Electronic Health Records Market Analysis On The Basis Of Product, Type, End-Use, Business Models, And Region
Electronic Health Records Industry Overview
The global electronic health records market size is expected to reach USD 38.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.0% from 2022 to 2030. The web-based electronic health records (EHRs) are anticipated to show the largest growth during the forecast period. These EHRs are convenient for use in pharmacies, small-scaled laboratories, and clinics, as they require limited hardware infrastructure, which reduces the cost of installation.
EHR vendors and organizations have initiated to help in curbing the pandemic by making telehealth a mainstream alternative, enhancing data access through EHRs, and collaborating to develop COVID-19 dashboards in detail. The introduction of EHRs for medical coding and billing has eased the process as data entering into computerized systems is more convenient than paper-based methods. EHRs also minimize the risk of errors in patient data as well as financial details. As per the University of Michigan, the cost of outpatient care was reduced by 3% upon shifting to EHRs from paper-based records. This reduction resulted in USD 5.14 savings per patient per month.
Electronic Health Records Market Segmentation
Grand View Research has segmented the global electronic health records market on the basis of product, type, end-use, business models, and region:
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. This large market share is attributed to their popularity amongst the physicians and healthcare providers, which operate on a smaller scale. This is because web-based EHRs can be installed without the requirement of in-house servers and can also offer extensive customizations and improvements, as per need.
- The client server-based EHR segment is anticipated to show significant growth during the forecast period. Client-server-based EHRs provides a safer alternative for users as it offers in-house data storage, hence preventing data theft. These can also be customized as per customer requirements and also are a favorable option in the case of multi-physician facilities. Furthermore, they do not require a stable internet connection as compared to web-based EHRs, which further drives segment growth.
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. The growth can be attributed to the government initiatives for the adoption of electronic health records in small-scale facilities. For instance, acute care hospitals in the U.S. which are covered under the Inpatient Prospective Payment System (IPPS) are eligible for the Medicare incentive payment system.
- 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. Easy usage as compared to the inpatient electronic health records is expected to drive the market growth. These electronic health records deal with a single practice and its patient, instead of a complex web of hospital departments.
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. The growth can be attributed to the large amount of medical data generated in hospitals. Furthermore, the cost of installation in electronic health records is less in hospitals as compared to ambulatory care centers, which also boosts the market growth.
- 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. Within ambulatory care centers, large-scale ambulatory care centers witness high adoption of electronic health records as compared to small-scale ones.
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. Professional services help healthcare systems in the implementation of information systems in their organizations. They are usually in the form of project management, technical and application expertise, clinical process optimization, regulatory consulting, and training of end-users for designing and implementing electronic health record systems.
- The technology resale segment, licensed software is bundled with IPs of other companies in the form of sublicenses for creating complete technology solutions for healthcare systems. Licensed software includes application software, architectures, executable and referential knowledge, and data and algorithms. Professional services help healthcare systems in the implementation of information systems in their organizations.
Electronic Health Records Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market leaders are involved in product launches, collaborations, expansions, and acquisitions to sustain the competition. Established organizations, as well as small players, are investing in mergers and acquisitions to gain a competitive edge. For instance, in 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. Furthermore, in 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. 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.
- eClinicalWorks
- Medical Information Technology, Inc.
- Health Information Management Systems
- CPSI
- 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, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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