Electronic Health Records Market Size, Share & Growth [2031]

Report Description

The global electronic health records market size was valued at USD 29.8 Billion in 2022 and is expected to reach USD 54.7 Billion by 2031, expanding at a CAGR of 7.8% during the forecast period, 2023-2031. The market growth is attributed to the rising preference for electronic health records from hospitals to enhance their work efficiency and productivity.
 
Electronic health records (EHR) are digitized versions of a patient’s health records. This record contains all the valuable data regarding the patient’s medical history, diagnosis, medications, illness, radiology images, and others. Healthcare providers utilize this data and information to make vital decisions for the treatment of the patient. Healthcare settings use electronic records to streamline their workflow efficiency and effectiveness. 

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The market report finds that the COVID-19 pandemic positively impacted the market. The EHR solutions with remote patient monitoring help healthcare professionals and patients to seamlessly communicate with each other without any hurdles. Thus, the electronic health records boosted the market demand in the midst of the pandemic. 

Electronic Health Records Market Dynamics

Major Drives

The rapid increase in demand for electronic and digitized medical records has aided in improving the efficiency and productivity of hospital staff. Patients' health records are stored in a digitized form which helps hospital staff easily access all the data which is likely to drive the global market. 

Increasing the adoption of EHR solutions across the world can boost the global market.  EHR solution aids in providing diagnoses, medications, treatment plans, immunization dates, allergies, and laboratory dates. This enables hospitals to improve efficiency and productivity.

Existing Restraints

The use of EHR solutions is rapidly increasing but the major factor of high-cost of implementation and maintenance can hamper the global market. The cost of EHR is higher than the others present in the global market which can reduce its adoption in the healthcare system which is likely to hamper the market growth.

The rise in concerns regarding the misuse of patient medical data, violation of users' privacy, and high cost of electronic health records are key challenges that can hamper the market. Electronic health records reduce the paperwork to store medical records but the risk of leaking the personal data of patients is high which as a result reduces the demand for EHR solutions in the global market.

Emerging Opportunities

Technological developments and the implementation of advanced technology in the medical sector especially in health records can create new opportunities for the global market. Speech recognition software and better processor devices improve the interaction of medical staff with electronic health records can boost the global market. 

Integration of Artificial Intelligence to predict outcomes based on the EHR-provided data ensures better accuracy and efficiency in diagnosis and treatment aiding in producing new opportunities for the global market.

The prevalence of diseases and illnesses among the growing population creates a large pool of patients in medical institutions and to reduce the burden of the healthcare system, governments across the globe are launching new initiatives and increasing new funding in the medical sector towards the use of digitized technology for the maintenance of data can produce new opportunities for the global market.

Scope of Electronic Health Records Market Report

The market report includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Electronic Health Record Market Segment Insights

Product Segment Analysis

Based on product, the electronic health records market is bifurcated into on-premise software and cloud-based software. The on-premise software segment is expected to account for a substantial market share in the coming years owing to the high support from vendors and the availability of customization functions. 

On-premise software requires the integration of hardware devices and private servers to gain limited access to ensure data privacy and secrecy. On-premise software is the most commonly used software for storing medical and health records.

The cloud-based segment is anticipated to register a considerable CAGR during the forecast period owing to technological developments and penetration of cloud technology in the medical sector. Cloud-based electronic health records do not need complex installation procedures and allow access to the data easily using an internet connection. Moreover, cloud-based software enables users to access data from anywhere using any device.

Type Segment Analysis

On the basis of type, the market is categorized as ambulatory EHR and inpatient EHR. The ambulatory EHR segment accounted for a significant market share in 2022 and is expected to hold a major market share in the coming year. Ambulatory EHR refers to care provided by healthcare units in outpatient settings such as medical offices, surgery centers, and others.

Ambulatory health records enable physicians or healthcare professionals to analyze and diagnose the medical condition based on the medical history and symptoms of the patient.

The inpatient EHR segment is anticipated to register a considerable CAGR during the forecast period owing to the increasing use of inpatient EHR as the rise in the number of hospitals across the globe, especially in emerging economies and the prevalence of chronic diseases is likely to increase the demand for inpatient EHR in during the forecast period.

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Application Segment Analysis 

Based on application, the global electronic health records market is divided into healthcare financing, clinical, reporting in healthcare systems, administrative, and clinical research.

The clinical segment is expected to witness significant growth during the forecast period owing to the high demand for electronic health records for diagnosis and decision-making for patient treatment.

Clinical application of electronic health records includes decision support, order entry & support, and result management. Medical records aid professionals in efficiently managing and treating the patient with the help of secured data and patient communication. The administrative segment is anticipated to register a considerable CAGR in the coming years owing to the increasing usage of EHR to store administrative data.

EHR is widely used to store administrative data which aids in enhancing the productivity and work efficiency of hospital staff. Administrative data storage with the use of EHR aids in the smooth workflow of hospitals across the globe.

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End-user Segment Analysis

Based on end-user, the market is fragmented into hospitals, specialty centers, clinics, and others. The hospital segment is expected to dominate the market during the forecast period owing to the large amount of data used by hospitals to monitor patient safety, support quality improvement, and others. 

Regional Analysis 

In terms of region, the market is classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held a significant market share in 2022 and is anticipated to constitute a large share of the market during the forecast period owing to the presence of key players and rapid growth in advanced technology in the healthcare system.

The U.S. has a well-established healthcare system with all the advanced technology required for administration as well as diagnosis and it is expected to grow as new major developments are happening in the healthcare sector. The market in Asia Pacific is anticipated to register a considerable CAGR in the coming years due to the increasing number of patients suffering from chronic diseases such as tuberculosis, diabetes, and others in the region.

Increased government funding in developing countries such as India, China, and Japan has accelerated the growth of the market. Moreover, technological development and product innovation in the medical sector such as cloud-based technology among big companies is projected to upsurge the regional market growth.

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