by The Electronic Health Records 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 Overview:
Electronic health records (EHR) refer to digital records of patient’s medical history managed by healthcare providers. EHRs assist in improving quality of care delivery and patient outcomes. They enable easy accessibility of patient’s health records at the point of care, minimizing medication errors and reducing duplication of tests. EHRs also help in streamlining practice workflows and improving overall efficiency of healthcare providers.
Market key trends:
Rising government initiatives aimed at promoting adoption of EHR solutions are expected to drive the market growth over the forecast period. For instance, in 2019, the Indian government announced a national digital health blueprint to establish a nationwide digital health ecosystem by 2023. This blueprint aims to enable creation of EHRs for every citizen in the country. Similarly, governments in countries like Canada, UK, and Australia are also implementing initiatives to modernize healthcare infrastructure using EHRs and other digital health technologies. Growing focus on office-based EHR systems and increasing penetration of cloud-based EHR solutions are some other trends expected to propel the electronic health records market expansion between 2023 and 2030.
Porter’s Analysis
Threat of new entrants: The electronic health records industry requires heavy investment in R&D for development and regular upgradation of software and systems. This poses high entry barrier for new players.
Bargaining power of buyers: Due to presence of large number of players offering similar products, buyers have high bargaining power and can negotiate on price and features.
Bargaining power of suppliers: Major players contract large IT and healthcare companies for development and customization of their EHR software. This gives suppliers moderate bargaining power.
Threat of new substitutes: Due to lack of substitutes and integration with healthcare infrastructure, threat from substitutes is low for EHR.
Competitive rivalry: Fierce competition exists among existing players to gain market share through product innovation and diversification.
SWOT Analysis
Strength: EHR offers advantages like easy access to patient records, reduced medical errors, improved quality of care and paperless workflow.
Weakness: High initial investment, issues with customization, technical difficulties and customer resistance to change are key weaknesses.
Opportunity: Growing need to curtail healthcare costs, government funding and incentives present significant growth opportunities.
Threats: Concerns around data security, privacy and connectivity challenges pose major threats.
Key Takeaways
The global Electronic Health Records Market Analysis is expected to witness high growth, exhibiting CAGR of 2.8% over the forecast period, due to increasing government support and initiatives for adoption of EHR solutions. North America currently dominates the market and is expected to continue its dominance in the coming years due to developed healthcare infrastructure and early introduction of EHR systems in the region.
Regional analysis: Asia Pacific region is expected to witness fastest growth during the forecast period owing to rising healthcare expenditure, large patient population and growing awareness. China and India are emerging as highly lucrative markets 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. Epic Systems holds highest market share currently due to its extensive clientele and product innovations while other players like Cerner and eClinicalWorks are also enhancing their solutions to gain higher penetration in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
