May 29, 2024

Electronic Health Records Market High Growth Opportunities, Emerging Trends, Industry Review, Forecast Till 2031

The Electronic Health Records (EHR) Market is in trends by increased efficiency in healthcare delivery. EHRs offer a digital version of a patient’s medical history, including diagnoses, medications, treatment plans, immunization dates, allergies, radiology images, and laboratory and test results among other critical medical data. EHRs are replacing conventional paper-based recording of health information and streamlining workflows in healthcare facilities.

The EHR market enables tools to securely manage a wide range of patient medical and health data through electronic devices. EHRs improve clinical decision making for physicians by providing access to patient medical histories and test results. They allow monitoring of public health trends and enable digital sharing of health data between providers, reducing medical errors. The Global EHR Market is estimated to be valued at US$ 29.06 Bn in 2024 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023 to 2030.

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Key Takeaways

Key players: Key players operating in the Electronic Health Records market are eClinicalWorks, Cerner Corporation, GE Healthcare, Allscripts Healthcare, LLC, and Epic Systems Corporation. These companies have established strong market presence with their customized and secure EHR solutions.

Growing demand: Widespread acceptance of EHRs among healthcare providers and patients has boosted the market growth. EHR aids in better management of medical records, reducing medication errors and unnecessary testing. This has increased their adoption across large hospitals, physician practices and other care facilities.

Global expansion: Major EHR vendors are focusing on emerging markets to expand their footprint. Partnerships with local players and improving technological infrastructure is helping gain ground in Asia Pacific and Latin America regions. Cloud-based offerings are also enabling cross-border data sharing solutions.

Market Key Trends

One of the major trends in the electronic health records market is increased investments in healthcare IT. Governments around the world are introducing favorable regulations and providing funding to implement digital health initiatives using EHR systems. This is driving the integration of EHR with other healthcare IT solutions like mobile health apps, telehealth platforms, and clinical decision support tools. Additionally, the growing popularity of medical tourism and rising patient demands for tailored care is propelling the demand for interoperable EHR exchange between local and international providers. Overall, the trend towards digitization of healthcare using integrated solutions will continue shaping the electronic health records industry trajectory over the coming years.

Porter’s Analysis

Threat of new entrants: Low barriers and costs to entry make this market more susceptible to new entrants. However, established players have strong brand loyalty and network effects that deter new entrants.

Bargaining power of buyers: Buyers have moderate bargaining power due to the large number of players and variety of solutions available in the market. However, switching costs when changing EHR systems provides some bargaining power to suppliers.

Bargaining power of suppliers: Suppliers of EHR systems have moderate-to-high bargaining power given the specialized expertise required and differentiation in capabilities across solutions. This allows them some flexibility in pricing.

Threat of new substitutes: Few substitute technologies currently rival the core function of EHR for healthcare providers. Telehealth could emerge as a substitute for some in-person visits however.

Competitive rivalry: Intense competition due to large number of players and commoditization of basic functions. Differentiation comes from additional capabilities and services.

Geographical Regions

North America currently accounts for the largest share of the global electronic health records market, valued at an estimated US$ 18.5 billion in 2024. This is attributed to factors such as widespread EHR adoption driven by government initiatives and presence of major players in the region.

The Asia Pacific region is projected to be the fastest growing market for electronic health records during the forecast period. This can be accredited to rising healthcare expenditure, growing geriatric population, and initiatives by various governments in the region to develop and promote EHR systems. Countries such as China and India are expected to lead this growth.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it