USD 26.99 billion
Electronic Health Records Market Size, Share, Growth Analysis, By Product(Client Server Based and Web Base), By Type(Acute EHR, Ambulatory EHR and Post-Acute EHR), By End user(Hospitals Use and Ambulatory Use (Physician’s Clinic Laboratories and Pharmacy)), By Business Model(Licensed Software, Technology Resale, Subscriptions, Professional Services), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35G2124 |
Region:
Global |
Published Date: July, 2024
Pages:
275
|Tables:
116
|Figures:
77
Electronic Health Records Market Insights
Global Electronic Health Records Market size was valued at USD 27.81 Billion in 2022 and is poised to grow from USD 29.06 Billion in 2023 to USD 41.33 Billion by 2031, growing at a CAGR of 4.5 % in the forecast period (2024-2031).
The demand for the Electronic Health Records market is growing massively mainly due to the growing digitalization of the healthcare sector. Post pandemic government and companies are investing significantly in digitalization to provide contactless services, to gather and store data for understanding trends and medical history of patients. Medical professionals are also spending an increased amount of time to analyze the medical history of patients before diagnosis. Growing insurance penetration, especially in developing economies, is also boosting the demand for integrated data on patients’ medical history, prior diagnosis and hospitalization records. Insurance companies access web based electronic health record or client/medical institutes stored records to settle claims and compensations. It is not only the institutions and companies, growing awareness among people regarding their medical history coupled with higher internet connectivity is also boosting the demand for electronic health records. Patients are more willing to access their medical records electronically from any part of the world than storing paper based medical records. With a high volume of sensitive health data stored over the cloud or on client-based servers, end users and technology companies are investing more in data safety and securing. Governments across geographies are coming up with strict data safety regulations which might impact the demand for electronic health record market.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Clinical Application
Fastest Growth
Clinical Application
Growth Rate
4.15% CAGR
Global Electronic Health Record Market ($ Bn)
Country Share for North America Region (%)
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Electronic Health Records Market Segmental Analysis
The Global Electronic Health Records Market is segmented into Product, Type, End-user, Business Model, and Region. Based on Product, the market is segmented into Client Server Based and Web Base. Based on Type, the market is segmented into Acute HER, Ambulatory HER, and Post-Acute EHR. Based on End-user, the market is segmented into Hospitals Use and Ambulatory Use (Physician’s Clinic, Laboratories and Pharmacy). Based on Business Model, the market is segmented into Licensed Software, Technology Resale, Subscriptions Professional Services, and Others. By region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Product
Based on product, the market is segmented into Client Server Based and Web Base. Web based EHR accounted for the largest demand in 2023 with demand share of more than 55%. Web based EHS has high demand due to low cost and ease of access. Operating a web based EHS does not require access to high end hardware either at the institutional level or at the user level. In addition, with growing internet connectivity across geographies web based EHS can be accessed easily from any device even without having access to a specific domain. Web based HER is open source, and the users can access the data irrespective to the type of device they are using or the platforms they are usings this helps the institutions provide access to the EHR to wide range of customers, clients, users, and medical professionals.
While the web-based interfaces more often use cloud-based storage, in case of client server based EHR the data is stored in servers at the institutions discretely. When using client server-based system the institution, which can be hospitals, clinics, insurance company, which owns the right to the EHR will have more control to the data in terms of access and data privacy. Demand for institutions based EHR is expected to increase due to the growing trend of data privacy among consumers. Companies which store sensitive patient data or have higher need for data privacy will always prefer client server based EHS service. Due to increasing compliance for privacy of customer data as per ISO standard and government guidelines the demand for client server based EHS is on the rise.
Analysis by End-use
Based on end-user, the market is segmented into hospital use and ambulatory use. The demand for EHR for hospital use is significantly higher than its ambulatory counterpart. The volume of patient footfall, diagnostic services and treatment services is significantly higher in hospitals. Moreover, with growing insurance coverage of citizens across geographies an integrated EHR software between the hospital and the insurance companies has become a necessity of the hour. Growing private sector investment in hospital infrastructure has boosted the demand for EHR software as the private sector has more access to financial and technical resources to implement the EHR in their system.
The demand of EHR for ambulatory use is growing fastest in both the developed and developing economies. In developing economies hospital infrastructure is not well defined and ambulatory clinics play an important role in terms of outpatient treatment and diagnosis. Whereas in the developed economies the hospitals are well equipped but are overburdened and ambulatory clinics are growing in number. In developed economies ambulatory clinics are more than often multi-specialty and provide a wide range of services ranging from outpatient treatment to post surgery care to even conducting surgeries in some cases. Hence the demand for integrated HER software is rapidly growing for ambulatory use.
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Electronic Health Records Market Regional Insights
North America is dominating due to rising demand for electronic health record market due to the presence of a developed healthcare industry. In 2022, US spent an upwards of almost 17% of their GDP on healthcare sector while Canada spent more than 12% of their GDP. Hence large of government, private hospitals and clinics provide wide range of medical services which fuels the demand for EHR to better accountability and monitoring. Moreover, medical facilities in the US provide high end services hence medical tourism in US is significantly high. As a greater number of patients are travelling to North America from across the globe as part of medical tourism, medical institutes have invested in EHR software to maintain records.
