by 
The electronic health records (EHR) market involves systems that digitally record patient health information such as medical history, prescriptions, and lab test results. EHR provides numerous advantages over traditional paper records such as easy accessibility and sharing of patient information between healthcare providers, reduced storage space requirements, lower medical errors, and improved healthcare delivery. EHR helps reduce the costs associated with paper filing and storing old records. Moreover, EHR improves patient outcomes with its capabilities to track medical history and treatment plans more accurately. The global Electronic Health Records (EHR) Market is estimated to be valued at US$ 29.06 Bn in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the key trends in the electronic health records market is the rising adoption of cloud-based EHR systems. Cloud-based EHR provides easy accessibility of patient records from any location and shares the workload between on-premise servers and remote data centers. It eliminates the hassles of hardware installation, regular software updates, and data storage space management. Cloud-based EHR is gaining popularity among healthcare providers as it offers advantages such as lower installation and maintenance costs, easy collaboration between dispersed care teams, automatic data backups, and built-in disaster recovery features. The growing popularity of telemedicine and virtual care is also expected to support the demand for cloud-based EHR systems during the forecast period.
Porter’s Analysis
Threat of new entrants: The establishment of new entrants in the electronic health records market is moderately high due to the requirement of large investments in R&D and technology.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of several vendors providing electronic health records solutions.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of multiple component suppliers in the market.
Threat of new substitutes: The threat of new substitutes is low as there are limited substitutes for electronic health records.
Competitive rivalry: The competitive rivalry in the market is high owing to the presence of many global and regional players competing in terms of pricing and product offerings.
Key Takeaways
The global electronic health records market is expected to witness high growth over the forecast period. The growth can be attributed to rising government initiatives for EHR adoption and increasing need to curtail healthcare costs.
North America is expected to dominate the market during the forecast period owing to growing adoption of healthcare IT solutions, presence of major players, and government support for EHR adoption in the region.
Key players operating in the electronic health records market are eClinicalWorks, Cerner Corporation, GE Healthcare, Allscripts Healthcare, LLC, and Epic Systems Corporation. Cerner Corporation is a prominent player in the electronic health records market with a strong product portfolio and global presence.
The global electronic health records market is expected to witness high growth over the forecast period. The growth can be attributed to rising government initiatives for EHR adoption and increasing need to curtail healthcare costs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
