Electronic health records (EHR) provide patient's medical history effectively and efficiently on digital platforms. EHR products enable doctors to maintain updated health records, monitor medical investigations, and share reports with other healthcare providers or patients. Adoption of EHR's improve patient care, streamline workflow of medical practices and reduces costs associated with storage of physical records. The global Electronic Health Records Market is estimated to be valued at US$ 29.06 Bn in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: Improved patient engagement with healthcare providers through access of medical records on portals is driving growth of the electronic health records market. Patients can view lab reports, immunization records and upcoming appointments through online patient portals. Around 60% of healthcare organizations in the US offer patient portals. Patients can also renew prescriptions and message doctors queries through the portal. Around 70% of patients are more satisfied with healthcare providers that offer online access to medical records. Rapid shift to value based care models focusing on preventive care and patient satisfaction is propelling hospitals to adopt EHR for enhanced patient engagement.
Segment Analysis
The global electronic health records market is dominated by the integrated EHR subsegment. An integrated EHR consists of a patient's complete medical history from all sources compiled into one integrated system accessible by authorized healthcare providers. Integrated EHR provides more comprehensive patient information than other subsegments like standalone EHR systems. This boosts clinical decision making and coordination of care among different providers, making integrated EHR the preferred system.
Key Takeaways
The global electronic health records market is expected to witness high growth over the forecast period of 2023 to 2030. North America currently dominates the market due to widespread government initiatives and infrastructure for EHR adoption in the region. However, Asia Pacific is expected to grow at the fastest rate due to improving healthcare systems and growing focus on digital healthcare in countries like China and India.
Regional analysis:
North America currently has the highest EHR adoption rate globally driven by government mandates and investments. The U.S. has seen over 80% of hospitals adopting and meaningfully using EHR systems according to its criteria. However, Asia Pacific countries are rapidly improving their healthcare infrastructure and witnessing rising investments towards digitalization. China especially is positioning itself as a leader in digital healthcare with centralized national level databases. The government is actively promoting EHR adoption through policies and funding. As a result, Asia Pacific is projected to surpass other regions in terms of EHR market growth during the forecast period.
Key players:
Key players operating in the electronic health records market are eClinicalWorks, Cerner Corporation, GE Healthcare, Allscripts Healthcare, LLC, and Epic Systems Corporation. eClinicalWorks and Cerner dominate the integrated EHR segment while Epic Systems holds leading share in ambulatory EHR solutions. Allscripts caters to both acute and non-acute facilities. Meanwhile GE Healthcare focuses on solutions for variousprovider settings including hospitals, outpatient clinics, dentists and more. These companies have extensive client networks globally and continue enhancing their solutions through investment in technologies like AI and analytics.
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