The electronic health records market is expected to garner a market value of US$ 26.78 Bn in 2022, anticipated to register a positive CAGR of 4.5% in the forecast period 2022-2032 and reach a value of US$ 41.8 Bn.
The introduction of EHRs for medical coding and billing has eased the process as data entering into computerized systems is more convenient than paper-based methods. EHRs also minimize the risk of errors in patient data as well as financial details. Considering these factors, the market is projected to witness high growth over the coming years, registering a CAGR of 4.5% to top US$ 41.8 Bn by 2032.
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From 2015 to 2021, demand for web-based EHRs expanded at a CAGR of 3%, being valued at US$ 26 Bn. Web-based electronic health records (EHRs) are anticipated to exhibit maximum adoption. These EHRs are convenient for use in pharmacies, small-scaled laboratories, and clinics, as they require limited hardware infrastructure, which reduces the cost of installation. Prospects further heightened during the COVID-19 pandemic, as the need to maintain social distancing prompted increased automation of hospital workflows.
The introduction of EHRs for medical coding and billing has eased the process as data entering into computerized systems is more convenient than paper-based methods. EHRs also minimize the risk of errors in patient data as well as financial details. As per the University of Michigan, the cost of outpatient care was reduced by 3% upon shifting to EHRs from paper-based records. This reduction resulted in USD 5.14 savings per patient per month. Additionally, M&A activities by market players are also boosting market growth.
Key Takeaways from the Market Study
- Global electronic health records market to be valued at US$ 26.78 Bn in 2022
- By product, web-based EHRs to account for over half of the global market revenue in 2022
- Hospitals to remain primary end users of electronic health records, accumulating 60% revenue
- Over 3 out of 10 electronic health records to be used for professional services
- North America to account for over 2/5th of global electronic health records market demand
- Asia Pacific to be an opportunistic market, forecast to exhibit a 5% value CAGR until 2032
“The Rising Number Of Ambulatory Care Centers In The Developed As Well As Developed Economies Is Expected To Drive The Demand For Ehrs, As They Provide Convenience To The Patients As Well As Healthcare Providers,”, Says A Fact.MR Analyst.
Market Competition
Some prominent players in the market for electronic health records are 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; Greenway Health, LLC. Frontrunners are emphasizing capacity enhancements and global footprint expansion to leverage lucrative prospects in developing economies. Some notable developments are as follows:
- In December 2021, Oracle acquired Cerner Corporation for a value of USD 28.3 billion. This acquisition strengthened Oracle’s position in the EHR Market, as Cerner was a leading player in the space.