Advancements in software technology in the healthcare sector and introduction of artificial intelligence (AI) in the development of EHRs software drive the growth of the global electronic health records market
PORTLAND, Ore., March 3, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Electronic Health Records Market by Product (On-premise Software and Cloud-based Software), Type (Inpatient EHR and Ambulatory EHR), Application (Clinical Application, Administrative Application, Reporting in Healthcare System, Healthcare Financing, and Clinical Research Application), and End User (Hospitals, Clinics, Specialty Centers, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report, the global electronic health records industry generated $30.55 billion in 2020, and is estimated to reach $63.84 billion by 2030, witnessing a CAGR of 7.7% from 2021 to 2030.
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Drivers, Restraints, and Opportunities
Advancements in software technology in the healthcare sector and introduction of artificial intelligence (AI) in the development of EHR software drive the growth of the global electronic health records market. However, high cost of EHR services and concerns regarding patients' personal data and safety restrain the market growth. Contrarily, surge in R&D activities in cloud storage technology and increase in the number of EHR service providers create new opportunities in the coming years.
Covid-19 Scenario
- During the Covid-19 pandemic, the hospitalization of patients suffering from Covid-19 infection increased considerably. This led to increased demand for EHR for efficient management of patients and data. EHR software and systems played a crucial role in management and recording of patients data.
- The cyber threats on EHR systems increased significantly during the pandemic as the utilization increased. These threats became more sophisticated and complex than before.
The on-premise software segment to continue its lead position during the forecast period
Based on product, the on-premise software segment contributed to the highest share in 2020, accounting for more than half of the global electronic health records market, and is estimated to continue its lead position during the forecast period. This is due to surge in number of hospitals worldwide. However, the cloud-based software segment is projected to witness the highest CAGR of 8.0% from 2021 to 2030. This is due to advancements in cloud-based technologies.
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The hospitals segment to continue its dominance in terms of revenue throughout the forecast period
Based on end user, the hospitals segment held the highest share in 2020, accounting for more than two-fifths of the global electronic health records market, and is expected to continue its dominance in terms of revenue throughout the forecast period. This is attributed to adoption of advanced healthcare systems and increase in number of hospitals across the globe. However, the specialty centers segment is estimated to manifest the largest CAGR of 9.1% from 2021 to 2030, owing to rise in chronic diseases such as cancer and wide presence of specialty centers.
North America to maintain its leadership status by 2030
Based on region, North America accounted for the highest market share in 2020, contributing to nearly half of the global electronic health records market, and is expected to maintain its leadership status in terms of revenue by 2030. This is due to rise in presence of key players for development of electronic health records systems and advancements in technology. However, Asia-Pacific is projected to portray the fastest CAGR of 8.7% during the forecast period, owing to surge in healthcare expenditure by patients and adoption of advanced healthcare services.
Leading Market Players
- Allscripts Healthcare Solutions Inc.
- Cerner Corporation
- Computer Programs and Systems Inc.
- CureMD Corporation
- eClinicalWorks
- Epic Systems Corporation
- General Electric Company
- Greenway Health, LLC
- Meditech
- Praxis EMR
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"We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market."
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