Asia Pacific is expected to have the fastest growing demand for electronic health records. Developing economies in Asia Pacific such as China and India are investing a lot on the insurance sector. For instance, in India a little over 30% of households have insurance coverage which significantly low is comparison to 92.1% of the US citizens with insurance coverage. Hence the potential insurance penetration rate is high in developing economies in Asia Pacific. In addition, post pandemic governments in Asia Pacific region are upgrading the hospital infrastructure which include upgrading IT infrastructure thus augmenting the demand for HER during the forecast period.
Global Electronic Health Record Market By Geography
- Largest
- Fastest
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Electronic Health Records Market Dynamics
Drivers
Increasing insurance penetration
- In the past couple of decades, medical insurance has been a luxury in the developing and underdeveloped economies with more than 50% of the mass population in these regions lacking insurance coverage. With the emergence of private insurance companies’ insurance penetration rates are on the rise especially in the developing countries in Asia Pacific, Latin America and Eastern Europe. Higher insurance coverage requires more health record integration among hospitals, insurance companies and insured, this is expected to drive the demand for EHR market.
Growing app based medical services
- Higher internet penetration and improving internet connectivity has fueled the demand for app-based services. App based medical services such as video-based doctor consultation, online order for pathology services and medicines is on the rise which has created high volume of health record data and the app developers and investing on EHR software for storing customer data which are not only used to maintain record but also for marketing analysis.
Restraints
Lack of IT infrastructure in Government hospitals
- Both in developed and developing economies government hospitals have low budget for investing in IT services. Government medical facilities are part of the emergency services, and the organization is overburdened with a high volume of patients. Hence the majority of the resources are spent on providing medical services leaving less room for improving the IT infrastructure.
Slow adoption of technology in healthcare sector
- Among the different end use industries, the healthcare sector has always been slow in adopting new technologies in comparison to other sectors such as banking, finance, media among others. Post pandemic medical institutions were forced to adopt technology as a necessity however the percentage is still considerably low. Moreover, strict regulations surrounding the healthcare sector pertaining to patient data and data privacy are also restricting the demand for EHR.
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Electronic Health Records Market Competitive Landscape
The market players in the global Electronic Health Records market are witnessing immense competition due to substantial investment for increasing performance of the Electronic Health Records. Improving regulations when it comes to integration of the healthcare sector with IT services is attracting more IT based companies to invest in EHR. Many prominent players have already collaborated with Governments and hospital chains across geographies.
Electronic Health Records Market Top Player’s Company Profiles
- Cerner Corporation (Oracle) (US)
- GE Healthcare (US)
- Allscripts Healthcare, LLC (US)
- McKesson Corporation (US)
- Epic Systems Corporation (US)
- NextGen Healthcare, Inc. (US)
- eClinicalWorks (US)
- Medical Information Technology, Inc. (US)
- Health Information Management Systems (US)
- CPSI (US)
- AdvancedMD, Inc. (US)
- CureMD Healthcare (US)
- Greenway Health, LLC (US)
- ClareCloud Inc. (US)
- Teladoc Health, Inc. (US)
- Athenahealth Inc. (US)
- MEDHOST (US)
- Cantata Health, LLC (US)
- Intersystems Corporation (US)
- Healthcare (US)
- Docpulse (India)
Electronic Health Records Market Recent Developments
- In 2023 Microsoft entered into strategic collaboration with Epic. With the help of this partnership Microsoft with Azure Open AI service will integrate generative AI into Epic’s electronic health record.
- In 2023, Meditech entered into an agreement with Canada Health Infoway. With the help of Meditech EHR prescribers in Canada can transmit the prescriptions directly to a pharmacy of the patient’s choice in any part of the country.
- In 2023, American Podiatric Medical Association (APMA) entered into a collaboration with NextGen Healthcare. With the help of this collaboration, APMA plans to understand the trends of several diseases such as diabetes, infections, injuries, and dermatitis with the help of the data saved in NextGen Office EHS software.
Electronic Health Records Key Market Trends
Increasing digitalization of healthcare sector
- Digitalization is happening across industries and the healthcare sector is no exception. During the pandemic digitalization was the need of the hour and post pandemic digitalization has become the norm. With growing digitalization in the healthcare sector, it becomes important to store the patient records in a secure environment with ease of access. This is expected to drive the demand for the EHR market during the forecast period.
Growth in funding for technological enabled solutions
- Boosts in the e-commerce and IT sectors have highlighted the demand for technically enabled solutions. Both government agencies and multinational technology companies are investing in products and solutions which help in IT implementation in the healthcare sector. This will boost the investment possibility of advanced EHR products and solution offering.
Electronic Health Records Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the global Electronic Health Records market is extremely opportunistic and competitive due to the growing digitalization of the healthcare sector. Furthermore, healthcare providers and insurance companies and medical associations are finding Electronic Health Records an economical substitute as they can be accessed from anywhere and the data can be used for multiple applications. This is contributing to the progression of the Electronic Health Records market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 27.81 Billion |
| Market size value in 2031 | USD 41.33 Billion |
| Growth Rate | 4.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Electronic Health Records Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Electronic Health Records Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Electronic Health Records Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electronic Health Records Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electronic Health Records Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Electronic Health Records Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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