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Electronic Health Records Market Assessment, Opportunities and Forecast, 2016-2030F

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Nirbhay Prakashan
Electronic Health Records Market Assessment, Opportunities and Forecast, 2016-2030F

Global electronic health records market valued at USD 27.85 billion in 2022, which is expected to reach USD 41.87 billion in 2030, growing at a CAGR of 5.23% for the forecasted period between 2023 and 2030F. The global electronic health records market (EHR) is being driven by factors such as increasing adoption of EHR, technological advancements, growing digitization, increasing number of mergers & acquisitions, improved data security and government initiatives. An EHR refers to the organized compilation of patient and population health data, securely stored in a digital format. EHRs offer numerous advantages over conventional paper-based methods of health record keeping such as easy accessibility of patient information, reduced misplacement of health records, data analytics, and accuracy. North America is at the forefront of the global electronic health records market and holds the highest revenue share.

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Cloud-Based EHR to Dominate Market in Future

Cloud-based EHR are poised to dominate the global electronic health records market in the future due to their numerous advantages over conventional systems. The cloud-based approach offers enhanced flexibility, scalability, and cost-effectiveness, making it an attractive option for healthcare providers. With cloud-based EHR, healthcare organizations can access patient data securely from anywhere, anytime, facilitating seamless care coordination and telemedicine services. Furthermore, cloud-based EHR systems often come with regular automatic updates and maintenance, eliminating the need for on-site IT support and reducing operational burdens. This cloud-based model also ensures better data security and disaster recovery measures, as data is stored in multiple off-site locations with robust encryption and redundancy. Overall, the shift towards cloud-based EHR solutions is inevitable, driven by their ability to improve accessibility, efficiency, and data security in healthcare settings, thereby transforming how patient information is managed and utilized.

In April 2023, eClinicalWorks, the leading cloud-based EHR provider for ambulatory care, revealed its commitment to enhance its intelligent cloud technology through the integration of AI. Prioritizing usability, security, and patient safety, the company has invested USD 100 million in Microsoft Azure cloud services. This substantial investment grants eClinicalWorks access to cutting-edge innovations available within the Microsoft Cloud. As a result, eClinicalWorks is now integrating its EHR and Practice Management solutions with ChatGPT, cognitive services, and machine learning models from Azure OpenAI Service, thus elevating its technology capabilities and offerings.

Partnerships Between Industry Players

In the global electronic health records market, partnerships between industry players are on the rise, driving the market in numerous ways. These strategic collaborations involve EHR vendors, technology companies, healthcare providers, and research institutions leveraging their strengths and expertise. By pooling resources and knowledge, these partnerships enable the development of more comprehensive and advanced EHR solutions.

Altera Digital Health, a leading global healthcare IT innovator, recently disclosed that Bergen New Bridge Medical Center, the largest hospital in New Jersey and a clinical affiliate of Rutgers New Jersey Medical School, has extended its collaboration with Paragon electronic health record for an additional five years. Besides extending their successful partnership, the medical centre will integrate Paragon Ambulatory Care EHR, Microsoft Azure hosting, and several other Altera solutions to further improve their healthcare services.

In April 2023, Microsoft Corp. and Epic announced their strategic partnership to incorporate generative AI into healthcare. They achieved this by combining the vast capabilities of Azure OpenAI Service with Epic's top-tier electronic health record (EHR) software. This collaboration marks an expansion of their longstanding alliance, which already includes facilitating the utilization of Epic environments on the Microsoft Azure cloud platform.

Technological Advancements

The global electronic health records market is experiencing rapid technological advancements, fuelled by innovations such as integrating artificial intelligence (AI) and machine learning. These intelligent algorithms enable predictive analytics, data-driven insights, and clinical decision support, enhancing the accuracy and efficiency of healthcare providers. Additionally, cloud EHR technology is revolutionizing data storage and accessibility, enabling real-time updates and seamless sharing of patient records across different healthcare facilities.

The emergence of EHR mobile apps further extends the reach of healthcare professionals, these transformative technological advancements in the global EHR market are driving greater interoperability, patient engagement, and data-driven healthcare, ultimately leading to improved health outcomes and enhanced patient care.

In October 2022, ALYKA Health unveiled a new mobile app for EHR designed to function as a digital health assistant for individuals and their families. The app is accessible on both iOS and Android devices. By reviewing significant risk factors for heart disease and integrating with patients' health records, ALYKA provides curated essential health data. Users have the flexibility to create personalized journeys within the app, setting goals, gaining insights, and receiving encouragement to imrove heart health and overall well-being.

Professional Services has the Highest Share in Business Model Segment

The professional services segment has dominated the global electronic health records market and is expected to experience lucrative growth in the forecast period. These services play a crucial role in assisting healthcare systems with the implementation of information systems within the organizations. They encompass various aspects such as project management, technical and application expertise, optimizing clinical processes, regulatory consulting, and end-user training to design and implement electronic health record systems. By strategically aligning themselves to meet this demand, professional services providers offer comprehensive solutions tailored to the specific needs of healthcare institutions. Their specialized expertise in EHR implementation, customization, training, and ongoing support has facilitated the successful adoption and integration of EHR systems within healthcare facilities.

Key Trends Driving Growth:

  • Digitization of Healthcare: The increasing digitization of healthcare systems and the transition from paper-based to electronic health records are driving market growth.
  • Government Initiatives: Government initiatives and regulations mandating the adoption of EHR systems, such as the Meaningful Use program in the United States, are fueling market demand.
  • Interoperability and Data Exchange: The focus on interoperability and seamless data exchange between healthcare providers, hospitals, and other stakeholders is driving the adoption of EHR systems.
  • Technological Advancements: Technological advancements such as cloud computing, artificial intelligence (AI), and machine learning are enhancing the functionality and capabilities of EHR systems, leading to greater adoption.

Impact of COVID-19

The COVID-19 pandemic had a profound impact on the global electronic health records market. The pandemic caused a substantial and abrupt disruption in clinical operations. Initially, the daily time spent on EHR saw a significant decline as the pandemic began, but by July 2020, it rebounded and surpassed the pre-pandemic levels. This increase was primarily attributed to the rise in time spent on clinical review and in-basket messaging, with clinicians receiving 157% more patient messages compared to the pre-pandemic period. Managing these patient messages demanded additional 2.3 minutes of daily EHR work on average for each clinician. These digital solutions became indispensable in managing patient data, facilitating telemedicine, and ensuring efficient communication among healthcare professionals. The pandemic highlighted the urgency for streamlined data management, interoperability, and remote patient care, accelerating the adoption of EHR systems worldwide.

Global Electronic Health Records Market: Report Scope

Global Electronic Health Records Market Assessment, Opportunities and Forecast 2016-2030F, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative & quantitative assessment of the current state of global electronic health records, industry dynamics and challenges. The report includes market size, segmental shares, growth, trends, COVID-19 impact, opportunities and forecast between 2023 and 2030. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence etc.

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