it is expected that North America will have a large share of the revenue from the electronic health record software market.
Drivers: Technological advancements in electronic health record software driving the market growth.
During the projected period, the market for electronic health record software is anticipated to be driven by technological progress. The software derived by AI integrates perfectly and offers a variety of capabilities. Machine learning and natural language processing can aid in documenting a patient's medical experience, organising enormous databases to locate crucial papers, and evaluating patient satisfaction. The combination of machine learning mode and natural language processing can assist healthcare providers in translating voice from speech-to-text recognition systems. Large volumes of patient data about the patient's course of therapy, the device used for treatment, and the respective physician can be utilised to train algorithms, which can then be neatly segregated based on the specific patient, disease, and disease treatment. This will facilitate the search of vast databases for documents and information.
Restraint: The high cost of electronic health record software’s hampering the growth of the market:
The price of software for electronic health records keeps the market from growing. Electronic health record software is very expensive to develop, implement, and keep up to date. EHR is hard to use in most emerging economies because it is so expensive. Also, developing AI-based algorithms and programs is too expensive for poor countries, which has slowed the industry a little bit. The market for electronic health record software is also expected to be slowed down by a lack of experienced staff and information on how to use complex AI and machine learning algorithms, as well as a lack of IT infrastructure in low-income countries. So, the high cost of EHR technology makes it hard for the market to grow.
Opportunities: Increasing government initiatives and collaborations creating new opportunities:
Electronic health record (EHR) software is being used more and more around the world as a result of government initiatives, company acquisitions, collaborations, and implementations. One reason for this is that governments are putting in place plans to reduce the administrative burdens that EHR puts on healthcare providers.
For example, in Australia, My Health Record is a national digital health record platform. "My Health Record" is an app that all people who live in Australia can use. The Australian Digital Health Agency (ADHA) says that by the end of 2022, all Australian health professionals will be able to add to and use the platform's health information. These kinds of government actions help the market for software for electronic health records grow.
The global market for electronic health record software is categorised by type into Ambulatory, Acute, and Post-Acute. In 2021, the acute EHR category is anticipated to hold the largest market revenue share. Due to the introduction of electronic health records in small-scale services, this market segment is expanding. For instance, acute care clinics in the United States qualify for the Medicare incentive payment scheme under the Prospective Inpatient Billing System (IPPS). The electronic health record for acute care generates patient information that includes all clinical facts. Additionally, these facts can be used for intensive care, emergency services, hospitalisation, and operating room needs.
On the Electronic Health Record Market, the ambulatory segment is anticipated to have a sizable revenue share. The Emergency Electronic Health Record is intended for use in ambulatory care and minor procedures. Government support for the implementation of electronic health records in ambulances, particularly during the COVID-19 pandemic, is anticipated to stimulate industry expansion. As opposed to inpatient electronic health records, the usability of outpatient electronic health records is anticipated to boost market expansion.
The Post-acute EHR is largely used to give patients with recovery treatments following a hospitalisation for acute care. Inpatient rehabilitation facilities and hospitals, home care companies, and long-term care hospitals are examples of post-acute care services.
The worldwide electronic health record software market is categorised based on product insights into web-based and client-server software. In 2021, the web-based EHR category is anticipated to hold the largest market revenue share. This segment's rise is attributable to its appeal among small-scale healthcare providers and physicians. Web-based EHRs can be installed without the need for in-house servers and offer extensive customization and enhancement options. During the forecast period, the client-server-based electronic health record software sector is anticipated to hold a large revenue share. Unlike web-based EHR, which drove the market's rise, this segment does not require an internet connection to function.
The worldwide electronic health record software market is categorised by End-User into Hospitals and Ambulatory. In 2021, the Hospital EHR sector is anticipated to have a significant market revenue share. This segment's rise can be linked to the vast amount of medical data collected in hospitals. In addition, the installation cost of EHR software is far less than that of ambulatory care centres, which drives the industry.
The ambulatory care centres category occupies a sizeable revenue portion of the market. It consists of laboratories, pharmacies, and doctor's offices. It is projected that the increasing number of ambulatory service centres in developed regions will propel market expansion.
In 2021, North America held the largest revenue share and dominated the global market for electronic health record software. Government actions that encourage the adoption of EHR software and the availability of a robust healthcare infrastructure with high levels of digital literacy have contributed to the growth. TELUS HealthCare, for instance, announced the next phase of the digital integration of its employer-focused virtual care service, Akira by TELUS Health, with its electronic medical records in March 2021.
Europe is second to North America in terms of revenue share on the market for electronic health record software. Increasing healthcare research and development and EHR market demand. The European Commission's Digital Single Market policy facilitates the growth of the digital network and ancillary services, which is expected to contribute to the expansion of the European economy. The European Commission, for instance, announced intentions to invest €292 million in digital technologies in February 2022. Examples include European blockchain infrastructure, digital solutions for improved government services, Artificial Intelligence (AI) for crime prevention, and AI testing facilities.
Due to the increasing demand for quality services and standards, which contributes to the regional digitalization of healthcare, the Asia-Pacific market for electronic health record software is expected to experience lucrative growth over the forecast period. In addition, the increasing penetration of AI-derived technologies and favourable government initiatives for the implementation of artificial intelligence (AI) in numerous pharmaceutical fields are boosting the expansion of the market for electronic health records.
|Units||Value (USD Billion)
|Growth Rate||CAGR of 9.1% from 2023 to 2030|
|Reasons to Purchase this Report||
- In June of 2021, Datavant and Ciox Health agreed into a definitive agreement to build the largest health data ecosystem in the country. It will facilitate the interchange of patient-level data between patients, providers, payers, health data analytics firms, patient-facing applications, government entities, and life science companies.
- In May 2021, the federal Centers for Medicare and Medicaid Services (CMS) issued a proposed regulation titled "the Inpatient Prospective Payment Systems Rule" that will alter the way electronic health records support care. The modifications would update how hospitals share information through electronic health records systems, allowing physicians and nurses to give the best possible care.
- In April of 2021, Microsoft Corporation bought Nuance Communications, Inc. with the intention of empowering healthcare providers via ambient clinical intelligence and other Microsoft cloud services.
- In February 2021, Capital Health, a regional leader in providing progressive, high-quality patient care, implemented a new electronic health record (EHR) across the acute care departments of its two hospitals in order to better serve patients.
- Web Based
- Client-Server Based
- Physicians Clinic
- Allscripts Healthcare, LLC
- GE Healthcare
- Cerner Corporation
- Epic Systems Corporation
- McKesson Corporation
- NextGen Healthcare, Inc.
- CureMD Healthcare
- Medical Information Technology, Inc.
- AdvancedMD, Inc.
- Greenway Health, LLC