Global Electronic Health Records Market Insights Forecasts to 2033.

• The Global Electronic Health Records Market Size was Valued at USD 31.76 Billion in 2023.
• The Market Size is Growing at a CAGR of 5.06% from 2023 to 2033.
• The Worldwide Electronic Health Records Market Size is Expected to Reach USD 52.03 Billion by 2033.
• Asia Pacific is expected to Grow the fastest during the forecast period.

The Global Electronic Health Records Market Size is Anticipated to Exceed USD 52.03 Billion by 2033, Growing at a CAGR of 5.06% from 2023 to 2033.

Market Overview

An electronic health record is a digital representation of a patient's medical records. Using an electronic health record (EHR), the health record is created, assembled, and saved. Healthcare professionals' use of EHRs is being driven by the demand for contemporary healthcare facilities. Among the fundamental components of an EHR are clinical record systems, lab, radiography, pharmacy, administrative duties, and computerized physician order input. The electronic health record (EHR) contains information about the patient's age, gender, ethnicity, medical history, prescription medication history, allergies, immunization history, test results, instructions for hospital release, and billing information. The primary drivers of this industry are government initiatives to encourage the use of IT in healthcare institutions. In Australia, for instance, My Health Record is the national digital health record portal. Unless they have made the decision not to, every Australian citizen is in possession of a "My Health Record." All healthcare practitioners in the nation will be able to contribute to and use the healthcare information on the platform by the end of 2022, according to the government. Additionally, the introduction of cutting-edge medical services is anticipated to fuel the expansion of the electronic health record (EHR) market.

Report Coverage

This research report categorizes the market for the global electronic health records market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global electronic health records market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global electronic health records market.                 

Driving Factors

The global electronic health records market is driven by various factors, including growing global elderly population and the increasing incidence of various chronic diseases are contributing to an increase in the number of patients in hospitals and other healthcare facilities. The global market for electronic health records is expanding due to the desire to reduce paperwork and the demand for the healthcare systems to be digitalized. One of the main factors driving the expansion of the electronic health records industry is government initiatives to digitalize healthcare institutions. By analyzing a patient's past medical history and health records, these records can improve patient care in hospitals by enabling more effective therapy for the patient. Additionally, throughout the course of the forecast period, the market for electronic health records is anticipated to rise as a result of the increasing necessity for healthcare system integration and the advent of big data in the sector. The European Commission approved the recommendation for the European electronic health record exchange in March 2021. This will allow for the safe sharing of health-related data between European countries. The global adoption rate of electronic health records is anticipated to increase as a result of these kinds of government initiatives.

Restraining Factors

Because EHRs are becoming more and more common in administrative and clinical contexts, a few factors hinder more individuals from adopting these. The adoption of electronic health records is hampered in numerous emerging economies due to their high cost.

Market Segmentation

The global electronic health records market share is classified into product, application and end user. 

• The cloud-based software segment is expected to hold the largest share of the global electronic health records market during the forecast period.   

Based on the product, the global electronic health records market is divided into on-premise software, and cloud-based software. Among these, the cloud-based software segment is expected to hold the largest share of the global electronic health records market during the forecast period. The primary drivers of growth and innovation in the global technology sector as well as all other industries. It is regarded as revolutionary in the field of electronic health records. By eliminating the need for additional software and hardware installations, web and cloud-based EHRs facilitate implementation in small clinical offices. Additionally, with a quicker installation time than comparable client-server solutions, it assists practitioners in avoiding cash flow disruptions.  

• The clinical application segment is expected to hold the largest share of the global electronic health records market during the forecast period.   

Based on the application, the global electronic health records market is divided into clinical application, healthcare financing, and others. Among these, the clinical application segment is expected to hold the largest share of the global electronic health records market during the forecast period. To set up a storage system for healthcare data. More clinical trials are being conducted worldwide in an effort to improve the efficacy and safety of medications and technology. Additionally, during the forecast, the administrative application category is anticipated to experience stable expansion. The reason for this growth is the rising usage of EHRs for administrative data storage.

• The hospital segment is expected to hold the largest share of the global electronic health records market during the forecast period.   

Based on the end user, the global electronic health records market is divided into hospitals, clinics. Among these, the hospital segment is expected to hold the largest share of the global electronic health records market during the forecast period. The substantial volume of medical data produced in hospitals is the reason for the growth. Additionally, hospitals experience lower installation costs for EHRs compared to ambulatory care facilities, which further contributes to the market's expansion.

Regional Segment Analysis of the Global Electronic Health Records Market

• North America (U.S., Canada, Mexico) 
• Europe (Global, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the global electronic health records market over the predicted timeframe.

North America is anticipated to hold the largest share of the global electronic health records market over the predicted timeframe. Regulations that encourage the use of electronic health records and the availability of infrastructure with a high level of digital literacy are the main drivers of this region's growth. Additionally, it is anticipated that the U.S. market for electronic health records would be driven by supportive government laws and policies that oversee the security of healthcare IT solutions.

Asia Pacific is expected to grow the fastest during the forecast period. This expansion is usually associated to the region's healthcare system being more digitally connected due to the growing demand for high standards and services. China's Ministry of Health has established an action plan for the use of e-health services throughout the nation, covering a wide range of medical services, insurance plans, and a major emphasis on the adoption of electronic record systems that facilitate data sharing throughout the country's healthcare system.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global electronic health records market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Cerner Corporation (Oracle)
• GE Healthcare
• Veradigm LLC (Allscripts Healthcare, LLC)
• Epic Systems Corporation
• eClinicalWorks
• Greenway Health, LLC
• NextGen Healthcare, Inc.
• Medical Information Technology, Inc. (Meditech)
• Health Information Management Systems
• CPSI
• AdvancedMD, Inc.
• CureMD Healthcare
• McKesson Corporation
• Others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In July 2023, NextGen Healthcare and the American Podiatric Medical Association (APMA) have expanded their collaboration. In accordance with this partnership, the cloud-based EHR and practice management system called "NextGen Office" is the only one that uses blueprints created specifically with APMA.

• In April 2023, by merging the scope of Microsoft's Azure OpenAI Service with Epic's cutting-edge EHR software, the two companies have announced an expansion of their strategic cooperation aimed at developing and integrating generative AI into healthcare.

Market Segment

This study forecasts revenue at regional, and country levels from 2022 to 2033. Spherical Insights has segmented the Global Electronic Health Records Market based on the below-mentioned segments:

Global Electronic Health Records Market, By Product

• On-Premise Software
• Cloud Based Software

Global Electronic Health Records Market, By Application

• Clinical Application
• Healthcare Financing
• Others

Global Electronic Health Records Market, By End User

• Hospitals
• Clinics

Global Electronic Health Records Market, By Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa