Electronic Health Records Market CAGR to Exceed 4.0% by 2030, Due to the Growing Digitalization and Government Initiatives to Encourage Healthcare IT Usage | Grand View Research, Inc.

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According to a new report published by Grand View Research, the introduction to technologically advanced healthcare services is expected to drive electronic health record (EHR) market growth.

Electronic Health Records Industry Overview

The global electronic health records market size was estimated at USD 27.2 billion in 2021 and is expected to reach USD 38.5 billion by 2030, at a CAGR of 4.0% from 2022 to 2030.

Government initiatives to encourage healthcare IT usage is the key driver to this market. For instance, My Health Record is a national digital health record platform in Australia. Every Australian citizen has a “My Health Record” unless they have chosen that they don’t want it. The agency claims that by the end of 2022, all healthcare providers in the country will be able to contribute to and use healthcare information available on the platform. Moreover, the introduction to technologically advanced healthcare services is also expected to drive electronic health record (EHR) market growth.

Gather more insights about the market drivers, restrains and growth of the Global Electronic Health Records market

The spread of COVID-19 has put a lot of pressure on healthcare organizations since the beginning of 2020. The pandemic has negatively impacted the revenue of major market players due to a decline in new business bookings as certain client purchasing decisions and projects are delayed to focus on treating patients, procuring necessary medical supplies, and managing their organizations through this crisis. Also, companies such as Allscripts experienced delays in deals with upfront software revenue and professional services implementations across their outpatient and inpatient bases.

New expansion activities, product approvals, product launches, partnerships, and acquisitions have positively impacted the EHR market in recent years. Furthermore, there has been a significant increase in the demand for electronic health records due to the growing digitalization which in turn is fueling the market growth. Rising demand for centralization and streamlining of healthcare administration is also anticipated to drive the market for electronic health records. Centralization of health information management is driven by a value-based model which aims towards streamlining operations, standardizing processes, reduction of costs, and improving the quality of care that results in patient satisfaction.

Additionally, an increasing number of mergers and acquisitions by market players are also boosting the market growth. For instance, in January 2021, Allscripts Healthcare Solutions announced a strategic partnership with the U.S. Orthopedic Alliance (USOA). This partnership is aimed at bringing to market efficient infrastructure designed to assist orthopedic practices scale with agility, improving electronic health records implementation timelines, providing evidence-based guidelines to support evolving clinical protocols, and creating community-wide connectivity with value-based care analytics.

Electronic Health Records Market Segmentation

Based on the Product Insights, the market is segmented into Client-server-based EHR and Web-based EHR.

The web-based EHR segment led the market for electronic health records and accounted for the largest revenue share of more than 50.0% in 2021.
The client server-based EHR segment is anticipated to show significant growth during the forecast period.

Based on the Type Insights, the market is segmented into Acute, Ambulatory and Post-acute.

The acute EHR segment dominated the market for electronic health records and accounted for the largest revenue share of about 46.8% in 2021.
Ambulatory electronic health records are meant for use in outpatient care facilities and small practices. Government support for the adoption of ambulatory electronic health records, especially during the COVID-19 pandemic, is expected to boost market growth. 

Based on the End-use Insights, the market is segmented into Hospital Use and Ambulatory Use.

The hospital segment dominated the electronic health records (EHR) market and held the largest revenue share of more than 60.0% in 2021.
Ambulatory care centers provide convenience to the patients as well as healthcare providers. The rising number of ambulatory care centers in the developed as well as developed economies is expected to drive the segment.

Based on the Business Models Insights, the market is segmented into Licensed Software, Technology Resale, Subscriptions, Professional Services and Others.

The professional services segment dominated the market for electronic health records and accounted for the largest revenue share of more than 31.0% in 2021.

Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

North America dominated the market for electronic health records and accounted for the largest revenue share of about 45.4% in 2021.
In Asia Pacific, the market for electronic health records is anticipated to demonstrate lucrative growth during the forecast period. 

Browse through Grand View Research’s Healthcare IT Industry Related Reports.

Ambulatory Services MarketThe global ambulatory services market size was valued at USD 2.72 trillion in 2018 and is projected to expand at a CAGR of 6.1% over the forecast period. Increasing preference for outpatient care, as it is cost-effective and does not require a hospital stay, is likely to be the key factor driving the market.
Healthcare IT MarketThe global healthcare IT market size was valued at USD 135.6 billion in 2021 and is projected to exhibit a CAGR of 29.3% in the forecast period. The growing trend of digitalization in healthcare, rising demand for preventive care solutions, the emergence of various entrepreneurship ventures, and growing partnerships & funding are propelling the market growth.

Market Share Insights:

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.
April 2021: Cerner Corporation acquired Kantar Health, for approximately USD 375 million. This acquisition combined Cerner’s collection of real-world data and technology and Kantar’s life sciences expertise and accelerated innovation in life sciences research and improved worldwide patient outcomes.

Key Companies Profile:

The market leaders are involved in product launches, collaborations, expansions, and acquisitions to sustain the competition.

Some of the prominent players in the electronic health records market include:

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

Order a free sample PDF of the Electronic Health Records Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Web: https://www.grandviewresearch.com

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